The IOTA EVM went live around five weeks ago, a project with high hopes. But hardly anyone is interested in the Ethereum Virtual Machine at IOTA, as this data-based analysis shows.
IOTA investors have to be brave: The price curve of their favorite has been stuck in the death zone below USD 0.20 for weeks. Yet things were supposed to be looking up for IOTA when the Ethereum Virtual Machine (EVM) was released just over a month ago. A look at data on the IOTA EVM shows why things turned out quite differently:
– DeFiLlama is the incorruptible platform when it comes to measuring the success of DeFi projects in the crypto industry. It quickly included the IOTA EVM in its scans and currently measures around USD 277,000 TVL, i.e. all the capital invested there added together. The EVM is a standard module in the crypto industry and the tiny amounts invested in the IOTA EVM are just enough for a place around 120 in the list of the EVMs with the highest capitalization worldwide.
– The data from IOTA itself, which can be viewed here, also records around USD 277,000 TVL for the EVM. Additional statistics are also really dramatic here. Key indicators such as daily new registrations for the IOTA EVM, newly verified smart contracts or active accounts show hardly any organic growth – the offer is simply not being accepted.
Before and at the launch of the EVM, IOTA Foundation CEO Dominik Schiener had raved that dozens of DApps would dock and that a major advertising campaign would attract users and capital. Now Schiener has once again postponed targets on X and is talking about 30 DApps by the end of September. There are also rumblings in the IOTA circle that an as yet unknown cooperation partner wants to contribute USD 100 million TVL for RWAs (real world assets). On the other hand, the IOTA Foundation has initiated an audacious rescue plan for the EVM and wants to – legally and morally questionable – reallocate reserves in order to bring several dozen million TVL into the EVM itself.
Conclusion: IOTA EVM – just bad crypto or already a scam?
The IOTA Foundation had repeatedly postponed the launch of the EVM, claiming, among other things, that it wanted to put together an attractive package of DApps, investors and PR measures for the debut. After a month of reality, this is now proving to be empty talk and you don’t have to look far on crypto Twitter to find scam accusations against Schiener. The failure of the EVM could quickly become a sign of a further crash in the IOTA price curve, which is already on the verge of bottoming out.
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