Zilliqa 2.0 Set for Major Upgrade
The anticipated launch of Zilliqa 2.0 marks a significant shift in the platform’s infrastructure, moving from a Proof-of-Work (PoW) consensus mechanism to a more efficient Proof-of-Stake (PoS) approach. This transformation is aimed at enhancing the network’s performance and operational efficiency. The new tokenomics associated with the ZIL token are expected to boost its demand over time. Currently, Zilliqa (ZIL) is trading at $0.0113, with a market capitalization of approximately $223.24 million and a 24-hour trading volume of around $13.87 million. This veteran blockchain, which emerged during the initial coin offering (ICO) boom of 2017, is gearing up for a revamped version set to launch in the first quarter of 2025. The process of transitioning to Zilliqa 2.0 has commenced with the recent introduction of the Aventurine Proto-mainnet, which invites the community to engage with forthcoming features. Moreover, Zilliqa 2.0 is envisioned as a new blockchain design that promises a scalable, secure, and interoperable future for the Web3 landscape.
Extended Testing Phase for New Mainnet
The testing phase for the Aventurine Proto-mainnet has been prolonged from 2024 to early 2025, allowing participants, including validators and delegators, to become acquainted with the new operational frameworks. According to the Zilliqa team, this comprehensive testing period is essential for ensuring a smooth transition to the new network, providing development teams ample time to test their applications and confirm their functionality on the new protocol prior to the launch of the Zilliqa 2.0 mainnet.
Innovative Features of Zilliqa 2.0
The foundational elements of Zilliqa 2.0 have been meticulously crafted to facilitate the seamless integration of Web3 protocols, especially through scalable smart contracts. A key feature is the introduction of x-shards, designed to enhance scalability, accelerate transaction finality, and improve overall user experience. To optimize user flexibility and operational efficiency, Zilliqa 2.0 will transition from the PoW consensus model to the widely adopted PoS method, which is employed by prominent Web3 chains like Ethereum and Solana. This transition is a crucial advancement aimed at lowering transaction costs and minimizing the network’s environmental impact. Another significant aspect of Zilliqa 2.0 is its capacity to enable smooth interactions with other Ethereum Virtual Machine (EVM)-compatible blockchains, fostering a more diverse multichain application ecosystem. Additionally, the native ZIL token will be wrapped in an ERC-20 interface on the Zilliqa 2.0 platform.
Impact of Zilliqa 2.0 on ZIL Token
The rollout of Zilliqa 2.0 is poised to have a profound effect on the widespread adoption of the ZIL token. Currently classified as a mid-cap altcoin, ZIL has a fully diluted market valuation of around $480 million and an average daily trading volume nearing $50 million. The token has exhibited a bullish trend over the past year, breaking free from a protracted bear market that began in early 2021. The enhancements introduced by Zilliqa 2.0 are expected to refine the tokenomics of ZIL by lowering overall inflation rates and increasing staking rewards, thereby attracting more delegators to the network. The previous Zilliqa network has successfully attracted over 4.8 million addresses and has processed more than 69.42 million transactions.
Disclaimer
This article is produced with a commitment to impartial and transparent reporting. While the aim is to provide accurate and timely information, it should not be construed as financial or investment advice. Given the volatile nature of market conditions, readers are encouraged to verify the information independently and seek professional guidance before making any financial decisions based on this content.
