The IoTeX ecosystem is experiencing remarkable growth as the DePIN (Decentralized Physical Infrastructure Networks) narrative captures the attention of the crypto world. With a clear vision to become the leading DePIN ecosystem and foundational layer for the entire crypto universe, IoTeX is rapidly transforming this ambition into reality. The ecosystem now boasts over 200 projects building on its network, including more than 50 dedicated DePIN initiatives, while its DePINscan platform tracks over 280 DePIN projects and 18 million connected devices worldwide.
The Expanding DePIN Landscape on IoTeX
According to recent industry reports, IoTeX has established itself as the third-largest DePIN ecosystem after Ethereum and Solana, with more than 50 active DePIN projects. This growth isn't just about numbers—these projects are making significant strides in technology development, fundraising, and market expansion. Throughout the past year, IoTeX has provided hands-on support through programs like the DePIN Surf Accelerator and IoTeX Ecosystem Fund, helping teams navigate technology challenges, fundraising, and go-to-market strategies.
The progress of these DePIN projects demonstrates their long-term potential and solidifies IoTeX's position as one of the most exciting DePIN ecosystems in the crypto industry. Many projects are preparing for token launches on the IoTeX L1 blockchain, while others are integrating IoTeX 2.0 modules like ioID and W3bstream into their technical infrastructure.
Notable DePIN Projects Building on IoTeX
Network3 - An AI-powered DePIN for data transmission and computation that has raised $5.5 million in funding from top venture capital firms. The project has launched an innovative local LLM for running AI on smart devices and sold out their v1 node sale within minutes. With over 340,000 nodes across 180+ countries, Network3 has served more than 2 petabytes of traffic and plans to launch its N3 token soon.
Nubila - An environmental data DePIN focused on precise ESG data collection and analysis that has secured $2.5 million in funding. The project launched a popular device pre-sale for their Marco weather station and recently acquired Bloomsky, a meteorological hardware company, to accelerate their device network expansion.
Wayru - A connectivity DePIN building a unified global WiFi network that sold out their Genesis hotspot devices. The team has launched pre-sales for their next-generation WiFi miners and plans to launch their token on the IoTeX blockchain, allowing users to mint Wayru devices directly on the IoTeX network.
Inferix - A decentralized GPU network specializing in AI inference that has opened their public node sale. The project has introduced an innovative Proof-of-Rendering (PoR) algorithm to verify visual computing and AI inference, leveraging their experience in traditional AI to bootstrap new supply using DePIN principles.
PowerPod - A renewable energy DePIN focused on electric vehicle charging that has onboarded more than 2,750 devices across four countries. The project is exploring the intersection of real-world assets (RWA) and blockchain, having launched DePIN-based RWA NFTs on IoTeX L1 in partnership with an electric motorbike company.
Additional innovative projects include Envirobloq (smart home data collection), Scannit (scan-to-earn retail data), Qualoo (connectivity diagnostics), WatchX (healthcare wearables), and Innovex (AI-focused Layer 2 network). These diverse initiatives demonstrate the breadth of applications being built on IoTeX's DePIN infrastructure.
Strategic Partnerships and Ecosystem Expansion
Beyond native DePIN projects, IoTeX has formed numerous strategic partnerships that strengthen its ecosystem. DePINscan has welcomed new partners including Multiple Network, Coral App, and CyberCharge, all exploring integrations with ioID and W3bstream. Exciting collaborations have also been established with projects specializing in geolocation, gaming DePIN, GPU computing, and AI inference.
Following the success of IoTeX's DePIN Surf Accelerator, which recently completed its second cohort, IoTeX is collaborating with DePIN X on a $2 million fund to attract more DePIN projects to the ecosystem. With the upcoming launches of ioID and W3bstream, IoTeX continues to explore new partnerships and integrations that will drive further DePIN activity throughout 2024 and beyond.
Infrastructure and Development Tools
The launch of IoTeX 2.0 introduced DePIN Infrastructure Modules (DIMs)—third-party infrastructure offerings integrated into IoTeX's modular tech stack. These modules provide builders with powerful tools to accelerate their projects, including Filecoin and Irys for storage, NEAR for data availability, Espresso for sequencing, The Graph for indexing, Risc0 for zero-knowledge proofs, Streamr for connectivity, and Phala for TEEs.
Recent partnerships with Data Availability infrastructure providers including Dill, Orochi, and Unibase give IoTeX builders increased flexibility and optionality. Significant progress has been made in integrating The Graph for DePIN data indexing, Streamr for DePIN connectivity, and Filecoin for DePIN storage solutions.
The ecosystem has also welcomed major Web3 tools, wallets, and services. Recent integrations with leading wallet providers including OKX Wallet, Gate Wallet, Coin98 Wallet, and OneKey have expanded IoTeX's accessibility to millions of users worldwide. Security and compliance experts like Beosin and Fuzzland have joined to enhance network security, while integration with Dune Analytics enables more transparent metrics for users.
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The Emerging DeFi Ecosystem on IoTeX
A growing DeFi ecosystem is emerging on IoTeX with several committed teams bringing quality decentralized finance protocols to the network. The mimo decentralized exchange now offers 40+ trading pairs and previously achieved over $25 million in total value locked (TVL) with daily trading volumes reaching $3 million. This activity was boosted by the introduction of the DePIN Liquidity Hub and Liquidity Mining pools, where DePIN tokens from other Layer 1 networks were bridged to IoTeX with enhanced incentives for liquidity providers.
The DePIN Liquidity Hub has welcomed top-tier projects including GEODNET, ATOR, Streamr, WiFi Map, XNET, CRUST, Wicrypt, Mysterium, Stratos, Swarm, and Synternet. Recent integrations with IoTeX Hub and official support from OKX Wallet create more opportunities for users to discover DePIN tokens on IoTeX.
New DeFi Protocols on IoTeX
Bedrock - The world's first multi-asset liquid restaking protocol to support IoTeX, allowing users to restake IOTX to earn uniIOTX. The protocol has generated more than $20 million TVL on IoTeX from over 450 million IOTX restaked.
Magma - A non-custodial liquid staking stablecoin protocol where users can collateralize assets including IOTX and USDC to create WEN, a 1:1 dollar-pegged stablecoin. With over $3 million in deposits, Magma has received support from OKX Wallet and Gate Wallet.
Loxodrome - A decentralized perpetuals exchange on IoTeX launched in August, offering IOTX trading with up to 50x leverage. The platform recently hosted a trading competition with 72,000 veLOXO tokens rewarded to participants.
Quenta - A derivatives trading platform that issued OG Passes to genesis users, offering trading, staking, and liquidity provision opportunities along with futures trading on IoTeX.
PinSwap - A decentralized trading protocol focused on low transaction fees, yield farming, and AI-powered trading launched earlier this year.
In partnership with OKX, IoTeX is preparing to launch a "DeFi for DePIN" campaign that will incentivize OKX Wallet users to utilize various DeFi protocols on IoTeX. Recent integrations with IoTeX DeFi projects including PinSwap, Loxodrome, and Magma signal increasing activity in DeFi trading, lending, and liquid staking on the network.
Cross-Chain Expansion and Integration
The IoTeX ecosystem is expanding beyond its native blockchain through integrations with other Layer 1 networks that are adopting IoTeX 2.0's modular tech stack to bring DePIN capabilities to their ecosystems. These integrations position IoTeX not only as a home for native DePIN projects but also as a technology provider to other networks, extending its influence across the entire crypto landscape.
Recent integrations include:
- Solana: A cross-chain bridge launched in September to aggregate DePIN liquidity between two of the largest DePIN ecosystems, enabling Solana DePINs to go multi-chain.
- Polygon: Integration with Polygon's AggLayer for cross-chain DePIN liquidity, allowing Polygon projects to leverage DePIN modules from IoTeX 2.0.
- Telegram (TONX): Partnership with TONX to bring DePIN to 950 million Telegram users by co-building DePIN infrastructure for the TON ecosystem.
- Injective: Integration enabling seamless asset transfers between chains and opening novel DePIN + DeFi use cases.
- Irys: Integration to provide robust data integrity for DePIN builders.
These cross-chain collaborations demonstrate IoTeX's growing influence as a DePIN technology provider beyond its native blockchain.
Future Developments and Roadmap
The coming months promise exciting developments for IoTeX as the ecosystem prepares for major product launches and anticipates token launches from promising native DePIN and DeFi projects. Following the success of Get GOATed Season 1, which brought 30,000 new community members to IoTeX, an even larger Get GOATed Season 2 campaign is planned with 100 million IOTX incentives for new community members and projects joining the network.
The official launches of ioID and W3bstream—core products under development for over a year—are being diligently planned. These foundational technologies will further strengthen IoTeX's position as the leading DePIN infrastructure provider and create new opportunities for builders and users across the ecosystem.
Frequently Asked Questions
What is IoTeX's role in the DePIN ecosystem?
IoTeX positions itself as both a home for native DePIN projects and a technology provider to other blockchain networks. Through its modular tech stack and infrastructure modules, IoTeX enables developers to build and scale DePIN applications efficiently while providing cross-chain capabilities that expand the reach of DePIN projects across multiple ecosystems.
How can developers benefit from building on IoTeX?
Developers benefit from IoTeX's specialized DePIN infrastructure, including identity solutions through ioID, data verification via W3bstream, and access to a growing ecosystem of partners and integrations. The network provides technical support, fundraising assistance, and go-to-market strategies through programs like the DePIN Surf Accelerator and Ecosystem Fund.
What types of projects are best suited for the IoTeX ecosystem?
IoTeX is particularly well-suited for projects that bridge physical infrastructure with blockchain technology, including IoT devices, environmental data networks, connectivity solutions, AI computation, and renewable energy systems. The network's specialized infrastructure and growing DePIN focus make it ideal for projects requiring real-world data verification and device management.
How does IoTeX support cross-chain functionality?
IoTeX has established bridges and integrations with multiple Layer 1 networks including Solana, Polygon, TON, Injective, and others. These connections allow DePIN projects to access liquidity and users across ecosystems while maintaining their core infrastructure on IoTeX. The network's modular approach enables other blockchains to integrate IoTeX's DePIN capabilities into their own ecosystems.
What makes IoTeX different from other blockchain platforms?
IoTeX distinguishes itself through its specialized focus on DePIN applications, providing tailored infrastructure modules that address the unique requirements of physical infrastructure networks. The platform offers identity management, data verification, device coordination, and cross-chain capabilities specifically designed for DePIN use cases, supported by a growing ecosystem of partners and service providers.
How can users participate in the IoTeX ecosystem?
Users can participate by engaging with DePIN applications as node operators, device owners, or token holders; utilizing DeFi protocols for trading, lending, and staking; contributing to network security through delegation; and participating in community initiatives and incentive programs like the upcoming Get GOATed Season 2 campaign.