Nakama Labs Pioneers DeFi Innovation with New dApps

• Nakama Labs, a Web3 builder and venture capital fund, announced that it is building a robust ecosystem on the IOTA EVM ecosystem.
• The first phase is to build the basic infrastructure before diversifying to deploy DeFi applications and engage investors.

Nakama Labs, a Web3 builder that creates DeFi, GameFi, and NFT solutions, has announced that it is building decentralized solutions on top of the IOTA EVM.

Nakama announced on Tuesday that it is betting on IOTA to unlock new potential in DLT applications.

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Nakama has built on IOTA and Shimmer, the staging network, and is now expanding to IOTA EVMwhich spear this year to connect IOTA to the vast Ethereum network, opening up new opportunities in DeFi and beyond.

According to Nakama, the integration of Stargate V2 on IOTA EVM has been monumental for the network. reportedStargate features interoperability with blockchain networks, enabling seamless movement of assets and messages across chains.

“The integration of Stargate V2 promises to revolutionize cross-chain transactions, liquidity management, and operational efficiency, paving the way for unprecedented advancements,” Nakama said.

Building on IOTA EVM: Nakama’s Two-Phase Plan

Although IOTA EVM is revolutionary, it is still a work in progress and is in its early stages. Therefore, it is essential to focus on building the basic infrastructure in the first phase to “attract new teams building on IOTA EVM and encourage new users to join them.”

Although it is still in its early stages, IOTA EVM is proving to be ahead of most incumbents in this space thanks to some cutting-edge features. This includes horizontal scaling via parallel transaction processing to increase its processing capacity.

MEV resistance and native randomness ensure the network prevents transaction bypass, promoting fairness, security, and regulatory compliance.

After the first phase of developing the core infrastructure, Nakama says the next phase will involve deploying dApps and engaging investors.

He note:

This phase will also focus on integrating Real World Assets (RWA) into the IOTA EVM ecosystem, allowing these assets to be used as collateral in various dApps to generate additional yield opportunities.

The enterprise builder has already deployed some of its dApps on Shimmer and recently deployed its first dApp on the IOTA EVM. This, it says, gives it invaluable experience, which it will leverage to deploy its next applications.

DeFi is at the heart of the development of the IOTA EVM ecosystem. Thanks to DeFi, which offers lucrative yield opportunities, the ecosystem can attract new users.

MIOTA is trading at $0.1575, down 1.4% over the past day, with most coins slipping slightly. Polkadot, Chainlink, Bitcoin Cash, Litecoin, and Uniswap are all down at least 2%. MIOTA hit an intraday high of $0.1603 before dropping drastically to a low of $0.1549. It has since recovered slightly to a market cap of $528 million. Trading volume has dropped 20%, which is in line with a broader market trend where overall volume has dropped 16%.

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