IOTA is working to become a comprehensive network that can support various blockchain applications. The development of smart contracts on the IOTA Layer 1 network is expected to launch later this year, starting with a testnet before transitioning to the main network. This development is seen as bullish and could lead to a potential increase in interest and the price of IOTA. The smart contracts upgrade may include the introduction of MoveVM, a virtual machine designed for running smart contracts. Earlier this year, IOTA integrated Supra Oracles for enhanced data accuracy in its smart contracts. The launch of IOTA 2.0 on a testnet has been a significant advancement, offering feeless transactions and permissionless voting. IOTA has been recognized as the best infrastructure for the Internet of Things ecosystem. Despite a dip in price, there has been increased trading volume and a general uptick in the overall market cap.



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