IoTeX 2024 Q3 Major Events Review

This year, as the DePIN sector continues to heat up, IoTeX has achieved several significant milestones in Q3 2024, delivering exciting results and further solidifying its position as a leader in the DePIN ecosystem. This quarter has been extraordinary for IoTeX, welcoming a large number of new users, new products, new partners, and hosting multiple exciting online and offline events. The most noteworthy highlight is the launch of IoTeX 2.0, which introduces a brand-new modular infrastructure architecture supporting verifiable DePIN data, further advancing IoTeX’s vision to become the industry-standard DePIN layer in crypto. Meanwhile, IoTeX has established strategic partnerships with industry leaders such as OKX, Solana, Polygon, and Circle, making headlines in several top-tier media outlets. In addition, after completing a $50 million funding round in Q2 this year, IoTeX continues to expand its team and ecosystem, consolidating its leading position in the DePIN industry.

We are delighted to share IoTeX’s recent progress and key milestones in this Q3 review.

🔎 Key Data

The activity on the IoTeX network continues to rise, with 218 ecosystem projects built on IoTeX, including 51 DePIN projects.

IoTeX L1 has processed 122 million transactions and 32 million blocks, hosting 105 tokens and 663,000 wallet accounts. You can view these statistics on the iotexscan explorer.

On-chain staking and voting activity on IoTeX is very active, with over 3.8 billion $IOTX staked to secure the network and for governance. At current prices, the total value of these staked tokens is $143 million, accounting for about 41% of the circulating supply.

In addition to significant growth in users and transaction volume, the number of IoTeX developers and code contributors has surpassed 2,000, with 112 nodes validating the IoTeX blockchain. We have also witnessed the rapid development of DePINscan, the largest data aggregation platform in the DePIN industry. Since the end of 2023, DePINscan has registered over 280 DePIN projects and 18 million devices! As the DePIN sector gains increasing attention, we look forward to continued high-speed growth in all metrics for the IoTeX network and DePINscan.

🚀 IoTeX 2.0 Launch

One of the biggest highlights of last quarter was the official launch of IoTeX 2.0, featuring a modular infrastructure architecture to support verifiable DePIN data. Since 2017, IoTeX has been a pioneer in the DePIN sector, working closely with various DePIN projects, gaining deep insights into their needs at different stages of development, and developing its own DePIN hardware (Pebble, Ucam), personally exploring the challenges and opportunities of connecting real-world devices to blockchain networks.

IoTeX 2.0 showcases the industry vision for large-scale DePIN adoption, technically laying a solid foundation for the trillion-dollar DePIN track through modular infrastructure (DIMs), matching modular security pools (MSP), and a brand-new economic flywheel. Our ultimate goal is to make IoTeX the DePIN layer for the entire crypto world, providing state-of-the-art infrastructure to support DePIN projects natively deployed on IoTeX as well as those on other chains.

The core goal of the IoTeX 2.0 upgrade is to build infrastructure that lowers the threshold for DePIN project development and accelerates growth, thereby driving large-scale DePIN adoption. With this upgrade, IoTeX has evolved from a single public chain to a modular open platform, with the original Layer 1 public chain serving as the foundational layer of the modular architecture, expanding the construction space for DePIN basic modules and Layer 2.

In terms of technical architecture, IoTeX 2.0 is based on nine core modules required for DePIN development, combining in-house R&D with external collaboration to build unified trust layers, identity recognition, off-chain computation, and other DePIN Infrastructure Modules (DIMs). In addition to key module solutions developed by the IoTeX team, we have also partnered with several leading Web3 infrastructure projects that support and integrate with IoTeX 2.0: Filecoin and Irys as storage modules, NEAR (Nuffle) as the data availability module, Espresso as the sequencer module, The Graph for indexing services, Risc0 for zero-knowledge proofs, and Streamr for connectivity modules. IoTeX 2.0 also introduces IoTeX’s self-developed on-chain device identity protocol ioID and the zero-knowledge verifiable computation protocol W3bstream.

To learn more about how IoTeX 2.0 supports verifiable DePIN, please read the following:

• IoTeX 2.0 Whitepaper:

• Research paper by IoTeX Head of Research Dr. Fan on ZK-anchored device identity:

  
  

• Latest column by IoTeX Co-founder Qevan Guo on DePIN verifiability:

📈 Ecosystem Growth

According to Messari’s latest DePIN report, IoTeX has now become the third largest DePIN ecosystem after Ethereum and Solana. As of August 1, more than 50 DePIN projects and over 200 Web3 projects (including DeFi, GameFi, NFT, etc.) have been built on IoTeX. Most of these DePIN projects plan to TGE on the IoTeX L1 network, and many are also beginning to use DePIN Infrastructure Modules (DIMs) from the IoTeX 2.0 stack, such as ioID and W3bstream.

Even more impressive than the number of DePIN projects is the diversity and growth potential of these IoTeX ecosystem projects. For example, the AI+DePIN project Network3 successfully completed a $5.5 million seed round and sold thousands of nodes; the weather oracle project Nubila completed a $2.5 million seed round and launched device pre-sales; the AI+DePIN project Inferix started GPU node sales; Wayru released WiFi mining devices; and PowerPod launched RWA NFTs, among others. These projects demonstrate the strong vitality and broad prospects of the IoTeX ecosystem.

As the DePIN project ecosystem on IoTeX continues to grow, on-chain activity also saw significant growth in Q3 2024. According to Messari’s “IoTeX Project Report,” IoTeX’s daily on-chain transactions soared to 26,100, a quarter-on-quarter increase of 107%. Currently, the IoTeX L1 network has processed over 120 million transactions, with a staking rate above 40%, supporting over 100 tokens and boasting more than 100,000 monthly active users.

At the same time, the IoTeX ecosystem is rapidly expanding to other Layer 1 networks, which are integrating the IoTeX 2.0 modular technology stack to bring DePIN capabilities into their own ecosystems. These important partnerships and integrations not only reinforce IoTeX’s position as the native deployment platform for DePIN projects but also make IoTeX a technology provider for other L1 networks, expanding our influence beyond IoTeX L1 and across the entire crypto industry.

In Q3 2024, we established partnerships with several top L1 ecosystems, including Solana, Polygon, Telegram (TONX), Injective, and Irys:

• Solana: In September, IoTeX launched a cross-chain bridge with Solana, pooling liquidity between the two major DePIN ecosystems and providing Solana DePIN projects with opportunities for multi-chain development.

  
  

• Polygon: The IoTeX 2.0 modular platform is integrated with Polygon’s AggLayer, jointly creating a DePIN layer that supports all chains, enabling cross-chain communication and liquidity expansion, and allowing users to interact on their chain of choice.

  
  

• Telegram (TONX): IoTeX is collaborating with TONX to build DePIN infrastructure for 950 million Telegram users, driving the growth of the TON ecosystem.

  
  

• Injective: IoTeX has integrated with Injective, enabling seamless asset transfers between the two chains and pioneering innovative use cases for DePIN + DeFi.

  
  

• Irys: IoTeX has integrated with Irys to provide robust data integrity guarantees for DePIN builders.

🏄 DePIN Surf Accelerator

In Q1 2024, IoTeX jointly launched the DePIN Surf Accelerator program with renowned DePIN venture capital firms FutureMoneyGroup and Foresight Ventures. The first batch of 8 projects—Ator, NATIX, Inferix, Wayru, PowerPod, Network3, StarPower, DePHY—have mostly completed their seed rounds after graduating from the accelerator bootcamp. In Q3 2024, we launched the second phase of the DePIN Surf Accelerator, with 9 projects selected, including 4 high-quality DePIN projects and 5 “DeFi for DePIN” projects:

• DePIN Projects: Nubila (weather oracle), Qualoo (network connectivity), Scannit (personal data), SweatTemple (healthcare)

  
  

• DeFi for DePIN Projects: Loxodrome (perpetual contracts), PinSwap (decentralized exchange), Magma (collateralized stablecoin), Bedrock (liquid staking), Quenta (derivatives)

In August and September, these 9 projects participated in a series of in-depth closed-door sessions hosted by top VCs and developers, including Borderless Capital, SNZ Holdings, Escape Velocity Ventures (EV3), and others. In our accelerator bootcamp, these projects further refined their vision, designed tokenomics, and advanced community building. We look forward to their TGE on the IoTeX network soon. On October 10, we will host the DePIN Surf Accelerator Phase II Demo Day to showcase these outstanding innovative projects to investors.

🔗 Product Releases

This quarter, IoTeX launched iotex-core-v2.0 and updated our flagship user products ioPay multi-chain wallet and DePINscan explorer. We also welcomed heavyweight partners OKX Wallet and Circle USDC.e, further enriching the IoTeX ecosystem. In addition, the IoTeX L1 network has been upgraded to Mainnet v2.0, and we launched the brand-new IoTeX Hub, a one-stop service platform based on the IoTeX ecosystem.

• iotex-core-v2.0: In July, the IoTeX L1 blockchain was upgraded to v2.0, with several core updates including a new NFT-based staking contract, node ownership transfer, enhanced transaction processing for web3js, failed transaction cleanup, and EVM error handling. In short, v2.0 makes the IoTeX L1 network more efficient, secure, and flexible. We have also planned an exciting upgrade roadmap for v2.1—stay tuned.

• DePINscan: As the best explorer in the DePIN sector, DePINscan has launched several new features, including a token launch calendar, direct links for hardware purchases, and more detailed DePIN project and L1 blockchain introduction pages. To date, DePINscan has tracked over 250 DePIN projects and 18 million devices worldwide. Its real-time data has been cited multiple times by well-known media such as CoinDesk, research institutions like Messari, and top VC DePIN research reports.

• OKX Wallet: IoTeX network has successfully integrated OKX Wallet, allowing millions of OKX users to seamlessly manage and transfer $IOTX and assets within the IoTeX network. This is just the beginning of our collaboration with OKX— in Q4 2024, we have planned a series of exciting events together, where global OKX Wallet users will participate in IoTeX community activities, with over 50 DePIN and DeFi projects joining in. Stay tuned!

• Circle USDC.e Stablecoin: With support from Circle, the USDC.e stablecoin has been successfully added to the IoTeX network, providing a secure and standardized way for any EVM blockchain to transfer USDC tokens to IoTeX. This also paves the way for its future upgrade to native USDC.

• IoTeX Hub & ioPay Multi-chain Wallet:

  The brand-new IoTeX Hub is a one-stop service platform based on the IoTeX ecosystem, allowing users to connect wallets via MetaMask or WalletConnect, interact with the IoTeX network, stake IOTX, participate in governance voting, and trade various assets.

  
  

  The newly launched ioPay v2 is the industry’s preferred DePIN wallet, offering multi-chain functionality and an enhanced user experience, with native integration with DePINscan. Users can easily explore the DePIN ecosystem through this mobile app.

🌎 Global Events & Media Coverage

In a busy Q3, the IoTeX team hosted some of the largest offline DePIN events worldwide. In September, we co-hosted the R3al World DePIN Summit in Singapore with Messari, attracting over 5,000 registrations and more than 2,000 attendees. It was one of the top three most registered summits among over 700 side events during Token 2049 Singapore, and the largest event in the DePIN sector in terms of institutions, projects, and participants. Over two days, more than 50 DePIN projects showcased their devices and products, making R3al World Summit undoubtedly the largest DePIN event of the week.

During the event, IoTeX, Messari, Borderless Capital, and 1k(x) delivered keynote speeches, while Dragonfly, CoinFund, Samsung NEXT, Solana, EV3, and OKX Ventures participated in panel discussions. One of the most popular sessions was a fireside chat between IoTeX Co-founder Raullen and Polygon Co-founder Sandeep, where they announced an innovative collaboration between the two ecosystems: leveraging IoTeX’s modular DePIN and Polygon’s chain aggregation AggLayer to jointly build a DePIN layer supporting all chains, further promoting multi-chain development and liquidity expansion for DePIN projects.

Event livestream recap:

Day 1: 

Day 2:

At the same time, IoTeX brought the R3al World brand event to ETH CC in Brussels, hosting the R3al World DePIN House (co-hosted by FutureMoneyGroup), and held the R3al World VC Social Party (co-hosted by LECCA) during Korea Blockchain Week in Seoul.

IoTeX’s events this quarter have set a new standard for the DePIN sector. We look forward to hosting more events worldwide, bringing together DePIN investors, builders, and users to further promote the DePIN track.

In addition to offline events, IoTeX also received extensive coverage from top-tier media in Q3 2024, including:

• Media Mentions & Columns: The launch of IoTeX 2.0 was widely covered by top media such as CoinDesk and CoinTelegraph, and The Block reported on IoTeX’s collaboration with Polygon. We also published columns on CoinDesk and CCN.

  
  

• Podcasts: IoTeX co-founders participated in some of the most influential DePIN podcasts. Raullen was invited to EV3’s Proof of Coverage podcast, and Jing appeared on Hotspotty’s DePIN Hub podcast.

  
  

• Research Reports: As a leading DePIN ecosystem, IoTeX was included in DePIN sector overviews by several renowned research institutions, including Messari’s DePIN research report and The Block’s GMCI DePIN Index.

CoinTelegraph coverage:

The Block coverage:

CoinDesk coverage:

👫 Team Development

IoTeX continued to expand its team in Q3 2024, focusing on bringing in talent and experts with regional expertise. We are very pleased to welcome Jayne Kim, formerly of Theta, who will drive market growth in the Asia-Pacific region and Korea; and Ralph Sun, formerly of CoinTelegraph, who will be responsible for public relations and brand communications. In addition, we are actively recruiting engineers and marketing specialists to accelerate our development and expand our global influence. If you are interested in joining the DePIN sector, feel free to contact us.

🔮 Looking Ahead

The final quarter of 2024 is also full of anticipation for IoTeX. We are preparing for the launch of several major products and expect several highly promising native DePIN and DeFi projects to TGE on the IoTeX chain. Our successful Get GOATed Season 1 event attracted 30,000 new community members to the IoTeX ecosystem. Next, we will launch the larger-scale Get GOATed Season 2 event, offering up to 100 million IOTX in generous rewards, welcoming new community members and projects to join the IoTeX network.

At the same time, we are actively preparing for the official launch of two core products: ioID and W3bstream. ioID will become the world’s first on-chain verifiable identity for DePIN devices, while W3bstream will provide DePIN developers with zero-knowledge proofs to verify “proof of real-world activity.” We are excited for the final debut of these products—thank you for your support, and get ready for the next exciting chapter of IoTeX!

About IoTeX

IoTeX is an open platform for modular AI+DePIN infrastructure, designed to bridge smart devices and real-world data with Web3, enabling Web2 to seamlessly and efficiently connect to blockchain and create a decentralized real-world open ecosystem for multidimensional data and scenarios. Through modular construction, developers can connect smart wearables, connected vehicles, green energy, environmental data, and more, enabling innovative applications from smart living to smart industry in Web3.

With the launch of W3bstream—the world’s first decentralized off-chain computing infrastructure with zero-knowledge proofs designed for smart devices and real-world data—IoTeX has become a leading provider of DePIN technology, building an open platform for full-scenario AI data stacks, enabling trusted and private interactions between machines, humans, enterprises, and dApps, and fostering innovation across all verticals of AI and DePIN.

Supported by over 60 research scientists and engineers worldwide, IoTeX connects billions of smart devices, machines, and sensors through its high-performance EVM Layer 1, off-chain computing middleware, and open hardware platform, providing seamless integration and interaction for dApps in both the real and digital worlds, and driving the real world towards a decentralized open ecosystem.

Explore the IoTeX Ecosystem

• Official website:

• W3bstream official website:

• On-chain ecosystem:

• Staking portal:

• Developer portal:

• Developer guide:

• Multi-chain wallet ioPay:

• Super cross-chain bridge ioTube:

• Cross-chain DEX mimo:

• WeChat Official Account: IoTeX Community 

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