I had some free time today, so I spent some time researching this project and would like to share it with you.
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Contents involved
1. What does the IOTEX project do?
2. What is the future potential of IOTEX?
3. Token $IOTX open a position and share it
4. Summary of basic project information
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1. Let us start by understanding what the IOTEX project does:
According to the introduction on the official website, the IOTEX project is to build a modular infrastructure to make the DePIN project more convenient for comprehensive deployment and easier to integrate into the existing framework.
Let’s first understand what DePIN is
The full name of DePIN is, Decentralized Physical Infrastructure Networks, which translated into Chinese means decentralized physical infrastructure network.
To put it slightly more broadly: using blockchain technology, everyone in the world can participate in building, maintaining and operating a shared physical infrastructure network without the need for a single, centralized entity. The ecosystem includes several parts: cloud network (VPN, CDN, file storage, database), wireless (5G, IoT), sensor network, energy network.
IOTEX project:
The IOTEX project is building a network architecture from scratch and trying to provide infrastructure services for possible DePIN in the future.
IOTEX was established in 2017 as a Silicon Valley open source project. The IoTeX team consists of more than 30 top engineers and scientists from Uber, Google, Intel, Facebook and other top technology companies.
Summary: As a veteran project, IOTEX has a strong team background. DePIN, the track where the project is located, will be a popular track in the future. The fundamentals of the IOTEX project are very good.
2. What is the future potential of IOTEX?
From the perspective of project completion:
IoTeX’s network transaction fees increased significantly in the fourth quarter of 2023, with a quarterly growth rate of more than 3,000% to more than $212,000
IOTX has developed a W3bstream to provide services for the Depin project. This is a very powerful plug-in. In the Defin field, it solves the process of offline data on the chain, and all chains can use this plug-in to obtain data. Currently, Ethereum, IoTeX Chain, Solana, Polygon, Arbitrum, Optimism and Conflux all use it.
The project recently received the latest investment of US$50 million including borderless capital.
The number of ecological projects on the chain has reached 228:
From a token perspective:
IOTX tokens are fully circulated and inflation-free. 40.97% of the tokens are staked, and at a price of 0.076, the circulating market value is around 700 million. In the IoTeX network, various entities access and use various network resources by using, staking, and destroying IOTX. As the utility of IOTX tokens increases, its demand and value will continue to grow, continuously incentivizing many participants to support, maintain, and serve the IoTeX network.
Summarize:
The project has been completed very well and the team has sufficient funds. Currently, the IoTeX network is jointly maintained by more than 70 nodes from all over the world, including Blockfolio, CoinGecko, DraperDragon, etc. The tokens are fully circulated and used in the network, and the demand for tokens is very strong. Social media includes Twitter, medium updates frequently, and the future prospects of the IOTX project are very good.
3. IOTX price analysis:
Through the above two fundamental analyses, we can conclude that the track in which the IoTeX project itself is located has a good future prospect, and the progress of the project is also very good.
As the L1 public chain of the dePIN track, the current total market value of IOTX tokens is more than 700 million, with more than 40% pledged, and a circulating market value of more than 400 million. As a public chain, compared with other public chains with market values of billions or tens of billions , actually considered an underestimate.
Once the dePIN narrative breaks out and the emotions are in place, IOTX will serve as the leading public chain in this track. In the long run, 10 times the space is conceivable.
Judging from the K-line chart, IOTX daily level and price are in an upward trend. It is foreseeable that the next target will double or even break through the previous high of 0.25U (of course, when it will be cashed out depends on the overall situation of the depin track. popularity, and the market environment led by btc)
$IOTX It is difficult to predict the short-term price. At present, the price is in a consolidation frame between 0.066 and 0.09. In the long run, this consolidation frame will break through and reach the next possible pressure level of around 0.11.
So as for building a position, my personal suggestion is to build a position in batches or make long-term fixed investments, or to build a position when the market falls back. Of course, this does not constitute investment advice. Only by investing your spare money and managing your positions healthily can you wait for long-term projects to be realized.
4. Summary of basic project information
Twitter：https://twitter.com/iotex_io
Official website: https://iotex.io/
Token data and IOTEX network details: https://iotexscan.io/
Token staking: https://stake.iotex.io/
Ecosystem project list: https://ecosystem.iotex.io/
Final summary:
The overall IOTX project is developing well, the team has a strong background and sufficient funds.
DePIN will become one of the popular tracks in the future.
IOTX tokens are fully circulated and the ecological demand is strong.
Although the price has increased significantly recently, having increased by about 2 times from the bottom in January, the long-term potential is good.
It is recommended to build positions in batches appropriately, hold for the long term, and wait for the track and the currency circle to become popular and the project to be realized.
