Make IOTA Great Again: Dominik Schiener’s Vision to Reclaim IOTA’s Place Among Crypto’s Elite

IOTA founder Dominik Schiener has set out to bring IOTA back to the forefront of the crypto market. Echoing Donald Trump’s iconic slogan “Make America Great Again,” Schiener declared that it’s time for IOTA to reclaim its place at the “big boys’ table” it once occupied.

“I am here to move IOTA forward to new heights. A comeback story like the market has never seen,” Schiener posted on X.

I am here to Move #IOTA forward to new heights. A comeback story like the market has never seen. #MakeIOTAGreatAgain pic.twitter.com/VcGlbvm3H3

— Dominik Schiener (@DomSchiener) November 10, 2024

Bringing IOTA Back to Prominence

Once a frontrunner in the cryptocurrency space, IOTA stood out when crypto first surged into the mainstream around 2017. With its unique architecture built on the Tangle technology, IOTA set itself apart from the traditional proof-of-work networks dominating the market at the time. At its peak, IOTA was among the top ten cryptocurrencies by market capitalization. However, by May 2021, it began losing ground as memecoins and proof-of-stake projects took over the spotlight. Since then, IOTA’s market cap has slipped further, and at $473 million, it now ranks 136th, falling behind many younger projects and even some meme tokens.

The “Make IOTA Great Again” campaign feels overdue to many. While crypto purists argue that market cap and token returns are secondary to utility, attracting attention is crucial in such a competitive landscape. Memecoins like Dogecoin and Shiba Inu exemplify this trend: initially dismissed as novelty tokens, their meteoric rise to prominence eventually enabled them to diversify and create new use cases, such as Shiba Inu’s Shibarium L2 and Dogecoin’s various payment solutions. Capturing attention, it seems, is the first step, especially in this ultra-competitive market, and token returns are the most visible way to do it.

However, token performance is only one part of a much larger equation. Utility remains the foundation for sustainable, long-term success. In this regard, IOTA has stayed committed to building value, even when its token price didn’t reflect it. Schiener has spearheaded several utility-focused initiatives, recently overseeing a partnership between his company, Realize, and Abu Dhabi-based Neovision Wealth Management to tokenize U.S. Treasuries on the IOTA and Ethereum networks. His goal is to scale the fund to $200 million, underscoring IOTA’s potential in real-world financial applications.

IOTA has also continued exploring blockchain’s potential to transform global trade, notably through its TLIP solution. Recently, the U.K. government acknowledged TLIP as a prime example of how blockchain can enhance the U.K.’s trade capacity. Meanwhile, Sir Tony Blair has endorsed the TWIN Initiative, a project aimed at enhancing trade within Africa. Blair’s Global Institute has joined forces with IOTA and other partners to leverage IOTA’s network for Africa’s trade transformation.

Focus on Adoption Over Hype

For Schiener, the long-term success of IOTA hinges on adoption, rather than just technical sophistication. “In the long run, everything in this market is about adoption. You cannot lead with tech alone,” he explained. While hype driven by complex technical language might create short-term excitement, Schiener believes that lasting impact depends on real-world usage. “We have built an amazing and unique architecture that integrates the best of what we believe should shape the future of IOTA,” he said, emphasizing that IOTA’s technical design will remain unique and innovative.

Schiener continued in Discord, “But ultimately, the only thing that really matters is for IOTA to gain widespread adoption. The primary reason for our commitment to this ‘secret’ project is to drive our adoption efforts so that adoption on the IOTA mainnet finally becomes a reality.”

Reassuring IOTA supporters, Schiener concluded before, “We are ready and making big moves. This time, we are getting everything ready for the major release. So don’t worry, it’s coming very soon—not in months.”