IOTA’s native currency, MIOTA, has been one of the top performers in the COIN360 top 100 cryptocurrency list with a daily gain of 9.2% and a weekly gain of 21%, according to the tweet released by COIN360 despite the negative market trends.
The stability and continuous increase in the value of MIOTA can be linked to the new IOTA 2.0 upgrade, which just went live. The latest upgrade solved the major problems encountered on various networks, one of which is high gas fees.
IOTA is a distributed ledger designed for the “Internet of Everything” to exchange data and value between machines and humans. It is famous for its open-source nature, scalability, flexibility, and fee-less transaction it offers. It uses Tangle, a structure that allow newer transactions to validate older ones.
The recent increase in MIOTA investors may be due to the IOTA 2.0 upgrade, which just went live. The network is moving from IOTA 1.5 Chrysalis to IOTA 2.0 Coordicide to attain a completely decentralized, gas-free, and incredibly scalable distributed ledger system.
The Chrysalis network is governed by the Coordinator, a centralized node run by the IOTA Foundation; the removal of the Coordinator significantly promotes decentralization of the network.
Also, the IOTA 2.0 upgrade solves problems related to gas fees, as its fee gas nature not only attracts investors but also attracts more developers to build on it.
In addition, IOTA is set to launch Shimmer, an experimental network with its native token, SMR, on September 28, about 7 years after its existence. The network will allow developers to test and build projects destined for IOTA, allowing them to fully validate their innovations before moving them to the main network.
The experimental network offers a no-fee charge on NFT trading and minting and allows developers to build EVM-based dApps with the concepts and tools they’re used to.
Furthermore, IOTA token stakers will be able to claim their Shimmer staking rewards on the Firefly wallet app after the Schimmer launch on September 28; as a result, more investors are buying and staking MIOTA.