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How IOTA Could Reach $1B In Tokens Locked Before Chrysalis 2.0

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
IOTA MIOTA MIOTAUSDT

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On April 21st, IOTA Co-founder Dominik Schiener said the platform was about to enter a new era. Chrysalis 2.0 is set to be deployed next week with a complete overhaul of this network. Firefly, the token’s new native wallet, is a key component and will operate as a bridge from IOTA 1.0 to the 1.5 update.

IOTA (MIOTA, Mi) holders can begin their tokens migration to prepare for Chrysalis. The process is the first stage to make reach the token’s potential as a peer-to-peer digital cash, as the Technical Lead at the IOTA Foundation (IF) Charlie Varley said.

Via Twitter, Schiener celebrated a milestone in this process. Only 12 hours after it was enabled, $220 million in IOTA Tokens were locked and ready to be migrated into the new network. Schiener said the following in celebration:

This is simply amazing. After 12 hours, more than $220m #IOTA tokens are already #locked and ready for the #Chrysalis launch. Let’s reach $1 Billion tokens locked before the launch next week on the 28th!

In a special episode of IOTA Talks, Schiener clarified that the migration process is optional. Users can proceed with it at any time before and after Chrysalis’ launch. The next phase big event for the network will be Coordicide and should mark the beginning of this platform’s full decentralization. On the update, the IF said:

This relaunch will bring IOTA up to the level of an enterprise-ready product that is fully equipped for use in outside organizations and businesses that wish to leverage the power of the Tangle. Chrysalis improves the efficiency, security, scalability, and stability of the IOTA protocol (…).

IOTA Goes Higher On Bitcoin Pair

At the time of writing, MIOTA is trading at $1,72 with a 4.8% loss in the daily chart. In the weekly and monthly chart, the token has a 32.1% loss and a 20.6% gain respectively. According to analyst Lukas Tassanyi, MIOTA has held support in its BTC pair for the 30-day chart and has been making higher high after bearish price action.

IOTA MIOTAUSDT
MIOTA with moderate losses in the daily chart. Source: IOTAUSDT Tradingview

Tassanyi believes the tokens formed a symmetrical triangle on the 21st when the IF launched Firefly. Possibly responding to the current developments, MIOTA was set to break or rise. Since that moment, the price has been trending downwards.

IOTA MIOTAUSDT
Source: Lukas Tassanyi

As Tassanyi showed in the chart above, $1.63 could be critical support for MIOTA, if it continues south from its current levels. In the short term, the analyst expects a period of consolidation. When it reverses the trend, MIOTA could target a new all-time high at $2.57.

In the long term, the analyst expects MIOTA and its platform to benefit from “two separate arenas”: its potential as a cryptocurrency with low, fast transaction and high scalability, and the Internet of Things (IoT) market. Tassanyi added:

If IOTA manages to succeed in only one of them, that should make it a $1 Trillion project already. IOTA is both the leading blockchain alternative and the leading IoT ledger. With no close competitors.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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