IoTeX

In September 2017, Dr. Chai, alongside Jing Sun and Dr. Qevan Guo, co-founded IoTeX, serving as the Co-Founder & CEO. IoTeX is a decentralized network designed specifically for the Internet of Things (IoT). Initial core design focused on enabling trusted device data for decentralized applications via permissionless blockchain technology.

In April 2019, the IoTeX mainnet officially launched, managed by a decentralized set of over 100 delegates. This was the initial version of the network after two years of development, and it was followed by Mainnet Beta in November 2019. By June 2020, IoTeX released its Mainnet GA ("Machina") as well.

In August 2021, IOTX was listed on Coinbase, one of the largest crypto exchanges globally, significantly increasing access and liquidity for the token. By September, Coinbase Custody also added support for IOTX, expanding institutional custody options.

Several hard forks throughout 2022 improved network performance and introduced critical DePIN functionality, including cross-chain support for assets and device data. By March 2022, IoTeX v1.7.0 was released, followed by the release of v1.8.0 in May 2022. In August 2022, IOTX was listed on Gemini strengthening the project’s regulated exchange presence.

Between 2023 and 2024, the team mainly focused on the continuous development of their project, releasing multiple protocol upgrades to further enhance scalability and reliability (v1.11, v1.12, v1.13, v1.14 hard forks). These upgrades laid the groundwork for future DePIN modularity and composability. By December the same year, IoTeX launched its DePIN Accelerator Program, supporting new projects and teams building decentralized infrastructure on IoTeX. This program was the first of a series planned for 2024, focusing on startups in the fields of DePIN, AI, and Web3, aiming to explore and unlock real-world value in these sectors.

By July 2024, IoTeX was integrated with The Graph and other middleware protocols, providing improved data querying and developer tooling for composable DePIN apps. At the same time, the IoTeX team has introduced IoTeX 2.0, a significant upgrade from its previous iteration, with the goal of evolving from a Level 1 blockchain to an open decentralized physical infrastructure network (DePIN). Tokenomics 2.0 were implemented new incentive mechanisms to support sustainable network growth.

Multiple integrations were completed with major protocols: Near, Espresso Systems and Phala Network joined the IoTeX ecosystem between July and August, reinforcing cross-chain and data capabilities.

In January 2025, Fireblocks, a leading institutional custody platform, was integrated IOTX, providing secure custody for enterprises and exchanges. Furthermore, in January 2025, IoTeX has partnered with Eliza Labs to develop autonomous AI agents capable of perceiving and interacting with the physical world through Decentralized Physical Infrastructure Networks (DePINs).

In February 2025, IoTeX received a historic SEC no-action letter for DoubleZero, a milestone in regulatory clarity for US DePIN/AI projects. By August 2025, IoTeX was able to expand its global presence with listings on new exchanges (N26 Crypto, CoinTrade in Japan, Sumeria in France, and eToro. Furthermore, IoTeX announced a strategic investment partnership from Animoca Brands which seeks to "accelerate the adoption of real-world AI" with Animoca joining IoTeX as both a network validator and ecosystem partner.

By October 2025, IoTeX also deepened real-world partnerships, notably with Vodafone, Filecoin, Theta, and HashKey Exchange, launching the Real-World AI Foundry and Hong Kong’s first compliant AI Ecosystem Center.

In November 2025, v2.3.0 Hard Fork was released on mainnet. This hard fork implements IIP-50 which improves network reliability and delegate accountability by rewarding consistency and enforcing fairness, and IIP-52 which implements BLS key registration for delegates.