IoTeX (IOTX): how it works, supply and reviews
In short
- Type
- Layer-1 blockchain for DePIN and real-world AI applications
- Burn-Drop
- When a new IoT device is registered, a set number of IOTX is burned and the same amount airdropped to stakers
- Risks and caveats
- In February 2026 a compromised owner key on the Ethereum-side ioTube contracts allowed a malicious upgrade and the theft of about $4.4M in bridge reserves.
- Checked
- 31 October 2026
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Key facts
- Ticker
- IOTX
- Official site
- iotex.io
Key facts checked on 31 October 2026 against official sources.
What is IoTeX
IoTeX is a layer-1 blockchain for decentralized physical infrastructure (DePIN) and real-world AI applications, where devices and their data can be registered and rewarded on-chain. IOTX is its native token, used for fees, staking and delegate elections.
Network and consensus
| Parameter | Details |
|---|---|
| Type | Layer-1 blockchain for DePIN and real-world AI applications |
| Consensus | Randomized Delegated Proof of Stake (Roll-DPoS): DPoS combined with PBFT and verifiable random functions |
| Validators | At least 36 delegate candidates; a random committee of 24 produces blocks |
| Block time | About 2.5 seconds, finalised when more than 2/3 of the committee agree |
| Launched | IoTeX mainnet launched in 2019; before that IOTX was an ERC-20 token on Ethereum |
Supply and issuance
| Parameter | Details |
|---|---|
| Burn-Drop | When a new IoT device is registered, a set number of IOTX is burned and the same amount airdropped to stakers |
| Staking rewards | Block producers and validators earn IOTX rewards; delegates share rewards with their voters |
| Tokenomics update | IOTX utility and tokenomics are being updated under IoTeX 2.0 |
What IOTX is used for
- Transaction fees on the IoTeX chain
- Staking by validators as collateral
- Voting for delegates and on IoTeX Improvement Proposals
- Rewards for data producers, device operators and infrastructure providers
Who develops and governs IoTeX
- Foundation
- The IoTeX Foundation leads development and funded the ioTube compensation from its treasury
- Governance
- IoTeX Improvement Proposals are discussed on the forum and voted on by stakers in the IoTeX Hub governance tool
- Regulatory
- A MiCA white paper for IOTX was published in December 2025
- Developer
- The IoTeX Team, authors of the 2018 whitepaper; code is published on GitHub (iotexproject)
History
| Date | Event |
|---|---|
| 12 July 2018 | Version 1.5 of the IoTeX whitepaper is published. |
| 2019 | IoTeX mainnet launches and ERC-20 IOTX holders can swap to native IOTX via the "tube" service, later the ioTube bridge. |
| 17 December 2025 | IoTeX publishes a MiCA white paper for IOTX. |
| 21 February 2026 | The Ethereum-side ioTube bridge contracts are exploited; the IoTeX chain is paused as a precaution and restarts on 24 February 2026 with Mainnet v2.3.4. |
| 2 March 2026 | The ioTube Claims Portal opens for affected users. |
Security and audits
- On 21 February 2026 an attacker who had compromised an employee's machine upgraded the Ethereum-side ioTube Validator contract, drained about $4.4M in bridge reserves and minted 410M CIOTX; IoTeX says the L1 chain itself was not compromised.
- Validators paused the IoTeX chain on 21 February 2026; Mainnet v2.3.4 froze about 45M IOTX in attacker wallets and the chain restarted on 24 February 2026.
- The IoTeX Foundation committed to 100% compensation for affected ioTube users from its treasury, paid in tiers via a claims portal opened on 2 March 2026.
Security incidents
| Date | What happened | Source |
|---|---|---|
| 21 February 2026 | Hack: An attacker who had compromised an IoTeX employee's machine upgraded an Ethereum-side ioTube bridge Validator contract to a malicious version, drained about $4.4M in bridge reserves and minted 410M CIOTX; IoTeX says the L1 chain, consensus and native contracts were not compromised. Funds returned: IoTeX promised 100% compensation for all affected users, funded from the IoTeX Foundation Treasury; a claims portal opened on 2 March 2026. | iotex.io |
Official IOTX contracts
| Network | Contract address |
|---|---|
| Ethereum (legacy ERC-20 IOTX) | 0x6fb3e0a217407efff7ca062d46c26e5d60a14d69 |
| IoTeX (WIOTX, wrapped IOTX) | 0xa00744882684c3e4747faefd68d283ea44099d03 |
IOTX is native to the IoTeX chain. The original ERC-20 IOTX on Ethereum can still be migrated via ioTube; CIOTX (cross-chain IOTX) and WIOTX are 1:1 bridged and wrapped forms.
Risks and caveats
- In February 2026 a compromised owner key on the Ethereum-side ioTube contracts allowed a malicious upgrade and the theft of about $4.4M in bridge reserves.
- To contain the incident, validators paused the chain and a network upgrade froze attacker wallets, showing that delegates can halt the chain and blacklist addresses.
- Bridged and wrapped forms (CIOTX, WIOTX, legacy ERC-20 IOTX) differ from native IOTX and depend on ioTube.
- IOTX tokenomics are being revised under IoTeX 2.0.
Official links
- Website: iotex.io
- Docs: docs.iotex.io
- Whitepaper (v1.5): github.com/iotexproject/files/blob/main/publications/IoTeX_Whitepaper_1.5_EN.pdf
- Whitepaper (IoTeX 2.0): github.com/iotexproject/files/blob/main/publications/IoTeX_2_0_Whitepaper_1.1_EN.pdf
- Source code: github.com/iotexproject
- Block explorer: iotexscan.io
- Staking and governance: hub.iotex.io
- Blog: iotex.io/blog
Questions and answers
What is IoTeX?
IoTeX is a layer-1 blockchain for DePIN and real-world AI applications; IOTX is its native token for fees, staking and delegate elections.
How does IoTeX consensus work?
IoTeX uses Roll-DPoS: token holders vote for delegates, a random committee of 24 proposes blocks about every 2.5 seconds, and blocks are final once more than 2/3 agree.
Was IoTeX hacked?
On 21 February 2026 the Ethereum-side contracts of the ioTube bridge were exploited for about $4.4M; IoTeX says the L1 chain was not compromised and the Foundation committed to compensate affected users in full.
What is the IOTX Burn-Drop?
When a new IoT device is registered on IoTeX, a set amount of IOTX is burned and the same amount is airdropped to stakers.
When did IoTeX mainnet launch?
IoTeX mainnet launched in 2019; before that IOTX existed as an ERC-20 token on Ethereum.
Sources
- IoTeX — Home
- IoTeX — $IOTX
- IoTeX Docs — Overview
- IoTeX Docs — The IOTX token
- IoTeX Docs — IOTX token contracts
- IoTeX Docs — Roll-DPoS consensus
- IoTeX Docs — Governance
- IoTeX Docs — ioTube bridge
- IoTeX — Whitepaper v1.5 (PDF)
- IoTeX Blog — ioTube bridge exploit and recovery roadmap
- IoTeX Blog — ioTube incident update no. 3: compensation plan
- IoTeX Blog — ioTube incident: a full month in review
- IoTeX Blog — MiCA white paper
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