IoTeX Ecosystem Deep Dive

IoTeX Team -

As DePIN gains traction and captivates the crypto sector, the IoTeX ecosystem is thriving like never before. Our long-term vision to make IoTeX the leading DePIN ecosystem and DePIN layer for the entire crypto universe is becoming more of a reality every day. Following the launch of IoTeX 2.0 that unveiled our state-of-the-art tech stack for DePIN, we are ecstatic to see more and more projects joining our ecosystem and calling IoTeX their home. The IoTeX ecosystem is buzzing with activity with 218 projects building on IoTeX, including 51 DePIN projects. We have also seen incredible growth in DePINscan, which now tracks more than 280 DePIN projects and 18 million devices. But that’s not all — we have big plans to supercharge our ecosystem with Get GOATed Season 2, the largest growth campaign in DePIN history with 100M $IOTX incentives coming in October. There has never been a more exciting time for DePIN and for IoTeX!

In this blog, we provide a holistic overview of the current IoTeX ecosystem across DePIN projects, DeFi projects, third party infrastructure/tools, integrations with other L1 ecosystems, wallets, and much more.

The Growing DePIN Ecosystem on IoTeX

As detailed in Messari’s DePIN Sector Overview, IoTeX is now the third-largest DePIN ecosystem after Ethereum and Solana with 50+ DePIN projects. It’s not only the total number of DePIN projects, but also the rapid progress of these DePIN projects in recent months that is incredibly exciting. Throughout this past year, IoTeX has provided hands-on support across technology, fundraising, and go-to-market strategy through programs like the DePIN Surf Accelerator and IoTeX Ecosystem Fund. IoTeX is proud to co-build with motivated teams, growing the DePIN sector as a whole and helping DePIN projects reach their full potential.

From launching innovative research and products, to selling out device/node sales, to raising major fundraising rounds, IoTeX DePIN projects are proving their long-term potential and positioning IoTeX as the most exciting DePIN ecosystem in the entire crypto industry. There is still so much to look forward to in the last months of 2024 with many DePIN projects planning their token launches on the IoTeX L1, while others are incorporating IoTeX 2.0 modules such as ioID & W3bstream into their tech stacks. We share some past highlights and future plans from select IoTeX DePIN projects below.

  • Network3, an AI-powered DePIN for data transmission and compute, has raised $5.5M in funding to-date from top VCs (e.g., Borderless, EV3, SNZ), launched an innovative local LLM for running AI on smart devices, and sold out of their v1 node sale in minutes. Network3 now has 340,000+ nodes across 180+ countries and has served over 2 petabytes of traffic. The highly anticipated $N3 token will be launching soon on IoTeX.
  • Nubila, an environmental data DePIN for precise ESG data collection and analysis, has raised $2.5M in funding to-date from top VCs (e.g., BCG, FMG, SNZ, OrangeDAO) and launched a popular device pre-sale for their Marco weather station. Nubila has also acquired Bloomsky, a meteorological hardware company, to accelerate the device footprint and expand data capture of their network.
  • Wayru, a connectivity DePIN that aims to build a unified global WiFi network, has sold out of their Genesis hotspot device with node operators around the world. Wayru has also launched the pre-sale for their next generation WiFi miners in October. IoTeX users are now able to “mint” Wayru devices on the IoTeX blockchain, and are planning to launch their token on IoTeX.
  • Inferix, a decentralized GPU network that focuses on AI inference, has opened their public node sale. Inferix has also released their whitepaper that details their innovative Proof-of-Rendering (PoR) algorithm to verify visual computing and AI inference. With existing demand from their experience in traditional AI, Inferix is bootstrapping new supply using DePIN.
  • PowerPod, a renewable energy DePIN focused on electric vehicle charging, has onboarded more than 2,750 devices in 4 countries for the shared EV charging network. PowerPod also plans to explore the intersection of real world assets (RWA) and blockchain, and has launched DePIN-based RWA NFTs on IoTeX L1 in partnership with Mamator, an electric motorbike company.
  • Envirobloq, a smart home DePIN for collecting and analyzing data from residential homes and commercial businesses, is one of the first adopters of IoTeX’s Pebble Tracker device. Pebble Trackers are now on sale to US customers via Envirobloq with a 500MB 1NCE SIM card bundle. Envirobloq is also a Top 10 Delegate, validating blocks for the IoTeX Network.
  • Scannit, a “scan-to-earn” DePIN that incentivizes users to submit their retail purchase data, has raised $1.5M in private funding to-date to unlock the untapped potential of users’ financial data using AI-driven insights. Scannit launched an open beta of their Dapp during Token2049 in Singapore during IoTeX’s R3al World Summit.
  • Qualoo, a connectivity-focused DePIN that crowdsources internet diagnostics data to improve global connectivity for all, recently launched their whitepaper and is steadily building their global community. Qualoo recently opened their waitlist for fixed nodes and mobile app, and their recent DePIN Hub podcast is a must watch!
  • WatchX, a health-focused DePIN that collects wellness data from users’ healthcare wearable devices, has started pre-orders of their WatchX Founder and WatchX Fusion devices that will be soon integrated with ioID. WatchX recently sold out of their 500-unit NFT launch which gives owners a variety of benefits in the upcoming WatchX Dapp.
  • Innovex, an AI-focused DePIN launching a Layer 2 network on IoTeX, recently unveiled their plans to build a decentralized computing network tailor-fit for AI. Innovex recently opened up their node sale with various options to onboard DePIN miners of all levels.

In addition to these DePIN projects that are building on IoTeX, many more DePIN-related partnerships have been formed. For example, DePINscan has welcomed new partners Multiple Network, Coral App, CyberCharge, and more who are also exploring integrations with ioID & W3bstream.

Exciting partnerships have been formed with projects including AiGO (geolocation), PlayAI (DePIN for gaming), Grafilab (GPUs), Nesa (AI inference), and more. Finally, following the success of IoTeX’s DePIN Surf Accelerator, which recently completed its second cohort, IoTeX is collaborating with DePIN X on a $2M fund to bring more DePIN projects to IoTeX.

With the upcoming launches of ioID & W3bstream and an ever-growing DePIN landscape, as shown below, IoTeX will explore new partnerships and integrations with even more DePIN projects going forward. Get ready for an explosion of DePIN activity in the IoTeX ecosystem for the rest of 2024 and beyond!

Infrastructure, Tools, and Wallets

The launch of IoTeX 2.0 introduced the concept of DePIN Infrastructure Modules (DIMs), which are third party infrastructure offerings that are integrated into IoTeX’s modular tech stack and offered to IoTeX builders to power their projects. We are excited to welcome best-in-class infrastructure builders to the IoTeX ecosystem to fuel our DePIN builders, including Filecoin & Irys for storage, NEAR (Nuffle) for data availability, Espresso for sequencer, The Graph for indexing, Risc0 for zero-knowledge proofs, Streamr for connectivity, Phala for TEEs, and more.

In addition to our IoTeX 2.0 launch partners, we have recently partnered with several Data Availability (DA) infrastructure providers, including Dill, Orochi, and Unibase, to give IoTeX builders even more flexibility and optionality. IoTeX has also made great progress in driving integrations of The Graph for DePIN data indexing, Streamr for DePIN connectivity, Filecoin and Textile for DePIN storage, and many more.

In addition to infrastructure, we are excited to welcome recent additions of Web3 tools, wallets, and services to the IoTeX ecosystem. One of the major integrations recently was integration with OKX Wallet, which brings IoTeX exposure to millions of users worldwide. In addition to OKX, IoTeX received support from several other leading wallet providers, including Gate Wallet, Coin98 Wallet, and OneKey. We also welcomed security and compliance experts, such as Beosin and Fuzzland, to make the IoTeX Network even more secure for users and developers. Finally, IoTeX completed an integration with Dune Analytics, enabling more transparent metrics for users.

“DeFi for DePIN” on IoTeX

A budding DeFi ecosystem on IoTeX is now emerging with several commited teams bringing quality DeFi protocols to the IoTeX ecosystem. One of the first decentralized exchanges on IoTeX, mimo, now has 40+ trading pairs available and earlier this year mimo had >$25M in TVL and a maximum daily trading volume of $3M. This activity was supercharged by the introduction of the DePIN Liquidity Hub and Liquidity Mining pools on mimo, where DePIN tokens from other L1 networks were bridged to IoTeX with boosted incentives for liquidity providers. To-date we have welcomed top-tier DePIN projects including GEODNET, ATOR, Streamr, WiFi Map, XNET, CRUST, Wicrypt, Mysterium, Stratos, Swarm, Synternet, and more to the DePIN Liquidity Hub. Recently, mimo was integrated to IoTeX Hub and was officially supported by OKX Wallet, bringing more opportunities for users to discover DePIN tokens on IoTeX in the future.

In addition to the great traction of mimo, several new DeFi protocols have started their journeys in the IoTeX ecosystem:

  • Bedrock: the world’s first multi-asset liquid restaking protocol first supported the IoTeX blockchain, where users could restake $IOTX to earn $uniIOTX. Bedrock has generated more than $20M TVL on IoTeX from >450M $IOTX re-staked.
  • Magma: a non-custodial liquid staking stablecoin protocol, where users can collateralize assets including $IOTX and $USDC to create $WEN, a 1:1 dollar-pegged stablecoin. To-date, there are more than $3M in deposits for $WEN and Magma has received support from OKX Wallet and Gate Wallet.
  • Loxodrome: a decentralized perpetuals exchange on IoTeX went live in August offering $IOTX trading with up to 50x leverage. Loxodrome recently hosted a trading competition to celebrate their launch on IoTeX with 72,000 $veLOXO tokens rewarded to traders.
  • Quenta: a derivatives trading platform launched on IoTeX issued their OG Passes to genesis users earlier this year, offering trading, staking, and LP opportunities as well as futures trading on IoTeX
  • PinSwap: a decentralized trading protocol on IoTeX launched earlier this year focused on low transaction fees, yield farming, and AI-powered trading.

In partnership with OKX, IoTeX is set to launch an exciting “DeFi for DePIN” campaign where we will incentivize OKX Wallet users to utilize various DeFi protocols on IoTeX. In September, OKX announced new integrations with IoTeX DeFi projects including pinswap, Loxodrome, and Magma, with more expected soon. Expect to see higher activity of DeFi trading, lending, liquid staking, and more on IoTeX soon!

Expanding DePIN Beyond IoTeX

The IoTeX ecosystem is expanding rapidly into other Layer 1 networks, which are integrating with the IoTeX 2.0 modular tech stack to bring DePIN capabilities to their own ecosystems. These integrations cement IoTeX as not only a home for native DePIN projects, but also a technology provider to other L1 networks, expanding our influence beyond the IoTeX L1 and across the entire crypto universe. We recently integrated with top-tier L1 ecosystems including Solana, Polygon, Telegram (TONX), Injective, Irys, and more:

  • Solana: IoTeX launched a cross-chain bridge to Solana in September to aggregate DePIN liquidity between two of the largest DePIN ecosystems, as well as position IoTeX as a home for Solana DePINs to go multi-chain.
  • Polygon: IoTeX has been integrated to Polygon’s AggLayer for cross-chain DePIN liquidity and opens up the opportunity for Polygon projects to leverage the DePIN modules introduced in IoTeX 2.0.
  • Telegram (TONX): IoTeX has partnered with TONX to to bring DePIN to 950M Telegram users by co-building DePIN infrastructure for the TON ecosystem.
  • Injective: IoTeX is now integrated with Injective, enabling the seamless transfer assets between the two chains and opening up novel DePIN + DeFi use cases.
  • Irys: IoTeX has integrated with Irys to enable robust data integrity for DePIN builders.

🔮 What’s Coming Next

The coming months for IoTeX will be extremely exciting as we gear up for major product launches and anticipate the official token launches of some of our most promising native DePIN and DeFi projects. Following the success of our Get GOATed Season 1, which brought 30,000 new community members to IoTeX, we are going to launch an even bigger Get GOATed Season 2 campaign with 100M $IOTX incentives for new community members and projects that join the IoTeX Network. We are also diligently planning the official launches of two of our core products that been under development for over a year, ioID & W3bstream. We can’t stress how excited we are to finally bring these products to life — thank you for your support and get ready for the next chapter of IoTeX!