I came across something pretty surreal today
After nine years as an independent Layer 1 blockchain, Zilliqa
announced today that it’s transforming itself
into something called Zilliqa Institutional Layer
— an institutional-focused L2 on Ethereum
In a nutshell:
Settlement happens on Ethereum
Verified identities are embedded using vLEI
A permissioned marketplace for verified institutions
Liechtenstein’s state-backed LTIN will run the sequencer
and also become a qualified vLEI issuer
The token is still ZIL
The team says holders don’t need to do anything today
They were pretty blunt about it themselves:
usage on the independent L1 never really took off
Funding and liquidity dried up, too
while security costs kept burning through cash
More details are on their website: zilliqa.com
I took a quick look
ZIL is around $0.0017
and down about 5% over the past 24 hours
An L1 that’s spent nine years pivoting to an L2 for institutions
— not a script you see every day
Worth keeping an eye on. Let’s see how they put it into practice.
After nine years as an independent Layer 1 blockchain, Zilliqa
announced today that it’s transforming itself
into something called Zilliqa Institutional Layer
— an institutional-focused L2 on Ethereum
In a nutshell:
Settlement happens on Ethereum
Verified identities are embedded using vLEI
A permissioned marketplace for verified institutions
Liechtenstein’s state-backed LTIN will run the sequencer
and also become a qualified vLEI issuer
The token is still ZIL
The team says holders don’t need to do anything today
They were pretty blunt about it themselves:
usage on the independent L1 never really took off
Funding and liquidity dried up, too
while security costs kept burning through cash
More details are on their website: zilliqa.com
I took a quick look
ZIL is around $0.0017
and down about 5% over the past 24 hours
An L1 that’s spent nine years pivoting to an L2 for institutions
— not a script you see every day
Worth keeping an eye on. Let’s see how they put it into practice.
