KEY TAKEAWAYS
- The IOTA Foundation will upgrade to the Rebased network on May 5, 2025, marking a significant milestone for the ecosystem.
- IOTA token holders must ensure their wallets are compatible with the new system, with a new browser extension wallet replacing the current Firefly wallet.
- Exchanges will pause IOTA deposits and withdrawals during the upgrade, but trading will continue uninterrupted.
- The post-upgrade network will feature enhanced decentralization with an expanded validator network and new tools for asset management and token transfers.
The IOTA Foundation has announced the date for its highly anticipated Rebased network upgrade, scheduled for May 5, 2025. This upgrade will transition from the current Stardust network to the new IOTA network, marking a significant milestone for the ecosystem. The upgrade process and its implications for users have been detailed here.
Preparing for the IOTA Rebased Upgrade
For IOTA token holders, the transition to the Rebased network is designed to be seamless. Users will not need to migrate their tokens manually. Instead, they must ensure their existing wallets are loaded into the new wallet system. It is crucial to have access to the wallet’s private key, mnemonic phrase, or Firefly or Bloom stronghold file to access assets post-upgrade.
The current Firefly wallet will be replaced by a new browser extension wallet, available from the first day of the upgrade. Additionally, the IOTA Wallet Dashboard app will be released shortly before the launch, offering enhanced asset management features, including views of vesting schedules from the Assembly-to-IOTA token conversion.
Ledger hardware wallets will remain supported, except for the Ledger Nano S. Users must install the new IOTA Ledger app compatible with the Rebased IOTA Mainnet.
Exchange and Network Preparations
Most exchanges that support IOTA trading will be compatible with the Rebased mainnet upgrade. While trading will continue uninterrupted, deposits and withdrawals of IOTA tokens will be temporarily paused during the upgrade. These services are expected to resume shortly after the upgrade is completed.
The upgrade involves a structured Genesis Ceremony, conducted by the IOTA Foundation and 12 other validators. This process includes shutting down the Stardust mainnet, taking ledger snapshots, and creating transparent mappings of old to new addresses. The ceremony ensures accuracy and transparency, with all data shared in a publicly accessible repository.
Post-Upgrade Network Features
Following the upgrade, the IOTA EVM will resume operations, allowing users to continue using MetaMask for interactions. A new IOTA EVM Bridge Web App will facilitate token transfers between Layer 1 and the EVM. The validator network will initially launch with 13 validators, with plans to expand to 150 validators over the coming months.
Token holders are encouraged to delegate their stakes to support network decentralization. Detailed delegation instructions are available on the IOTA website. Additionally, the network will feature two blockchain explorers, the Official IOTA Explorer and IOTAscan.com, providing insights into network transactions and validator activities.
Why This Matters: Impact, Industry Trends & Expert Insights
The IOTA Foundation’s announcement of the Rebased network upgrade, scheduled for May 5, 2025, marks a pivotal transition from the Stardust network to a new infrastructure, aiming to enhance user experience and network capabilities.
A recent Bankless Times report highlights the trend of increasing scalability and speed in blockchain networks. This aligns with IOTA’s plan to introduce a programmable Layer 1 protocol with enhanced transaction processing speeds, which is expected to significantly impact Web3 adoption and decentralized application development.
As per insights from Tron Weekly, the Rebased upgrade is viewed as a transformative enhancement aiming to boost scalability and staking yields. This supports the anticipated impact of IOTA’s upgrade in attracting DeFi and Web3 projects, thereby increasing demand for IOTA tokens and enhancing network decentralization.
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