IoTeX (IOTX) on a strong bull trend since introducing SBTs rewards

The price of IOTX, the native token on the IoTeX network, has been on a bullish trend since mid-March. The token took a hit in February 2023 and its price dropped to about $0.22 by the start of March. It then embarked on a bullish trajectory which seems to have gained momentum in the last four days.

On March 21, 2023, the IoTeX DAO community voted in favour of IoTeX’s 13th Improvement Proposal (IIP-13) which introduced ether (ETH) liquid staking derivatives. The price of IOTX turned green immediately after the vote and it has sustained the bullish trend to date despite small swings along the way.

IoTeX use of Soulbound Tokens (SBT)

The SBT concept was first revealed by Vitalik Buterin, the founder of Ethereum, in January 2022 while telling journalists that the tokens were the future of Ethereum and Web3.

IoTeX is among the first blockchains to introduce the use of Soulbound Tokens (SBT) to reward its community members for participating in the DAO governance proposal voting.

The first SBTs were distributed at the start of April and included 123 SBTs distributed to the community members who voted in favour of the IIP-13 proposal.

Commenting on the SBTs, the IoTeX CEO and Co-Founder Raullen Chai in an interview with a media outlet said:

“We decided to start using SBTs because of their uniqueness and utility. SBTs are a unique type of digital asset that shares some similarities with non-fungible tokens (NFTs). While NFTs represent property or assets with some monetary value, SBTs represent a person’s credentials and reputation.”

The introduction of SBTs was another step in IoTeX’s commitment to continue as a Decentralized Physical Infrastructure Networks (DePIN) infrastructure provider. It follows the recent launch of W3bstream, the world’s first off-chain compute framework for smart devices and real-world data.

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