Key Notes
- The launch of Zilliqa 2.0 will involve transitioning from a Proof-of-Work consensus mechanism to a Proof-of-Stake method to improve performance and efficiency.
- The new tokenomics of the ZIL token under Zilliqa 2.0 will increase its demand in the long haul.
Zilliqa
ZIL
$0.0242
24h volatility:
5.6%
Market cap:
$466.99 M
Vol. 24h:
$46.89 M
, a veteran blockchain unveiled during the ICO bubble of 2017, is preparing to transition into a better and sleeker version by the first quarter of 2025. Dubbed Zilliqa 2.0, the journey to transition from the old mainnet is already underway following the recent launch of the Aventurine Proto-mainnet to enable and encourage the community to explore the upcoming features.
Furthermore, Zilliqa 2.0 is a brand-new blockchain that encompasses a scalable, secure, and interoperable future for the Web3 industry. The testing period through the Aventurine Proto-mainnet has been extended from 2024 to early 2025 to enable all participants including validators, and delegators to familiarize themselves with the new operation models.
“This robust and extensive testing phase is critical for a successful migration to the new network, and it gives development teams the time they need to test their applications and ensure they run smoothly on the new protocol before they are switched over to Zilliqa 2.0 mainnet,” the Zilliqa team noted in a blog post.
Key Features of the Zilliqa 2.0
The core features of Zilliqa 2.0 have been carefully developed to ensure a seamless adoption of Web3 protocols through scalable smart contracts. On the top list are the x-shards, which are meant to deliver better scalability, faster finality, and improved user experience.
In a bid to enhance user flexibility and improve its efficiency, the shift to Zilliqa 2.0 will encompass a transition from the Proof-of-Work (PoW) consensus mechanism to the legendary Proof-of-Stake (PoS) method, which is used by most Web3 chains led by Ethereum
ETH
$3 856
24h volatility:
2.5%
Market cap:
$464.58 B
Vol. 24h:
$36.29 B
, and Solana
SOL
$217.8
24h volatility:
0.5%
Market cap:
$104.38 B
Vol. 24h:
$7.22 B
, among others. The transition to PoS from PoW is a Major improvement towards cutting transaction costs and reducing the network’s carbon footprint.
The other major feature of Zilliqa 2.0 is the ability to enable seamless connection with other EVM-compatible blockchains for enhanced multichain applications. Furthermore, the native ZIL token is wrapped in an ERC-20 interface on Zilliqa 2.0
Market Impact on ZIL
The launch of Zilliqa 2.0 will have a long-lasting impact on the mainstream adoption of the ZIL token. The mid-cap altcoin with a fully diluted valuation of about $480 million and a daily average trading volume of around $50 million, has been forming a bullish deviation in the last year after being trapped in a macro bear market since early 2021.
The launch of Zilliqa 2.0 will enhance the tokenomics of the ZIL token by reducing its overall inflation and improving staking rewards to attract more network delegators. The old Zilliqa network has attracted over 4.8 million addresses and achier over 69.42 million transactions.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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