The IOTA cryptocurrency has announced significant upgrades in its Rebased network, aimed at improving scalability, efficiency, and decentralization. These upgrades include a local fee market that adjusts transaction costs based on network demand, feeless-sponsored transactions, and predictable gas fees. The network also introduces support for parallelized Ethereum Virtual Machine (EVM) and Move Virtual Machine (MoveVM), allowing developers to build and deploy smart contracts with greater flexibility. The upgrade aims to make IOTA one of the fastest and most cost-effective decentralized networks, with transaction speeds of up to 50,000 transactions per second (TPS). Several new validators have joined the testnet, and the mainnet launch is expected in Q1 2025. Staking rewards of 10-15% annually will be introduced, and a consensus switch to the Mysticeti protocol will enhance security and performance. Currently, IOTA is trading at $0.4239, with a week's decline of 29.15% and a 0.6% decrease in the last 24 hours.



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