Zilliqa Doubles In Price as Interest Grows In Their Thriving DeFi Ecosystem
ZIL up over 100%!?
A few weeks ago, I covered how Zilliqa's new upcoming metaverse, led by Sandra Helou, has the potential to take significant market share away from competitors like The Sandbox and Decentraland.
Metapolis will launch on April 2 as part of an early access show in Miami, Florida. It seems that whales are starting to load up because ZIL rose an incredible 100% earlier today as it blew through a key 8 cent resistance level.
Zilliqa's network structure and history
Zilliqa is a layer 1 smart contract blockchain designed by software professionals from The National University of Singapore in 2017. It was the first blockchain to achieve sharding, a technique that partitions the blockchain in different data shards, allowing for high throughput and scalability.
Zilliqa uses an improved practical Byzantine fault tolerance consensus mechanism to secure its network. There is proof-of-work involved in Zilliqa's version of pBFT, since miners establish node identities for Sybil resistance. As such, there are mining pools like ezil.me, where people dual-mine another coin along with ZIL. Zilliqa has also created a new programming language specifically designed for secure DeFi, known as Scilla.
DeFi is heating up
Fans of Zilliqa know that their DeFi ecosystem is starting to see a lot of usage. XCAD Network is a DEX and platform for the creator economy, allowing content creators to make their own tokens.
After popular YouTuber Mr. Beast and other top creators showed their support for XCAD, lots of people started to use the platform. It works via an easy plugin that directly integrates with YouTube. The XCAD token is impressively ranked #457 on the charts. Despite a selloff, a rebound is possible on the back of the Metapolis news.
LunarCrush is the premiere crypto social media analytics platform for the crypto industry. They recently announced the LUNR Token and Dapp on Zilliqa. The token is paid as a reward for "incentives," which are activities that users complete on the LunarCrush platform. Despite a steep selloff, engagement still remains high and there will could be a rebound just like XCAD when Metapolis officially launches.
Zilswap is the most popular DEX on Zilliqa. It also has seen an increase in use.
With these successful dapps, many future developers may become interested in learning Scilla and programming their own dapps on Zilliqa.
Compared to many other blockchain projects, Zilliqa has an incredibly active community. Their most active mediums seem to be their excellent Twitter community and the official subreddit, which has 40k members and daily posts.
Along with these communities, Zilliqa has ramped up hiring for new talent, which should serve as another catalyst. They also announced a new token standard, ZRC-6, that will help to fuel the NFT sector and bring new creators to Zilliqa.
Zilliqa is having quite a good week. Once Metapolis launches on April 2nd, there could be further upside momentum. The ZIL price has been on a steep decline for months, but Metapolis, along with their thriving DeFi ecosystem, seem to be the catalysts that Zilliqa needs to become more mainstream. ZIL has a strong long-term outlook.