(I am not surprised either)
Why does IoTeX keep updating the ioPay wallet, even if the project is weak?
Because the team is trying to maintain the appearance of activity and stay prepared in case the market or narrative shifts in their favor. Even if the project has low adoption and weak performance, there are several key reasons:
1. To stay eligible for grants or funding
- Even if the token price is low, IoTeX likely still has funds left from the ICO, staking, or ecosystem grants.
- To apply for or maintain grants (e.g., from DePIN-related funds or partnerships), they need to show that development is ongoing.
- Regular wallet updates serve as proof of activity.
2. ioPay is the main entry point to their ecosystem
- ioPay is the core interface for staking, governance, device pairing (like Pebble Tracker), and dApps.
- If they stop maintaining the wallet, the ecosystem essentially stops functioning for users.
- It’s the bare minimum needed to keep the network “alive.”
3. To be ready in case of a new bull market
- Even weak or inactive projects can see massive short-term gains during a bull market hype cycle.
- By keeping the wallet up to date, they are making sure they can quickly capitalize if interest in IoT or DePIN projects returns.
- Many crypto projects “look alive” just to catch a wave of speculation later.
4. They still have a small but active user base
- There are users still running devices like Pebble Tracker or Ucam.
- Those users need access to rewards, staking, or wallet functions.
- If ioPay dies, that user layer dies too — and it’s game over for real-world device utility.
Bottom Line:
IoTeX isn’t updating ioPay because the project is thriving — they’re doing it:
- to keep the lights on,
- to maintain access to potential funding, and
- to stay in position if the DePIN space heats up again.
It’s survival mode — not growth mode.