ME News reports that on November 5 (UTC+8), Zilliqa announced that its nine years of independent operation as a Layer 1 blockchain have not achieved the expected success, with insufficient usage, funding, and liquidity. Recent security incidents have further highlighted the high costs of maintaining an independent chain. The team has decided to pivot: Zilliqa will transition into Zilliqa Institutional Layer (ZIL), becoming an Ethereum Layer 2 solution designed for regulated institutions. The ZIL token will remain in place, and holders currently need take no action. Technical details will be disclosed in advance, and any token exchanges or migrations will be announced exclusively on the official website. (Source: PANews)