IOTA’s announcement was a disappointment for investors

IOTA’s highly anticipated announcement was a big disappointment. The crypto project announced IOTA Labs, which it stated will be its new and independent economic arm. After the announcement, there was a reaction to the project team, especially on X. Expectations were that there was a much more important statement that would reflect positively on the price.

IOTA’s announcement was a disappointment for investors

On October 1, IOTA, which created excitement in the community with its announcement, gave birth to a mouse. The project team announced Iota Labs, developed to increase IOTA adoption. The announcement caused great disappointment in the crypto world and IOTA communities.

Reaction poured in

After the announcement, especially from social media, both founder Dominik Schiener and IOTA reacted. Some users; ‘Was this the big announcement?’, “You could have explained it very simply. There was no need for so much advertising’ or “Was that all, oh my God”.

What will IOTA Labs do?

Stating that there should be a strong community behind a strong crypto project, IOTA Labs will establish a closer relationship with developers, partners and community members. The organisation will also provide resources to developers through grant programmes and investments. For this, it is aimed to launch a $2 million programme in the next 6 months.

This well-intentioned but not very different from many crypto projects has created a serious disappointment in the community.

IOTA was expected to announce a partnership with the European Union or a development related to real-world assets, also known as RWA.

The disappointing announcement was reflected negatively in the price, and IOTA fell more than 5% in the last 24 hours.

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