DeFi
IOTA’s DeFi Reach Grows as Rabby Wallet Integrates IOTA’s EVM
- The Web3 Rabby wallet integrated IOTA EVM shortly after LayerZero announced the integration of IOTA EVM into its cross-chain protocol.
- Reports on the official website reveal that Rabby was designed to enable simplified and easy DeFi trading.
Rabby, a Web3 wallet from DeBank, announced the integration of IOTA EVM to enhance the multi-chain decentralized finance (DeFi) experience. According to reportthe integration would allow users to maximize benefits by switching between chains while using DeFi applications simultaneously on multiple chains.
✨ Announcement @Rabby_io Wallet by @DeBankDeFi integrated #IOTAEVM! Navigate safely through the world of #Challenge with integrated features such as detailed transaction information and pre-transaction risk analysis, adding a new experience to #IOTA🌐’s Growing dApp Ecosystemhttps://t.co/du4p5t6sEX pic.twitter.com/kzn4zM3ybj-IOTA (@iota) June 14, 2024
Learn more about the Rabby wallet
As Crypto News Flash observes, the wallet automatically selects the appropriate blockchain network for each DeFi dApp based on its database. In this case, the need for users to manually switch networks when interacting with different channels is eliminated. Additionally, Rabby was designed to simplify DeFi transactions with pop-up confirmation that provides a detailed explanation of each transfer. Compared to other Web3 wallets, this is a huge improvement as it helps users navigate the complexities of smart contract execution.
A nice feature built into the wallet is pre-trade risk analysis. According to the company, the security engine is intended to scan transactions for potential risks before users encounter them. Specifically, it notifies users of vulnerabilities such as interacting with a previously attacked contract or a nonexistent recipient.
Finally, Rabby offers seamless integration with multiple hardware wallets, including Ledger, Trezor, and Keystore. It also offers integration with institutions and custodians such as Fireblocks and Gnosis Safe, as well as mobile wallets like Phantom, Metamask, Trust Walletand Wallet Connect.
According to IOTA, the Rabby wallet integration is just the tip of the iceberg, as many other developments remain in progress.
With the integration of Rabby Wallet into the IOTA EVM, users can now enjoy a streamlined and secure DeFi experience across multiple chains. This is just one of many exciting integrations we are rolling out, further enhancing the IOTA EVM ecosystem. Stay tuned for more updates as we continue to develop and improve your DeFi journey with IOTA EVM.
LayerZero integration with IOTA
IOTA is also making a big shift towards the area of interoperability marked by a recent partnership with LayerZero. The integration of IOTA EVM into its cross-chain protocol for seamless interoperability and communication with numerous ecosystems has placed blockchain at the forefront of this movement.
To kick off a new era of interoperability for IOTA, we are excited to announce the integration of the LayerZero cross-chain messaging protocol with IOTA EVM. LayerZero is the leading player enabling seamless communication across various blockchain networks. After joining the Shimmer network in late 2023, their messaging infrastructure has now been extended to IOTA EVM.
The development of LayerZero’s immutable V2 endpoint on IOTA EVM has enabled developers to build omnichain applications, utilize asset transfer and cross-chain, and interact transparently and permissionlessly with all blockchains on the IOTA EVM.
This integration highlights IOTA’s commitment to providing a developer-centric environment for builders and users and connecting the pioneers and innovators of the IOTA ecosystem with the outside world and vice versa.
At press time, IOTA’s native token, MIOTAwas trading at $0.188 after a 0.21% decline over the past 24 hours.