ME News, Nov. 5 (UTC+8) — Zilliqa stated that operating an independent Layer 1 for the past nine years had not achieved the expected success, with insufficient usage, funding, and liquidity. Recent security incidents also highlighted the high cost of maintaining an independent chain. The team has decided to change direction: Zilliqa will become the Zilliqa Institutional Layer (ZIL), an Ethereum Layer 2 aimed at regulated institutions. The ZIL token will remain in place, and holders do not need to take any action at this time. Technical details will be announced in advance; any exchange or migration will be subject to official announcements on the website. (Source: ME)