ZIL is the best-performing Crypto right now, Here’s Why

Paigambar Mohan Raj
Source: CoinCentral

ZIL token (Zilliqa) is currently the best-performing cryptocurrency among the top-100 projects. The token has rallied by 48.4% in the last 24 hours. Moreover, ZIL has made gains of up to 61.8% in the previous seven days.

Source: Coingecko

Nonetheless, the cryptocurrency token is a long way down from its all-time high. ZIL peaked on May 6, 2021, at $0.255376. The currency is down by 89.5% from that level. The decline from its highs can be attributed to poor market conditions. However, the project has also witnessed an exodus of users to other competitive protocols.

However, the team behind the ZIL cryptocurrency token has decided to change things for the future. As per an official blog, Zilliqa (ZIL) will soon allow Ethereum Virtual Machine (EVM) compatibility.

What will change for the ZIL crypto project?

Thanks to EVM compatibility, everyone in the ZIL ecosystem will be able to communicate with other EVM-compatible chains on different blockchain networks. The Zilliqa blockchain will move from a closed system to an open and functional one because of the decision. EVM compatibility will also provide a wealth of opportunities for creating Zilliqa protocol-based interoperable dApps.

The ability for users to use EVM tools and wallets like MetaMask is among the most important results of EVM compatibility. Without the necessity of bridges or wrapped assets, users will find it simpler to store and utilize their cryptocurrency tokens across several networks. At press time, MetaMask is only compatible with the Zilliqa testnet. MetaMask will integrate and function perfectly with the Zilliqa blockchain after EVM compatibility has been thoroughly tested and launched on the mainnet.

Avely Finance, a liquid staking technology built on Zilliqa’s blockchain, was also revealed. Moreover, the Web 3.0 music startup, Token Traxx, was also announced. These accomplishments are crucial because they will add significant value to the blockchain, hence enhancing the ZIL coin’s usage and growth prospects.

At press time, Zilliqa (ZIL) was trading at $0.02635983, down by 0.4% in the last hour.