IOTA

IOTA is an open-source Layer 1 network designed to serve as public digital infrastructure, connecting economies and institutions through a shared, permissionless ledger. It targets governments, supply-chain participants, and enterprises that need verifiable, coordinated data flows — for example, digitalized trade documentation, digital product passports, and cross-border asset tracking. Its flagship real-world deployment is the Trade Worldwide Information Network (TWIN), which embeds the protocol into national and cross-border trade systems.

Rather than arranging transactions in a conventional chain of blocks, IOTA uses a Directed Acyclic Graph (DAG) architecture, which allows transactions to be processed in parallel instead of sequentially, keeping confirmation times near zero and costs low. The network is secured by delegated proof-of-stake, meaning token holders delegate their IOTA tokens to validators who attest to the state of the ledger. Smart contracts run on the Move VM integrated directly into this Layer 1, and the protocol also supports application-level fee sponsorship, allowing developers to cover users' transaction costs.

The data stored for IOTA does not include a protocol fee stream, meaning this site cannot report fee revenue, fee recipients, or fee-based yield figures for the network. Total value locked stands at approximately 2,714,349 USD at the point in time captured, against a market capitalisation of roughly 198,190,619 USD, producing a market-cap-to-TVL ratio of about 71.6. Stablecoin supply hosted on the chain is approximately 592,515 USD at the same snapshot, giving a market-cap-to-stablecoin-supply ratio near 328. Without a measurable fee stream, fee-derived valuation comparisons are not meaningful here.