IoTeX Becomes Second Fastest EVM-Compatible Chain & Sixth Fastest Blockchain Overall

With the Mainnet v1.14.0 Upgrade, IoTeX significantly increases its throughput to 1000 transactions per second (TPS), empowering developers to create scalable and secure solutions for real-world DePIN use cases.

SAN FRANCISCO, April 23, 2024 /PRNewswire-PRWeb/ -- IoTeX, a leading modular DePIN blockchain platform, activated its Mainnet v1.14.0, significantly increasing its throughput to up to 1000 transactions per second (TPS). This upgrade positions IoTeX as the sixth fastest blockchain overall and the second fastest among EVM-compatible chains.

IoTeX's modular infrastructure opens a robust, scalable environment for developers to build DePIN applications. The IoTeX L1 serves as a source of trust for the project-related token economy and identity layer without sacrificing speed or low costs, with instant finality and transaction costs of a fraction of a penny.

With Mainnet v1.14.0, the block gas limit was raised to 50M to drastically enhance processing capabilities while ensuring blockchain stability. The IoTeX blockchain has processed over 114 million transactions and 29.5 million blocks to date.

The update also significantly improved delegate management for the IoTeX network through delegate endorsements with its approval and activation of its latest IIP (IoTeX Improvement Proposal). Delegate management is now more flexible and encourages a diverse range of projects to participate in IoTeX network operation and foster its rapidly growing ecosystem.

With faster transaction processing and enhanced network governance, the IoTeX L1 empowers developers to create scalable and secure solutions for real-world DePIN use cases.

"This performance upgrade is a significant milestone for IoTeX," said Raullen Chai, CEO of IoTeX. "By achieving 1000 TPS, we are not only offering developers a powerful platform for building next-generation DePIN applications, but also solidifying IoTeX's position as a leading blockchain for a scalable, secure future for all builders and contributors."

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About IoTeX
IoTeX is a modular Web3 infrastructure platform connecting smart devices and real-world data to blockchains. It empowers developers to integrate Web3 into everyday life through innovations in connected vehicles, city mapping, green energy initiatives, super-charged fitness platforms, environmental data tracking, proof-of-presence applications, proof of humanity, and more. With the launch of W3bstream, the world's first off-chain compute framework for smart devices and real-world data, IoTeX has become the leading Decentralized Physical Infrastructure Network (DePIN) technology provider, enabling vertical innovations for machines, humans, businesses, and dApps to interact with trust and privacy. Backed by a global team of 60+ research scientists and engineers, IoTeX combines its EVM-compatible L1 blockchain, off-chain compute middleware, and open hardware to connect billions of smart devices, machines and sensors and dApps across the physical and digital world.
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Media Contact

Phil LeRoy, Melrose PR, (310) 260-7901, [email protected], https://www.melrosepr.com/

SOURCE IoTeX