Ziliqa (ZIL) has made history by joining the hoard of Layer 1 blockchain protocols spreading their tentacles, especially into the Ethereum (ETH) world. In a recent announcement, Ziliqa revealed that it has successfully launched its Ethereum Virtual Machine (EVM) protocol and is now fully live on the mainnet.
Hello Everyone, The mainnet upgrade has successfully been deployed and #EVM is now live on #Zilliqa!— Zilliqa (@zilliqa) April 25, 2023
The network is now processing transactions normally and exchanges can resume ZIL deposits and withdrawals. pic.twitter.com/2UjkaRaAWs
The EVM upgrade has helped the price of ZIL to regain its tempo after days of reeling in losses. The digital currency is now up by 1.74% over the past 24 hours to $0.03019.
EVM compatibility marked a very good omen for the Ziliqa protocol as it is being underscored by the community. As a protocol with smart contract capabilities, the ability to interoperate with other protocols remains a key springboard for growth. The switch to Ethereum has further positioned dApps on ZIL to tap massive liquidity from other EVM compatible protocols in the Web 3.0 ecosystem.
The upside potential for ZIL is innumerable as the cryptocurrency will undoubtedly be receiving additional utility that is bound to help in stabilizing its price. Ziliqa noted that active protocol activity has resumed following the EVM compatibility upgrade, an indication that it is fully ready for business.
Growing EVM compatibility build-up
Ethereum has retained its rank as the world's second largest blockchain network but the biggest in relation to smart contract functionalities. Based on its dominant position in the ecosystem, Ethereum has been seeing a lot of protocols develop EVM compatibility tools in a bid to plug in and connect to the liquidity source powering the blockchain.
Among the top standalone protocols that have launched their own EVM compatibility in recent times, as reported by U.Today, include decentralized storage service protocol Filecoin (FIL), as well as EOS protocols.
EVM compatibility growth is a positive one both for Ethereum, Ziliqa and every other relevant protocol.