IIP-48: A Unified Token for the IoTeX Network

Governance Proposals IIP Discussion
1 
- Title: IIP-48: A Unified Token Standard for the IoTeX Network
- Author: Qevan Guo
- Status: Draft
- Type: Standards Track
- Category: Token / Governance
- Created: 2025-02-12

Abstract

The IoTeX ecosystem currently features multiple representations of the IOTX token, leading to user confusion and integration complexity. This proposal aims to unify IOTX into a single, canonical token across major Layer 1 / Layer 2 (L1/L2) blockchains, including Ethereum mainnet. The plan involves retiring CIOTX, retiring the ERC20 IOTX on Ethereum, and introducing a unified IOTX token that will be interconnected via the IoTeX bridge (iotube) to all supported chains. The total supply of the IOTX Unified Token will be based on the native IOTX on the IoTeX network, which has a total supply of 10 billion.

To ensure a smooth transition, IoTeX will collaborate with exchanges and dApps to migrate existing tokens to the unified standard over six months. Following this period, the legacy ERC20 IOTX token will be retired, with all ERC20 IOTX convertible to the unified IOTX token at a 1:1 ratio.

Motivation

Multiple versions of the IOTX token currently exist within the ecosystem:

  • Native IOTX: The primary token on IoTeX L1, widely traded on major exchanges (Binance, KuCoin, Gate, MEXC, etc.).
  • WIOTX: The wrapped IOTX token (XRC20 format) used for DeFi and on-chain applications.
  • Legacy ERC20 IOTX: An older Ethereum-based IOTX token, listed on Coinbase & Gemini. While 87% of the total supply has been burned and it remains 1:1 convertible to native IOTX, price discrepancies arise due to its limited availability on Ethereum.
  • CIOTX (Crosschain IOTX): A bridge-based version of IOTX deployed on multiple chains (Polygon, BSC, Ethereum) for cross-chain functionality.

This fragmented structure creates market inefficiencies, complicates liquidity distribution, and increases the technical burden for developers and users. A unified token standard will enhance ecosystem clarity, improve liquidity, and streamline user experience.

Specification

1. Token Unification Strategy

1.1 CIOTX Replacement with a Unified IOTX Token

  • CIOTX, while enabling cross-chain transfers, introduces unnecessary complexity and liquidity fragmentation.
  • It will be replaced by a unified IOTX token deployed on major L1s/L2s, including Ethereum mainnet, Base, Polygon, and Solana.
  • The unified token will have the following properties:
    • Symbol/Ticker: IOTX
    • Name: IoTeX Network Token (Unified)

1.2 Migration Plan with Exchanges and dApps

  • Action: Coordinate with major exchanges, wallet providers, and dApp developers to integrate the unified IOTX token.
  • Rationale: A structured migration will ensure minimal disruption while consolidating liquidity.

1.3 Replenish Liquidity for IOTX on Mainstream L1s

  • Action: Partner with liquidity providers and cross-chain bridge operators to maintain deep liquidity for the unified IOTX token on Ethereum, Solana, Base, Polygon, and BSC.
  • Rationale: Strong liquidity will drive adoption, enable efficient price discovery, and reduce slippage.

1.4 Retire Legacy ERC20 IOTX

  • Action: Once migration is complete, deprecate the ERC20 IOTX token.
  • Rationale: The legacy ERC20 IOTX, due to its reduced supply and deviation from a 1:1 peg, causes confusion and inefficiencies. Retiring it will streamline the token ecosystem.

2. Implementation Details

2.1 Smart Contract and Bridge Adjustments

  • Deploy the IOTX unified token on Ethereum mainnet and facilitate CIOTX conversions.
  • Expand deployments to popular Ethereum Layer 2 solutions via L2 bridges.
  • Deploy the IOTX unified token on Solana using the Wormhole bridge.
  • Work with major cross-chain bridges to ensure broad compatibility.

2.2 Migration Tools

  • User Interface:
    • Develop a migration dApp allowing CIOTX and legacy ERC20 IOTX holders to swap to the unified IOTX token at a 1:1 ratio.

Backward Compatibility

  • Legacy Integrations:
    • CIOTX and ERC20 IOTX will remain operational during the six-month migration period but will be clearly marked as deprecated.
    • Legacy smart contracts and bridges will provide temporary support before full deprecation.

Security Considerations

  • Smart Contract Audits:
    • All new contracts related to token unification and migration will undergo comprehensive security audits using reputable security vendors.

Conclusion

The unification of IOTX into a single, standardized token is a crucial step toward streamlining the IoTeX ecosystem. By consolidating various representations of IOTX, we eliminate market fragmentation, enhance liquidity, and simplify user experience. This proposal outlines a structured migration plan, ensuring seamless adoption across exchanges, dApps, and major L1/L2 blockchains.

Through coordinated efforts with key stakeholders, including liquidity providers and bridge operators, we will ensure a smooth transition over six months. The retirement of CIOTX and the legacy ERC20 IOTX will mark a significant milestone in IoTeX’s evolution, reinforcing the integrity and accessibility of IOTX as a unified, interoperable asset.

By adopting this unified token standard, IoTeX strengthens its position as a leading blockchain platform, fostering broader adoption and long-term sustainability.

7 Likes
2

This IIP is interesting, unifying $IOTX into a single token across major L1/L2s (IoTeX L1, Ethereum, Solana, Base, BSC and more), retiring CIOTX & legacy ERC20 IOTX. This will simplify liquidity, reduce fragmentation, and enhance user experience.

I foresee a multi-chain future of $IOTX, a bright one.

7 Likes
3

This proposal is perfect :pray:t6:

4

This will strengthen the ecosystem, and L1 is the best!

1 Like
5

I currently have approximately 70% of my iotex in native and the other 30 in etc, which although it has sometimes benefited me by not falling so much, I also consider it better to unify it. For those who are unfamiliar with the project, it is tedious.

1 Like
6

a fantastic decision! it feels good to be a GOAT :rocket::rocket::rocket: IoTx the future

7

if the circulation supply of the native Iotx coin stays the same or lower then the proposal is Perfect , if not then it will be a shame for this perfect coin…

1 Like
8

This is dangerous! Many things can go wrong!
The supply is currently 9.44B but you are proposing 10B? The investors lose with this deal. Reduce the supply if anything.

Would this require action from the investors to implement?

9

What is the purported timeline for the “migration” to begin?

This is a project best done after the bull run of 2025 to avoid disruption to people’s wallets & token. I’ve seen a migration by DRF that did not bode well for investors. People were locked out of their tokens for months. People were diluted. This is not a good idea to take on in the midst of the bull run. Any admin who thinks so is probably trying to harm investors.

Investors Beware!

10

This will help improve adoption and unlock the real value of IOTX. As state in 1st paragraph, hopefully 6 months from now we will no more c IOTX-E version

2 Likes
11

Great👍pls arrange for this,will get the bigger value at iotx coin👍

1 Like
12

Wow, I know the community has been waiting for this proposal for a long time and it has finally arrived. It can help global investors have a unified user experience in using IOTX

1 Like
13

@depin_jesus @qevan @raullen

I like this idea. tbh we should’ve did this while ago + thanks for welcoming other bridges like wormhole.

One suggestion:
If you’re doing it please make it like big celebration like near to rebrand.

I Hope exchanges respects our decision.

Like IoTeX rebrand to IOTX

1 Like
14

This change is the last line of defense before the final users leave and this project turns into a complete failure. Ignore it, and it’s done for. People told the project to push this approach years ago but no pne cared. Now with 16 users left they try it for the first time hahah.

15

Getting ‘goated’ in Season 1-2 won’t build a real community. The project is boring, the ecosystem has zero interest or liquidity, and airdrop hunters won’t fix that. We need real devs and contributors, not token farmers

17

This is a promising project. :+1:

But the team has been in discussions with Coinbase for quite some time, and Coinbase has so far been unwilling to support Native IOTX. Could there be a risk that Coinbase will delist IOTX after the token unification?

However either way, I think this plan should be carried out to fundamentally resolve the issue.

18

the whole plan should be: lets find some investors, skyrocket the token so the people stake it more and more,we become more and more secure and they eventually sell only the reward from staking because it will be enough if the tokens has value (couple dollars per token).

1 Like