ioETH

IOETH Price

About ioETH (IOETH)

ioETH is a wrapped token that enables the use of Ethereum (ETH) liquidity within the IoTeX blockchain ecosystem.

• Enables 1:1 cross-chain transfers between Ethereum and IoTeX via the ioTube bridge.
• Provides access to ETH liquidity for decentralized applications (dApps) on the IoTeX network.
• Maintains transparency through real-time on-chain transaction tracking via the ioTube explorer.

What Is ioETH

ioETH is a wrapped representation of Ethereum (ETH) deployed on the IoTeX blockchain. It serves as a bridge for value, allowing users to move their ETH assets from the Ethereum mainnet to the IoTeX Layer 1 network. This process involves locking the original ETH in a secure smart contract on the source chain and minting an equivalent amount of ioETH on IoTeX. The token is designed to increase the utility of ETH by integrating it into the IoTeX ecosystem's decentralized applications, including lending protocols and decentralized exchanges. By bringing ETH liquidity to IoTeX, ioETH helps bridge the gap between the two networks, facilitating more complex cross-chain financial interactions.

What Makes ioETH Unique

• Official Bridge Support: ioETH is the primary wrapped ETH asset supported by ioTube, the official and most secure cross-chain bridge for the IoTeX ecosystem.
• 1:1 Backing: Every ioETH in circulation is backed 1:1 by native ETH held in audited custodian contracts on the Ethereum blockchain.
• Efficiency: The IoTeX network offers high throughput and low transaction costs compared to the Ethereum mainnet, making ioETH an efficient vehicle for ETH-based decentralized finance strategies.
• Transparency: All bridging transactions and the underlying reserves are verifiable on-chain, ensuring high levels of trust and security for users.

What Can You Use ioETH for?

• Liquidity Provision: Users can provide ioETH as liquidity on decentralized exchanges within the IoTeX ecosystem, such as mimo, to earn trading fees.
• Collateralization: ioETH can be used as collateral in lending and borrowing protocols on IoTeX to secure loans or leverage other assets.
• Yield Farming: Participants can stake ioETH in various yield farming pools to earn protocol-specific rewards.
• Ecosystem Payments: It can be used as a medium of exchange for services and products offered by dApps built on the IoTeX blockchain.

How Does ioETH Work?

ioETH operates through the ioTube cross-chain bridge platform using a lock-and-mint mechanism. When a user sends ETH to the ioTube bridge contract on Ethereum, the system locks those tokens and triggers a relayer to signal the minting of an equal amount of ioETH on the IoTeX network. This ensures that the total supply of ioETH is always equal to the amount of native ETH held in reserve. To return to the original asset, the user "burns" the ioETH on IoTeX, which then unlocks the native ETH on the Ethereum side. Transaction fees for these operations are paid as protocol service fees to the bridge relayers and network fees to the respective blockchains. The token follows the ERC-20 standard, ensuring compatibility with most IoTeX-based wallets and protocols.

Team Info and Investors

ioETH was developed by the core team behind IoTeX, which includes founders Raullen Chai, Qevan Guo, and Xinxin Fan. The project is supported by the IoTeX Foundation and has received backing from prominent venture capital firms such as Draper Dragon, HashKey Capital, and Jump Crypto. The bridge infrastructure is maintained by a decentralized set of relayers to ensure security and reliability across the ecosystem.

Where can you buy ioETH?

IOETH tokens have stopped trading 13 days ago on all exchanges listed on CoinGecko. Information will be updated if market activity resumes.

What is the daily trading volume of ioETH (IOETH)?

The trading volume of ioETH (IOETH) is $10.07 in the last 24 hours, representing a 0.00% increase from one day ago and signalling a recent rise in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for ioETH (IOETH)?

ioETH (IOETH) reached an all-time high of $5,989.02 and an all-time low of $183.82. It’s now trading -84.40% below that peak and 409.10% above its lowest price.

What is the fully diluted valuation of ioETH (IOETH)?

The fully diluted valuation (FDV) of ioETH (IOETH) is $449,157. This is a statistical representation of the maximum market cap, assuming the maximum number of 9.5 Billion IOETH tokens are in circulation today. Depending on how the emission schedule of IOETH tokens are designed, it might take multiple years before FDV is realized.

How does the price performance of ioETH compare against its peers?

With a price increase of 0.00% in the last 7 days, ioETH (IOETH) is outperforming the global cryptocurrency market which is down -2.20%, while underperforming when compared to similar IoTeX Ecosystem cryptocurrencies which are up 12.60%.