IOTA, a distributed ledger technology network, has achieved a remarkable milestone with its Stardust upgrade, which introduces new features and tokenomics to the platform. The upgrade was completed on Oct. 4, 2023, after a successful fork of the network.
The Stardust upgrade transforms IOTA into a multiasset ledger that allows users to create, transfer, and tokenize native assets and NFTs without any fees. It also enables smart contract tokenization and anchoring of L2 chains on IOTA’s Tangle via the IOTA Chains Framework. This makes IOTA a trustless asset bridge between different L2 networks.
IOTA Stardust Takes the Network to the Future
The upgrade also changes the supply and distribution of the IOTA token, which has now increased to 10 billion and split into two versions: IOTA and IOTA Classic. Users who staked Assembly tokens on the Shimmer network received an airdrop of new IOTA tokens, which will vest over 24 months.
In light of the recent upgrade, it is recommended that IOTA users transition to the updated versions of Hornet and Firefly IOTA, specifically version 2.0.0. It’s worth noting that the updated Firefly wallet will feature a new tab. This tab will display the airdrop received by users who had staked Assembly tokens prior to the upgrade.
Upon the successful implementation of the Stardust upgrade, users will have immediate access to nearly 10% of the airdropped tokens. The remaining approximately 90% will be vested bi-weekly over 24 months.
Importantly, users are not required to take any action to transfer their tokens to the IOTA Stardust network or to receive the airdropped IOTA tokens.
IOTA co-founder Dominik Schiener expressed his excitement and gratitude for the Stardust upgrade, calling it a rebirth of IOTA. He said that the team is on a mission to create one of the largest and most impactful technology ecosystems in the world.
Today is the day where IOTA will be reborn 👏🚀
I’m incredibly excited and grateful to be on this journey with all of you. We are here to create one of the largest and most impactful technology ecosystems in the world.
We will not stop until we've realized our vision. https://t.co/dDe6iZKUjp
— Dominik Schiener (@DomSchiener) October 4, 2023
The Stardust upgrade is a major step forward for IOTA, which aims to become a scalable, decentralized, and feeless platform for the Internet of Things and Web 3.0. The upgrade enhances the utility and value of the IOTA token and network, as well as its interoperability with other chains.