Zilliqa (ZIL) Token Swap Finally Commences as Top Crypto Exchanges Support the New Coins
After a prolonged mainnet testing period that began in January, several prominent exchange platforms finally completed the Ziliqa token swap on May 6. According to Etherscan, the old token (ZIL) was held in over 36,000 addresses on the Ethereum network.
Ziliqa has since extended the deadline for the conclusion of the token swap in full to June 30. This extension is aimed at allowing smaller exchanges which are yet to complete the swap more time. Regardless, some trading platforms have already initiated the issuance of the new token.
The main reason why Ziliqa opted to conduct the entire swap through exchange platforms is the need for KYC compliance, which is already available across on many digital trading platforms. The screen of token holders is crucial to maintaining security on the Ziliqa ecosystem.
Additionally, the Ziliqa team advised token holders to swap their tokens as early as they can. The post further reiterated that all ERC20-based ZIL tokens will become obsolete after the stipulated deadline.
Because each exchange uses a unique approach to the token swap, user experience across various platforms is bound to be inconsistent. One such problem that has been experienced is the inability to withdraw the old ZIL tokens to the mainnet.
Soon, Ziliqa plans to introduce new wallets and mobile apps to increase accessibility to their services. The coin currently goes for $0.0015, which is remarkably low as compared to its record prices set in 2018. The plunge is attributed to the coin’s dismal performance against Bitcoin.
Despite the recent developments, there are several goals that the Ziliqa project is yet to achieve. The platform is currently working on creating an ecosystem for decentralized applications (DApps). There is also work to be done to increase the level of activity on the network, which occasionally drops to zero. The launch of DApps and smart contracts is expected to solve this concern.