IOTA (MIOTA) Breaks $2 Ahead of Chrysalis Launch
IOTA (MIOTA) broke above the $2 level again, with the potential for further price discovery once the Chrysalis update is fully launched on April 28. IOTA traded at $2.05, up about 9% in the past day, adding to the overall recovery of the crypto markets.
The Chrysalis update will essentially rebuild the IOTA network from the ground, replacing the previous approach which led to network freezes or lost tokens. Chrysalis will end its first token swap stage, which ran from April 21 and will end on Wednesday, April 28.
IOTA owners that swapped tokens before the launch will see their funds immediately on the new network. For the tokens that were not swapped, tools will be open for continued migration.
IOTA on Exchanges Swaps Automatically
Most leading exchanges are ready for the token swap, and the best approach is to wait out the Chrysalis upgrade. Binance US recently announced a freeze of deposits and withdrawals, to make a more accurate snapshot of its balances.
Binance International exchange already disabled deposits and withdrawals on the legacy IOTA network since April 26, and will renew activity once Chrysalis launches.
New IOTA Wallet Required
From April 28, the old Trinity wallet for IOTA will be disabled, except for basic functions, and will no longer communicate with a network. The new Firefly wallet will be able to access the new Chrysalis network. The IOTA legacy network will only be operational for the remaining token migrations, not for transfers. Right after the Chrysalis network launch, a last snapshot of the old network will be made for reference and easier transfers.
To migrate the tokens, users will need to download the Firefly app from a secure source. Then, using their private seeds from the IOTA wallet, they can migrate their balances to the new network.
The migration of tokens will be possible until the Coordicide upgrade, when the IOTA network is expected to become fully decentralized. But for the coming months, it will be possible to migrate from legacy IOTA to the new network at any time. The Coordicide upgrade is the final stage when the IOTA project creates a new node coordination protocol and moves away from a centralized ledger status oversight.
IOTA Takes on Decentralized Finance
The IOTA network saw limited distributed app use cases in the past, and was hardly used for tokenization. The project also faced problems with lost tokens and a network freeze, and for a long time relied on a centralized server to oversee token balances.
At one point, IOTA wallets also faced problems with tainted private key generation, which led to significant losses. Added to this were interpersonal fights between the IOTA Foundation and the project’s founding developers, which further hurt the reputation of the project.
The new Firefly wallet will aim to solve the technical issues, while also issuing a new type of address. IOTA aims to place itself as an asset worthy of wider adoption and growth in decentralized finance. The Chrysalis upgrade will also include a partnership with Crypto Finance, an organization aiming at offering quality access to crypto for financial institutions.
The new network launch will open up new opportunities for IOTA, especially in some of the latest trends in crypto finance. IOTA has waited for a long time to create tokenization possibilities. The IOTA social media community remains optimistic about the potential of Chrysalis to alter the crypto stage and place IOTA among the leading projects.
The IOTA network can then, in theory, work as a DeFi platform to compete with Ethereum and Binance Smart Chain. At this moment, it is impossible to predict how IOTA will continue, and if the asset can be used as collateral in decentralized
and passive income generation.
IOTA Potential Price Action
The IOTA asset is in the spotlight, as the news of the Chrysalis launch arrives at a time of rapid growth for altcoins. The recent rally above $2 may be extended as IOTA has not yet re-tested its all-time highs.
IOTA peaked above $5.37 in early 2018, before crashing into a three-year bear market. The asset is still 90% down against Bitcoin (BTC) and is just breaking out to a higher level in Satoshis.
The IOTA market is formed by its most liquid pair with Tether (USDC), which is responsible for more than 67% of volumes on Binance Exchange and OKEx. As appetite for altcoins increases, IOTA may see growing trading volumes, especially after transfers are renewed. The high USDT liquidity on the Binance International exchange may boost IOTA trading when the asset comes into the spotlight.
With more than 2.77B MIOTA in circulation, the asset is on the verge of joining the top 20 coins by market capitalization. This will further increase IOTA visibility and may add to the price rally.
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