The IOST Foundation unveiled what they call a Secret Weapon Project Entroverse. The team claims that this project will enable IOST to become a powerful and compelling blockchain network. The Entroverse includes solutions such as IOSTSWAP and the Ethereum Virtual Machine (EVM) compatibility. IOST token registered a massive increase of over 58% since the announcement of the project.
Entorverse promises 99% lower gas costs than ETH
The network aims to increase the growth of IOST’s developer ecosystem through the implications of the projects. However, IOST has promised to announce more projects from Entroverse in April.
The team explained that developers can now easily integrate ETH protocols with IOST. According to the release, EVM users will be able to run ETH-friendly apps in the IOST network. Meanwhile, the project promises 99% lower gas costs than Ethereum and high throughput when using the IOST mainnet. The instant transaction support will ultimately help the users to get a faster experience.
IOST CEO Jimmy Zhong emphasized that the IOST team sees this partnership with Ethereum blockchain as a way to move up the ranks. He suggested that there is a race going on in the blockchain industry and that IOST will never pass up challenges.
In a cryptoverse where individual projects depend on ever-increasing levels of collaboration and interaction, it is not only desirable but vital for IOST to launch a cross-chain bridge, EVM compatibility feature and Project Entroverse, said Jimmy Zhong
IOST’s 24-Hour Trading Volume Up 600%
The IOST token was shown a huge benefit from the announcement. The price of IOST has seen a massive increase of over 50% in the last 24 hours. However, the coin is up more than 90% in the past 7 days. While the 24-hour trading volume of $2,128,194,773 has skyrocketed 600%. The coin is trading at an average price of $0.051 at press time. According to CoinMarketCap, the IOST token ranks 91st with a total market cap of over $962 million.
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About the author
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he plays video games, watches a thriller or participates in outdoor sports. Reach me at [email protected]
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