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IKA, the native cryptocurrency of the multi-party computation (MPC) network, Ika, has registered green candles over the last 24 hours. This launch can be traced to community excitement over the launch of the project’s mainnet.
According to data from CoinMarketCap, IKA has climbed 22% from $0.027 to $0.033 today. The crypto asset went live today alongside its mainnet. Ika’s market cap sits around $94 million, while its 24-hour volume is roughly $38 million.
Although IKA surged following its launch, the coin had declined slightly at the time of writing, falling close to its starting value of $0.027. Notably, several crypto exchanges, including KuCoin, Gate.io, Bitget, and MEXC, have listed the digital currency. Banking on Ika delivering its promises on the Sui network, IKA is likely to witness more surges in the coming days.
Ika claims it can enable smart contracts on the Sui network to control native bitcoin (BTC), ether (ETH), Solana (SOL), and other assets on any chain. Users will not need bridges, wrapping, or intermediary third parties.
“This is the Universal Coordination Layer that makes every blockchain accessible from a single protocol, a culmination of years of cryptography research to realize the mission of interoperability we’ve promised since founding Ika, without compromising on speed, scalability, decentralization or security,” the platform stated.
According to a blog post announcing the mainnet launch, Ika offers a new blockchain project, named dWallet. This mechanism will introduce a new multichain paradigm without needing users’ trust.
dWallet is a decentralized, programmable, and transferable signing mechanism that has an address on any crypto network. The address requires both a user and Ika to generate a signature that can be governed by a smart contract on Sui.
As Ika aims to eliminate blockchain boundaries in the broader crypto ecosystem, IKA functions as a utility token for the network. The network operators stake the coin, via the network’s Proof-of-Stake (PoS) consensus mechanism, to participate in signature generation. Every signature on Ika requires the token for fees and spam prevention. In essence, IKA is the security backbone of the MPC network.
Ika sees the existing blockchain ecosystem as “isolated islands connected by rickety bridges.” Here, Bitcoin is unable to participate natively, and decentralized finance (DeFi) protocols are confined to single ecosystems. Additionally, institutions are skeptical about cross-chain crypto custody due to trust concerns.
However, the new project believes dWallets will do to custody and interoperability what decentralized applications (dApps) did to the Web3 space with smart contract functionality. Sui builders can use dWallets to propel interoperability in DeFi, disrupting categories like custody and Bitcoin programmability.
The project will also open up novel use cases, such as account marketplaces or collateralizing entire accounts. Sui will become the “definitive coordination layer for all of Web3,” enabling users to directly access every native asset on any chain without bridging.
“Ika represents a fundamental shift in how blockchains work together. While bridges create honeypots holding billions in TVL, and wrapped tokens introduce layers of trust, Ika enables direct cryptographic control. Your assets stay native, your security stays absolute, and you have more possibilities than ever before,” the platform explained.
The post Ika (IKA) Rallies 22% Following Mainnet Launch appeared first on Cointab.
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