Zilliqa rolled out its EVM implementation on the mainnet on April 25th of this year at 08:00 UTC. This integration holds numerous benefits for the Zilliqa ecosystem. Users will be able to transfer their native ZIL tokens using popular wallets like MetaMask.
At the same time, developers will have the opportunity to deploy solidity smart contracts, leveraging the vast Ethereum developer community. The Zilliqa-EVM integration marks an exciting milestone to enhance the platform’s capabilities and foster broader connectivity within the blockchain space.
Impact of EVM Integration on ZIL Price
The price action of Zilliqa (ZIL) in recent months has shown huge volatility. In March beginning, ZIL was trading around $0.0218. Following this period, it entered an uptrend, reaching a high of $0.0468. This upward movement indicated a bullish sentiment among investors.
However, during the launch of the Zilliqa-EVM integration, the price became more volatile. On April 19th, ZIL reached a high of $0.041 and a low of $0.031. The price action on April 21st, just before the launch of the EVM integration, was particularly turbulent. The candlestick formed a reverse hammer, with a high of $0.047 and a low of $0.03. This pattern suggests a potential reversal in the price trend.
Following the launch of the EVM integration, ZIL entered a downtrend, indicating a bearish sentiment. The price declined from previous highs, and as of May, it is taking support around $0.02.
Short-Term Factors that May Impact the Price of ZIL
The integration of the Ethereum Virtual Machine (EVM) into Zilliqa has several impacts on the price of Zilliqa (ZIL) in the short term. Here are some potential effects:
Increased Interest and Attention
The #EVM integration can generate increased interest and attention from the cryptocurrency community and investors. It means more buying activity and speculative trading, potentially causing a short-term price increase.
Expanded User Base
With the EVM integration, Zilliqa opens up its network to developers and projects from the Ethereum ecosystem. This expansion will attract new users and developers to the Zilliqa platform, driving up demand for ZIL tokens and potentially resulting in a short-term price appreciation. As a result, Zilliqa will be an alternative network, attracting users and projects for dApps and NFTs.
Long-Term Factors that You Should Consider Before Investing in Zilliqa
Indeed, the EVM integration enhances the potentiality of the Zilliqa network, so it must have long-term effects on Zilliqa’s price. As a long-term investor, you should consider the following factors:
Scalability and Sharding Technology
Zilliqa’s scalability solution, which utilizes sharding, is crucial for its long-term success. The ability to process transactions in parallel through sharding will enhance scalability and attract more users and developers to the platform.
Adoption and Use Cases
The increase in the adoption of Zilliqa’s network by businesses, developers, and users will increase the real-world use cases, making the network fundamentally strong for long-term investors.
Future Prospects of Zilliqa with EVM Integration
The integration of the Ethereum Virtual Machine (EVM) into Zilliqa unlocks several use cases and benefits for the Zilliqa platform. Here are some potential use cases facilitated by the EVM integration:
Non-Fungible Tokens (NFTs)
The EVM integration enables Zilliqa to support Ethereum-based NFTs, expanding the possibilities for digital collectibles, gaming assets, and other tokenized assets on the Zilliqa blockchain. Artists, creators, and developers can leverage Zilliqa’s scalability and security features to create and trade NFTs with reduced transaction costs and increased throughput.
Interoperability and Cross-Chain Solutions
Zilliqa’s EVM integration enhances interoperability, allowing seamless interaction between Zilliqa and Ethereum-based applications. It opens up opportunities for cross-chain solutions, where assets and data can be transferred between Zilliqa and Ethereum networks, promoting collaboration and expanding the reach of decentralized applications.
With the EVM integration, Zilliqa aims to enhance interoperability and attract developers from the Ethereum ecosystem to build on its platform. It could create a more diverse range of decentralized applications, including decentralized finance (DeFi), non-fungible tokens (NFTs), and more.
Furthermore, Zilliqa’s commitment to upgrading network efficiency indicates its further focus on optimizing performance and scalability. Zilliqa aims to provide a robust infrastructure for developers and users by implementing enhancements and addressing network challenges.
As a long-term investor, you should check out our latest algorithmic Zilliqa price prediction for detailed insights into overall fundamental and technical analysis, which will help you to make investment-related decisions.
Indeed, the success and future of Zilliqa will depend on factors such as developer adoption, user demand, and the ability to deliver on the promised improvements. It is an exciting development that positions Zilliqa to compete and collaborate within the broader blockchain ecosystem.