As cryptocurrencies try to recoup their losses at the start of the year, Ethereum’s big competitor Zilliqa (ZIL) is practically on cloud nine after insane growth in the space of a week.
What about Zilliqa Crypto?
Zilliqa is a Layer 1 cryptocurrency that was developed to solve Ethereum’s scalability issues. Its network can execute nearly 2,500 transactions per second. Compared to the Ethereum blockchain whose transaction speed is capped at 15 per second, the Zilliqa network is 166 times faster.
The scalability of the ZIL blockchain is guaranteed by a system of partitioning its blockchain, better known as sharding. This is a process that consists of fragmenting the blockchain into several sub-blockchains called shards, so as to distribute the data stored in the network at the level of these shards. The sharding technique helps cryptocurrency avoid congestion problems by validating transactions at the shard level.
Although the cryptocurrency offers a superior scalability alternative to the Ethereum network, we notice that its network is very little adopted. Its place (55th) in the rank of the largest cryptocurrencies as well as its TVL confirm this lack of interest in Zilliqa, unlike other “Ethereum killers” (Avalanche, Solana, Polygon or even Tezos).
Without this rally, which allowed ZIL to grab a few places at the market level, the cryptocurrency would still remain absent from the list of the 100 largest projects by capitalization. As for its TVL (Total Locked Value), the finding is much more overwhelming. Zilliqa’s TVL is $37.9M, a far cry from Ethereum’s $124.3B locked value
Zilliqa recently unveiled its metaverse project called Metapolis, which should be launched on April 2. The Metapolis project is in fact a structure for the creation and development of metaverse entities. With this service, anyone could manage to build their metaverse universe from a blank background. As a result, Metapolis is described as “Metavers as a Service (MaaS)”.
Zilliqa communications manager Aparna Narayanan describes the project as “ a state-of-the-art Extended Reality (XR) metaverse – an amalgamation of AR and VR – and is powered by Zilliqa’s scalable and secure blockchain platform. Recalling in passing the objective of Metapolis in the sector, she specified on the Zilliqa blog:
“Metapolis will enable custom-designed, concept-rich domes to be integrated into cities, which can house brands, artists, concepts, games, e-stores, real estate or other digital experiences – providing a new layer of engagement for the physical and digital worlds. Metapolis appears to be self-contained and includes engagement layers such as NFTs, e-commerce, win games, digital mannequins, billboards and more.”
Metapolis is eagerly awaited at the metaverse level to compete with Decentraland and Sandbox, immersive universes developed on Ethereum.
Zilliqa’s token, namely ZIL, saw strong growth after the announcement of the project. Between March 24 and 31, the price of the token rose from $0.049 to $0.22, which corresponds to a 450% increase in the space of a week. It was therefore only three cents away from its ATH of May 06, 2021, estimated at $0.25.
Looking at Zilliqa’s chart, it’s been more than a year since the cryptocurrency performed so well. Even when other cryptos were outperforming in October 2021, the price of ZIL was barely able to take off.
Now, will this new XXL rally pave the way towards the $0.5 mark? Or should we expect a massive crypto sell-off induced by possible profit-taking? Give us your opinion on Telegram!
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