Zilliqa plans shift to Ethereum layer-2 for regulated institutions

Layer-1 blockchain Zilliqa said it plans to transition to an Ethereum layer-2 network for regulated institutions called Zilliqa Institutional Layer. The network is designed to provide settlement and clearing secured by Ethereum, identity verification and regulatory compliance within the network through vLEI, and a permissioned marketplace for transactions between verified institutions. Zilliqa said it will initially focus on institutional users before expanding to retail users and agents. It added the existing ZIL token will remain in place and token holders do not need to take any action at this stage. Before the changes take effect, Zilliqa plans to disclose technical details and post information on token receipt, swaps, and migration first on its official website.