Zilliqa (ZIL) to Launch Full EVM Compatibility by April as Token Price Falls 5%
Zilliqa believes that launching EVM fully would help bolster its ecosystem and expose it to the wider blockchain developer community.
Zilliqa, a high-throughput blockchain platform, has revealed plans to launch full EVM compatibility on its mainnet this year. This follows after the platform’s earlier launch of EVM on the Zilliqa testnet last December.
According to a recent blog post, the release is slated to take place on April 25th, 2023.
Zilliqa to Use EVM Compatibility for Expansion of Ecosystem
EVM (Ethereum Virtual Machine) is the backbone of the Ethereum blockchain. For the Ethereum blockchain and other compatible protocols, EVM provides developers with an easy-to-use platform for building decentralized applications such as DApps and others.
Therefore, Zilliqa believes that launching EVM fully would help bolster its ecosystem and expose it to the wider blockchain developer community. Although users may now use popular wallets such as MetaMask with the Zilliqa ecosystem, there’s more functionality in the pipeline.
According to Valeriy Zamaraiev, the Head of Distributed System Engineering at the company, Zilliqa will be going a step further with the way it intends to implement its own EVM compatibility. Per Valeriy, most layer-2 protocols still undergo complex conversion processes during transactions. However, Zilliqa has implemented EVM in a way that the transfer of tokens will be native. This means there will be no need for extraneous conversion processes. Valeriy said in part:
“We have a better implementation than many layer-2 blockchains because one of the things that we’ve decided is to make EVM native to the Zilliqa ecosystem.”
ZIL Token Sees 5% Decline in 24 Hours
Meanwhile, in what appears to be a surprising development, the native token of Zilliqa —ZIL, is currently falling in price. Expectedly, the news of the upcoming EVM launch was supposed to stir up some upward price movement. However, CoinMarketCap data suggests that ZIL is down 5.25% in the last 24 hours to be trading at $0.02747.
Zilliqa (ZIL) was launched back in 2018 with the promise of high transactions per second (tps). Although it has endured two crypto winters so far, its price continues to fail at making an impression.
next
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this.
He’s a reader, a researcher, an astute speaker, and also a budding entrepreneur.
Away from crypto however, Mayowa’s fancied distractions include soccer or discussing world politics.
