IoTeX (IOTX) is a decentralized blockchain platform designed to power the emerging machine economy by connecting Internet of Things (IoT) devices with decentralized applications. Built on an EVM-compatible blockchain, IoTeX enables secure, scalable, and autonomous interactions between machines and humans. The native token, IOTX, plays a central role in transaction processing, staking, governance, and device registration within the network.
With growing interest in real-world data oracles and self-sovereign devices, IoTeX has positioned itself as a key player at the intersection of blockchain and IoT technology. This guide explores the current price dynamics, market performance, network architecture, and long-term potential of IOTX while offering actionable insights for users and investors.
Understanding the IoTeX Ecosystem
IoTeX was launched in 2017 as an open-source project by a team of over 40 research scientists and engineers, including founders Raullen Chai, Qevan Guo, Xinxin Fan, and Jing Sun. The platform's mainnet went live in April 2019 and has since processed more than 10 million transactions across a global network of over 100 elected delegates.
The core innovation of IoTeX lies in its Roll-DPoS (Rolling Delegated Proof-of-Stake) consensus mechanism, which ensures fast finality, low latency, and high energy efficiency—critical for IoT applications. By being EVM-compatible, IoTeX supports seamless integration with existing Ethereum-based dApps, allowing developers to deploy smart contracts without extensive modifications.
IoTeX also introduces unique features such as Decentralized Identity, Confidential Computing, and Secure Hardware Integration, enabling physical devices like sensors and cameras to operate as independent blockchain entities. Notable products include Ucam (a blockchain-powered home security camera) and Pebble (an environmental data oracle), both of which exemplify how real-world data can be securely anchored on-chain.
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Current Market Overview
As of the latest update, the IOTX price stands at S$0.0287**, reflecting a **-1% drop** over the past 24 hours and a **-3% decline** compared to one week ago. While significantly below its all-time high of **S$0.63 reached on November 4, 2021 (a -95% decrease), IOTX maintains a stable presence in the mid-tier cryptocurrency market.
Key Market Metrics:
- Market Cap: S$253.96 million
- Fully Diluted Valuation: S$268.99 million
- Circulating Supply: 9.44 billion IOTX (94% of max supply)
- Max Supply: 10 billion IOTX
- 24-Hour Trading Volume: S$7.04 million
IoTeX currently ranks #55 among tradable assets on major exchanges, with strong community engagement—approximately 89% of users are net buyers over the past day. This indicates sustained interest despite broader market headwinds.
Assets with similar market capitalization include Qtum, Ravencoin, and Zilliqa, placing IoTeX within a competitive yet established segment of the crypto ecosystem.
Price Performance & Historical Trends
IOTX has experienced significant volatility since its inception, mirroring broader crypto market cycles. After peaking in late 2021 during the bull run, the token entered a prolonged consolidation phase.
Recent Price Changes:
| Time Period | Price (SGD) | Change |
|---|---|---|
| Today | S$0.0287 | ↘ 0.94% |
| 1 Day | S$0.0289 | ↘ 0.94% |
| 1 Week | S$0.0298 | ↘ 3.26% |
| 1 Month | S$0.0340 | ↘ 14.59% |
| 1 Year | S$0.0545 | ↘ 44.06% |
These figures highlight downward pressure over medium to long-term horizons, likely influenced by macroeconomic conditions and reduced speculative activity in IoT-focused projects.
Despite this, the platform continues to innovate through middleware development and cross-chain interoperability solutions, suggesting potential for future revaluation if adoption accelerates.
Network Architecture & Token Utility
The IOTX token serves multiple critical functions within the IoTeX ecosystem:
- Transaction Fees: Used as gas for executing smart contracts and transferring data.
- Staking & Governance: Users can stake IOTX to participate in network validation and vote on protocol upgrades.
- Device Registration: Required to register new IoT devices on the network, reinforcing economic alignment between token usage and real-world utility.
- Burndrop Mechanism: A unique deflationary model where token emissions are tied to active device count—more devices mean more rewards, encouraging ecosystem growth.
IoTeX supports multiple blockchain networks for token interoperability:
- Ethereum:
0x6fB3e0A217407EFFf7Ca062D46c26E5d60a14d69 - BNB Smart Chain:
0x9678E42ceBEb63F23197D726B29b1CB20d0064E5 - Polygon:
0xf6372cDb9c1d3674E83842e3800F2A62aC9F3C66 - Base:
0xBCBAf311ceC8a4EAC0430193A528d9FF27ae38C1
This multi-chain presence enhances accessibility and integration capabilities across DeFi, NFTs, and Web3 platforms.
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Frequently Asked Questions (FAQ)
What is IoTeX used for?
IoTeX powers a decentralized platform that connects IoT devices with blockchain technology. It enables secure data exchange, autonomous machine operations, and real-world data oracles through self-sovereign devices like Ucam and Pebble.
How does IOTX staking work?
Users can stake IOTX tokens to become validators or delegate to existing ones. Stakers earn rewards in IOTX while helping secure the network via the Roll-DPoS consensus mechanism.
Is IoTeX an Ethereum token?
Yes, IOTX is an ERC-20 token on Ethereum but also exists natively on the IoTeX blockchain and other EVM-compatible chains like BNB Smart Chain and Polygon.
What makes IoTeX different from other IoT blockchains?
Its combination of EVM compatibility, confidential computing, decentralized identity, and the Burndrop economic model sets it apart. These features enable trustless machine-to-machine communication with real economic incentives.
Can I buy IOTX on major exchanges?
Yes, IOTX is listed on several major platforms including Coinbase and OKX, making it accessible to global investors.
Does IoTeX have a maximum supply?
Yes, the total max supply is capped at 10 billion IOTX tokens. The current circulating supply is approximately 9.44 billion.
Future Outlook and Adoption Potential
While IOTX faces challenges common to niche blockchain sectors—such as slower mainstream adoption and competition from larger ecosystems—it holds strategic value in verticals like smart cities, supply chain tracking, and decentralized AI training.
The integration of "machine mining," where devices contribute data or computation power in exchange for tokens, could drive organic demand if deployed at scale. Additionally, partnerships with hardware manufacturers and enterprise tech providers may unlock new revenue streams and user bases.
As Web3 continues to expand beyond finance into physical infrastructure, platforms like IoTeX are well-positioned to bridge digital ledgers with real-world assets—making them essential components of tomorrow’s decentralized infrastructure.
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