The IOTA Rebased proposal is close to being approved, with 98% of the community supporting the upgrade. The proposal involves transitioning to a new ledger model and implementing the Move Virtual Machine, which will enhance programmability and enable the creation of complex applications using smart contracts. The upgrade will also increase transaction processing to over 50,000 per second. The MoveVM implementation includes robust security measures and supports formal verification of contract logic. Additionally, IOTA Rebased is preparing to launch a new tokenomics model and has committed $28M to DeFi development. Despite positive developments, IOTA has experienced a recent decline in value.



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