It divides participants into users, validators, and delegators, and explains that the native IOTA token is the center of the economic flow. (IOTA) 1. IOTA Mainnet on-chain state mapping: Existence. MoveVM on-chain state mapping: exists.
IOTA has been redefined after Rebased as a real economy L1 with MoveVM, EVM, DPoS, and fee burns, but low TVL and fees remain the maturity bottleneck.
Investment View
The key test for IOTA is whether TVL, daily fees, and real economy transactions grow enough to offset issuance, not whether Rebased shipped technically.