By Hannah Perez
The new interoperability tool between the Zilliqa and Ethereum
ecosystems is expected to be enabled in mid-August.
This was announced by Zilliqa CEO Amrit Kummer via his Twitter account yesterday. The tool to interconnect the Zilliqa and Ethereum
ecosystems is expected to be enabled in mid-August, after the
hard fork of Ethereum
, which will tentatively arrive early next month.
– Amrit Kummer (@maqstik) July 25, 2021
Kummer explained in another tweet that the delay of the bridge launch until after the London update is due to the fact that such an event will change the fee structure on the Ethereum network. Consequently, the Zilliqa team will wait until the hard fork is implemented and then observe the Ethereum network, before updating the main Zilliqa
network and deploying the bridge.
As we have reviewed on DiarioBitcoin, Ethereum’ s London update is one of the most anticipated technology developments in the Blockchain sphere this year. The update will include the implementation of the highly anticipated EIP-1559 modification, which is expected to solve some of the issues associated with the
… with the high transaction fees of the network. Ethereum.
What does the new Zilliqa-Ethereum bridge consist of?
Teams from Zilliqa, Switcheo and Polynetworks announced last month that they were working on a bridge to connect the ZIL network to . Ethereum. In a press release, they explained that the bridge aims to open the door to interoperability between the two networks. As a result, developers and users will for the first time be able to transfer data between the two networks quickly and efficiently.
“With interoperability, users and developers can seamlessly transact with multiple blockchains and benefit from those cross-chain ecosystems, application offerings in areas such as decentralized finance (DeFi), gaming, supply chain logistics, etc.“, the team wrote at the time and added:
The list goes on. Interoperability creates the ability for users and developers to not be stuck having to choose one Blockchain over another, but can benefit from multiple chains being able to interconnect.
The mechanism will mark an important milestone in building a channel for moving ERC-20 based assets Ethereum assets into the Zilliqa ecosystem. It also represents a positive step for the decentralized finance (DeFi) space, as it allows decentralized protocols to exchange assets between the two blockchains.
Other platforms Blockchainsuch as Cardano (ADA) and Avalanche (AVAX) are also developing bridges for interoperability between their respective ecosystems and the <a href=”https://www.diariobitcoin.com/glossary/cadena-de-bloques/” target=”_blank” rel=”noopener”>blockchain of Ethereum.
ZIL remains in bearish territory
Zilliqa, a Blockchain project launched in 2018, has managed to record more than 2,400 transactions per second, surpassing the processing power of the Ethereum network by more than 1,000 times. That said, the new connection mechanism may favor those who make a living on the second-largest Blockchainby bringing greater speed and efficiency
The move could also be flattering to boost the Zilliqa ecosystem. Zilliqa’ s native cryptocurrency Zilliqa has been in a bearish trend over the past few weeks. After reaching an all-time price high above USD $0.2 between April and May, the ZIL token has dropped significantly. At the time of writing ZIL is trading at USD$0.08.
Meanwhile, the cryptocurrency of Ethereum has experienced a significant price increase of close to 30% in the last 7 days. ETH is trading slightly above USD $2,350 by the time of editing, although it is down nearly half from its price peak recorded in May. Its price rose this Monday amid rumors that Amazon is working to accept payments with various cryptocurrencies, including ether, later this year.
Version by Hannah Estefania Perez / BitcoinDaily
Image by Unsplash