[Crypto projects](https://revain.org/projects/) › IoTeX

# 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

## Key facts

- **Ticker**: IOTX
- **Official site**: [iotex.io](https://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](https://iotex.io/blog/how-iotex-responded-to-the-iotube-bridge-incident-a-full-month-in-review/) |

## Official IOTX contracts

| Network | Contract address |
|---|---|
| Ethereum (legacy ERC-20 IOTX) | [0x6fb3e0a217407efff7ca062d46c26e5d60a14d69](https://etherscan.io/token/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](https://iotex.io/)
- Docs: [docs.iotex.io](https://docs.iotex.io/)
- Whitepaper (v1.5): [github.com/iotexproject/files/blob/main/publications/IoTeX_Whitepaper_1.5_EN.pdf](https://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](https://github.com/iotexproject/files/blob/main/publications/IoTeX_2_0_Whitepaper_1.1_EN.pdf)
- Source code: [github.com/iotexproject](https://github.com/iotexproject)
- Block explorer: [iotexscan.io](https://iotexscan.io/)
- Staking and governance: [hub.iotex.io](https://hub.iotex.io/)
- Blog: [iotex.io/blog](https://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](https://iotex.io/)
- [IoTeX — $IOTX](https://iotex.io/iotx)
- [IoTeX Docs — Overview](https://docs.iotex.io/iotex-documentation)
- [IoTeX Docs — The IOTX token](https://docs.iotex.io/blockchain/learn-iotex/the-iotx-token)
- [IoTeX Docs — IOTX token contracts](https://docs.iotex.io/blockchain/learn-iotex/the-iotx-token/iotx-token-contracts)
- [IoTeX Docs — Roll-DPoS consensus](https://docs.iotex.io/blockchain/learn-iotex/core-concepts/consensus-mechanism)
- [IoTeX Docs — Governance](https://docs.iotex.io/blockchain/learn-iotex/core-concepts/governance)
- [IoTeX Docs — ioTube bridge](https://docs.iotex.io/blockchain/ecosystem/iotube-bridge)
- [IoTeX — Whitepaper v1.5 (PDF)](https://github.com/iotexproject/files/blob/main/publications/IoTeX_Whitepaper_1.5_EN.pdf)
- [IoTeX Blog — ioTube bridge exploit and recovery roadmap](https://iotex.io/blog/security-incident-update-iotube-bridge-exploit-and-recovery-roadmap/)
- [IoTeX Blog — ioTube incident update no. 3: compensation plan](https://iotex.io/blog/iotube-security-incident-update-no-3-full-recovery-compensation-plan/)
- [IoTeX Blog — ioTube incident: a full month in review](https://iotex.io/blog/how-iotex-responded-to-the-iotube-bridge-incident-a-full-month-in-review/)
- [IoTeX Blog — MiCA white paper](https://iotex.io/blog/iotex-is-now-fully-mica-compliant-opening-the-door-to-eu-wide-adoption/)

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Page updated: 2026-10-31

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Source: https://revain.org/projects/iotex/