IoTeX
About IoTeX
The price of IoTeX (IOTX) is $0.03459865 today, as of Sep 01 04:29 a.m., with a 24-hour trading volume of $11.12M. Over the last 24 hours, the price has decreased by -5.49%. IoTeX currently has a circulating supply of 9.44B and a market cap of $326.66M.
IoTeX (IoTX) is the native cryptocurrency of the IoTeX network, a layer 1 blockchain that can host different decentralized apps, or dapps.
IoTeX is named for the internet of things (IoT), which refers to the vast network of internet-connected devices rapidly spreading all over the world. The company describes its vision as an “internet of trusted things,” meaning its blockchain is designed to ensure privacy
The supply of IoTX is capped at 10 billion tokens. IoTX is a deflationary token, because circulating supply will tend to decrease over time through a “burn-drop” process. When 1 million devices are connected to the IoTeX platform, 10% of the maximum IoTX token supply will be burned (taken out of circulation). That process tends to return value to holders of the token by supporting its price.
Around a quarter of the maximum supply was sold privately in January 2018 to a group of investors. Another quarter is being held in reserve to help fund research and will be unlocked gradually over the coming years. Meanwhile, 15% is being held for IoTeX team members, subject to a release schedule, and 12% is reserved to fund rewards for mining delegates.
The price of IoTX more than tripled in August 2021, after the token was listed on crypto exchange Coinbase. IoTeX said it was the first internet-of-things blockchain company to achieve such a listing.
The price more than doubled in November 2021, peaking at its all-time high of around $0.26. During that month, it was launched on NOWPayments, a gateway designed to help businesses accept cryptocurrency payments that is integrated with e-commerce platform Shopify.