IoTeX (IOTX) rallies 300% after DeFi and Amazon Web Services integration

IoTeX soared to a new all-time high after partnering with the Amazon Web Services network and integrating with multiple DeFi platforms.

As mobile devices, cost and the ease of accessing the internet becomes less of a challenge for people across the world, the value of data has become a new highly desired commodity.

Governments and companies utilize customer and user data for a vast array of purposes and this has placed added emphasis on how data is collected, priced and of course, there are also privacy concerns regarding how personal data is obtained. 

Currently, there are several blockchain projects focused on organizing data and enabling users to have more control over what data they elect to share and monetizing some of the profits generated from data collection. 

IoTeX (IOTX) is one such project that has been gaining traction over the past five weeks. The project aims to solve the issues of scalability, privacy and the high operating costs currently limiting the mass adoption of the Internet of Things (IoT) ecosystem.

Data from Cointelegraph Markets and TradingView shows that the price of IOTX has rallied 300% since Feb. 1 as the price rose from $0.011 to a new all-time high of $0.0443 on March 10 when its trading volume surged by 130%.

Partnerships and integrations drive adoption

A scroll through the IoTeX Twitter feed shows that project members have been hard at work finding projects and communities to integrate with in order to facilitate the expansion of the IoTeX ecosystem.

The month of March got off to a hot start for the protocol when the project was listed on the PankcakeSwap (CAKE) DeFi protocol. This enabled IOTX trading on the Binance Smart Chain along with the Ethereum (ETH) network, and plans to integrate with Polkadot (DOT) are already underway.

On March 2 the team announced that it had joined the Amazon Web Services (AWS) Partner Network and also with AWS China as a way to improve its Ucam and Pebble Tracker technologies.

Several other minor partnerships were announced over the next few days and then on March 7 it was revealed that IoTeX partnered with Unifi Protocol and provided the project with a development grant to “ensure IoTeX users will have access to a secure, reliable, and on-chain DeFi solution.”

Unifi Protocol is a group of interoperable, non-custodial smart contracts that aim to function as the building blocks for the next generation of DeFi products. The protocols automated market-making trading platform, uTrade, is currently live on 6 different blockchains including Ethereum, Binance Smart Chain, ICON, Ontology (ONT), Harmony (ONE), and Tron.

Enthusiasm for the project picked up following the Unifi partnership and this was followed by the recent increase in trading volume and price.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for IOTX on March 6, prior to the recent price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

As seen in the chart above, the VORTECS™ score began turning green on March 4 and reached a high of 69 on March 5 before turning yellow again. The score then turned moved to a high of 71 on March 6, roughly 2 days before IOTX price increased by 60%.

The rise of the internet and the increasing number of interconnected smart devices has exponentially increased the amount of data produced and collected and this trend shows no signs of slowing down.

Projects like IoTeX which utilize blockchain technology to securely track, record and transact data are well-positioned to see further growth and adoption as digitization and the Internet of Things continue to permeate all facets of society.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.