It’s the Final Deadline of Zilliqa (ZIL) Token Swap Before they get Frozen

Today is the deadline for the final token swap of ERC20 ZIL tokens to Mainnet ZIL tokens after which you can lose your coins forever.

The token swap is the mechanism to convert your ERC20 ZILs from the Ethereum network to the native ZILs on the Zilliqa network at a ratio of 1:1. After today, the trading of ERC20 ZILs will be frozen and they will become obsolete.

This means you won’t be able to use various decentralized applications (Dapps) in the Zilliqa ecosystem as the native tokens are needed as gas just like ETH tokens in the Ethereum network.

Make the Swap Today

In order to swap, you can deposit your ERC20 ZILs on the supported exchanges including Binance, Huobi, KuCoin, and Coinhako and get native ZILs in return when withdrawing from the exchange.

As per the official announcement, 94 percent of tokens have been swapped and the Zilliqa team has also completed swapping their tokens.

Price Sees Action

A permissionless distributed network, Zilliqa aims to increase the transaction rates as its network expands through sharding. It’s latest throughput is over 2,800 transactions per second (TPS).

Back in January 2019, the network announced its transition to mainnet becoming the “first public blockchain platform to successfully implement sharding.”

Then in December, they launched Zilliqa 6.0.0 to improve the user interface along with faster block times, decreasing the generation of Tx blocks from 75 seconds to 45 seconds, easier data access, and support for smart contracts with multiple messages.

In the price realm, ZIL registered a jump of over 13% in the past 24 hours while trading at $0.0095. The cryptocurrency is up 100% in the past month alone but still down 96% from its all-time high of $0.23.

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Author: AnTy

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