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While altcoins record significant declines, the Zilliqa team has supercharged its community with a key announcement.
The blockchain braces for a tokenomics overhaul as it ushers in Zilliqa 2.0 this week.
The upgraded model will enrich the blockchain’s infrastructure with lucrative Annual Percentage Rates for ZIL stakers and reduced inflation.
This week, we’re diving into tokenomics on the new, more efficient Zilliqa network.
Big changes are coming to $ZIL with Zilliqa 2.0! This week, we’re diving into tokenomics on the new, more efficient Zilliqa network. Stay tuned!
The upcoming changes underscore the team’s commitment to making ZIL a rewarding and more stable token for its community.
Zilliqa’s tokenomics revamp
Zilliqa is a permissionless blockchain designed to provide high throughput and leverage the sharding mechanism to solve speed and scalability issues.
Nevertheless, the platform has seen its share of challenges.
Zilliqa’s economic model has encountered challenges linked to long-term sustainability and inflation.
However, this week’s tokenomics overhaul will address these concerns. Key components of the updated tokenomics include:
- Reducing inflation: The new tokenomics will lower the asset’s inflation by controlling ZIL token unlocks. Reduced inflation will likely enhance the token’s value and the ecosystem’s sustainability, improving ZIL’s appeal as a lucrative cryptocurrency asset.
- High APR for stakers: ZIL 2.0 will introduce high Annual Percentage Rates (APR)for staking incentives.
That aims to encourage user engagement and improve the platform’s security. Individuals who lock their ZIL will enjoy modest profits.
Zilliqa 2.0 whitepaper reads:
To ensure the long-term health of its token economy, Zilliqa 2.0 will reduce inflation through an automatic balancing of the amount of ZIL awarded to validators and the amount burned in transaction processing.
Zilliqa 2.0 tokenomics are built to be future-proof and sustainable while ensuring that validators enjoy attractive incentives and are rewarded for their role.
Other changes include enhanced decentralization, web3 accessibility, cross-chain interoperability, and X-shards.
The updated network will introduce a new sharding technology.
Enriching Zilliqa’s original sharding architecture, X-shards will allow developers to customize blockchains created on the ZIL ecosystem according to their needs.
The whitepaper explained:
X-shards allow developers to shape the blockchain to their needs and give users the ability to use apps across different X-shards and the Zilliqa 2.0 mainnet seamlessly, with the ability to communicate and transact across shards built into the protocol.
ZIL price outlook
The token lost over 7% in the previous 24 hours to $0.0155 at press time.
Chart by CoinmarketcapZilliqa has experienced persistent bearishness lately, losing 5% and 18% in the past week and 30 days.
Macroeconomic-driven broad market slumps contribute to ZIL’s weakness.
Bitcoin hovers at $80 while hinting at potential slides to $70K amid growing macroeconomic challenges.
Meanwhile, enthusiasts will watch how this week’s tokenomics refurbishment will impact ZIL’s performance in the upcoming sessions.
If successful, the promised upgrades will likely enhance the altcoin’s appeal to investors.
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