Zilliqa (ZIL) Opens Token Swap Through Leading Exchanges
About three months after the Zilliqa mainnet, the ERC-20 tokens are going through the swap process, using exchanges to issue the new asset.
Zilliqa (ZIL) will use the assistance of exchanges to swap its old ERC-20 token for the new ZIL native to its new mainnet. ZIL will be swappable through most market operators, as Binance, Coinone and Upbit have now closed deposits, while Huobi and OKEX will take over the next wave of swaps.
The official wallet for the new asset will be ZilPay, working as a browser extension.
The Zilliqa mainnet was one of the long-awaited networks, especially after the ZIL price performance in the past. Zilliqa is a relatively young project, its trading extending back about one year. Prices for ZIL peaked at $0.17, but quickly unraveled to drift around $0.017. For the past few months, ZIL has been stagnant, with a falling trend in terms of Bitcoin (BTC) prices.
The current price for ZIL is close to its price during the ICO, which happened in January 2018, gathering around $22 million at prices of $0.017 per ZIL.
The mainnet token swap is also causing some confusions, as not all exchanges are on board with the process. The Zilliqa team announced it is working through the process, and some exchanges are yet to announce the switch to the new type of asset.
Binance is expected to announce a new round of swaps, and the switch to the new ZIL may continue for a while:
The new Zilliqa network is unique for being a true peer-to-peer network of nodes, where capacity and transaction counts increase with the number of peers. Currently, there are 2,400 peers on the network, based on block explorer.
In theory, the Zilliqa network has been tested with 2,828 transactions per second. However, in real time, the network sees very low activity, as the mainnet was running as a preliminary test. After the switch to the new ZIL, the activity may pick up. The Zilliqa network will have to start growing its new user base and use cases to reach its potential.
Currently, the old ZIL tokens on the Ethereum network are distributed over 37,297 addresses, meaning the token swap period may take a while until tokens are moved to exchange wallets.