• At Press time: IOTX traded at $0.0261 up 1.02%.
• The Recently passed legislation will allow for the introduction of ether liquid staking derivatives.
• The Proposal also includes native support to represent staking buckets on IoTeX.

The IoTeX governance group recently approved the 13th Improvement Proposal (IIP-13), with 97% vote in favor of the proposal from IOTX token holders. This legislation will introduce Ether liquid staking derivatives and has already had a positive effect on the token’s price.

After three days of bearish trading, the IoTeX (IOTX) price turned bullish. The Now token trades at the same level as it did on its previous trading day March 18.

What The IoTeX IIP-13 Proposal offers

To start, 141 million IOTX tokens have been staked in favor of the IIP-13 proposition, which significantly increases the IOTX stake ratio and enhances network safety, since it has increased number of validators.

The IIP-13 proposal adds support for representing staking buckets (NFTs) to allow liquid-staking protocols to manage stakes using smart contract. This will allow dApp developers to easily and quickly launch liquid staking dApps and improve the network’s use cases and also contribute to the value proposition of the IOTX token, which the top 10 richest IOTX addresses hold 89.87% of all available token supply according to data from CoinLore.

Prior to the approval of the proposal was passed, IoTeX stakes could be done directly over the network without using smart contracts. Introducing Liquid Staking will, among other things, also places the IoTeX Blockchain among the top DeFi protocols.

For example, This year, they have done so well with the native token, Lido DAO (LDO), the price has increased by more than 20% in the last three month.