Key Points
- Zilliqa (ZIL) price surged significantly today, following the latest halving mechanism implementation.
- The halving mechanism will take place every month.
The price of Zilliqa (ZIL) surged significantly today, following the project’s latest implementation.
At the moment of writing this article, ZIL is trading above $0.0158, up by over 7% in the past 24 hours.
The coin’s total market cap is currently over $301 million.
In the past week, ZIL’s price surged by more than 8%, following a dip to $0.01 levels on October 10.
Today’s price surge comes following an important announcement made by the team behind the project.
Zilliqa Moves Towards PoS Adopton With Halving Mechanism
In an official X post, the team at Zilliqa announced an important step for the network. The proposal to halve mining rewards has officially passed with huge support from the community.
Starting in October, the monthly mining rewards will be halved on a monthly basis.
Zilliqa noted that this reduction marks an important moment that accelerates their journey toward full PoS adoption for Zlliqa 2.0.
In the team’s official blog post, they also noted that the change was implemented in line with Zilliqa’s decentralized governance protocol.
The proposal was first published on the Zillqa governance forum on September 24, where it was discussed amongst the community.
ZIL Surplus Reallocation
The latest move is reportedly not only about reducing rewards but also involves a ZIL surplus reallocation.
According to the official announcement, the ZIL surplus from the halving can be reallocated for use by holders, fuelling community-driven investments and creating more opportunities for developers, validators, and builders.
What is Zilliqa (ZIL)?
Zilliqa is a public, permissionless blockchain that is designed to offer high throughput, and can complete thousands of transactions per second.
The network’s aim is to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. Sharding is a process that splits a larger blockchain into smaller and more manageable shares called shards.
The native utility token of the blockchain is ZIL and it’s used to process transactions on the network and execute smart contracts.
