By joining the horde of Layer 1 blockchain protocols that are extending their tentacles, especially into the Ethereum (ETH) community, Ziliqa (ZIL) has created history. Ziliqa recently announced that their Ethereum Virtual Machine (EVM) protocol has successfully launched and is now fully operational on the mainnet.
After languishing in losses for days, the EVM update has helped the price of ZIL pick up pace. At $0.03019, the value of the digital currency has increased by 1.74% in the last 24 hours.
According to the community, EVM compatibility was a very favourable sign for the Ziliqa protocol. Interoperability with various protocols continues to be a crucial growth engine for a protocol with smart contract capabilities. By switching to Ethereum, dApps on ZIL are now better positioned to access significant liquidity from other EVM-compatible protocols in the Web 3.0 ecosystem.
The upward potential for ZIL is limitless because the cryptocurrency will certainly gain other uses that will inevitably contribute to price stability. Following the EVM compatibility upgrade, Ziliqa observed that active protocol activity had resumed, indicating that it was completely prepared for business.
Growing EVM compatibility build-up
Ethereum has maintained its position as the second-largest blockchain network in the world, but it is the greatest in terms of smart contract functionality. Due to Ethereum’s dominating position in the ecosystem, several other protocols have started developing EVM compatibility tools in an effort to connect to the liquidity source that powers the blockchain.
According to U.Today, decentralised storage service protocol Filecoin (FIL) and EOS protocols are two of the most popular standalone protocols that have recently introduced their own EVM compatibility.
Growth in EVM compatibility is advantageous for all relevant protocols, including Ziliqa, Ethereum, and others.
