On April 21st, IOTA Co-founder Dominik Schiener said the platform was about to enter a new era. Chrysalis 2.0 is set to be deployed next week with a complete overhaul of this network. Firefly, the token’s new native wallet, is a key component and will operate as a bridge from IOTA 1.0 to the 1.5 update.
IOTA (MIOTA, Mi) holders can begin their tokens migration to prepare for Chrysalis. The process is the first stage to make reach the token’s potential as a peer-to-peer digital cash, as the Technical Lead at the IOTA Foundation (IF) Charlie Varley said.
Via Twitter, Schiener celebrated a milestone in this process. Only 12 hours after it was enabled, $220 million in IOTA Tokens were locked and ready to be migrated into the new network. Schiener said the following in celebration:
This is simply amazing. After 12 hours, more than $220m #IOTA tokens are already #locked and ready for the #Chrysalis launch. Let’s reach $1 Billion tokens locked before the launch next week on the 28th!
In a special episode of IOTA Talks, Schiener clarified that the migration process is optional. Users can proceed with it at any time before and after Chrysalis’ launch. The next phase big event for the network will be Coordicide and should mark the beginning of this platform’s full decentralization. On the update, the IF said:
This relaunch will bring IOTA up to the level of an enterprise-ready product that is fully equipped for use in outside organizations and businesses that wish to leverage the power of the Tangle. Chrysalis improves the efficiency, security, scalability, and stability of the IOTA protocol (…).
IOTA Goes Higher On Bitcoin Pair
At the time of writing, MIOTA is trading at $1,72 with a 4.8% loss in the daily chart. In the weekly and monthly chart, the token has a 32.1% loss and a 20.6% gain respectively. According to analyst Lukas Tassanyi, MIOTA has held support in its BTC pair for the 30-day chart and has been making higher high after bearish price action.