Zilliqa (ZIL) Token Swap Active; Most Exchanges on Board
ZIL is undergoing a token swap via exchanges, and most exchanges are supporting the new tokens.
Zilliqa saw most major exchanges complete a large part of the token swap this May 6th, after extensive mainnet testing since January. The old ZIL token was held in 36,680 addresses on the Ethereum network, as shown by Etherscan.
The Zilliqa deadline for the completion of the entire token swap event will extend until June 30. Exchanges are currently in various state of completion and issuing the new tokens.
The reason Zilliqa has chosen to perform the swap entirely through exchanges is the need to perform a token holder screening. Exchanges already perform KYC, hence affording another layer of security for Zilliqa.
“You are strongly encouraged to swap your tokens as early as possible. Eventually after a deadline (exact date to be confirmed later), ERC20 ZILs will be frozen and become obsolete,” the Zilliqa team reminded in a recent blog.
Zilliqa also warned that each exchange may apply its own approach to the token swap, and there may be discrepancies in user experience. Currently, users were still reporting the inability to withdraw tokens to the mainnet.
In the coming months, the Zilliqa project aims to release new wallets and mobile apps to make the network more accessible.
ZIL currently trades around $0.015, down more than 90% since peak prices reached a year ago. The chief reason is the slide of ZIL against Bitcoin (BTC).
The Zilliqa project still has to go through multiple milestones, stretching into the year ahead. In the coming months, the network will work on its support for distributed apps (dApps). Currently, only a handful of projects have managed to launch a dApp ecosystem, while other networks are still lagging or working on technicalities. For now, the Zilliqa network has on-boarded 1,200 peers, but there are only a few real transactions, often seeing the transaction count go down to zero.
However, Zilliqa promises a robust number of transaction capacity in the future, especially with the launch of a dApp and smart contract ecosystem.