ME News reports that on November 5 (UTC+8), Zilliqa announced its transition from an independent Layer 1 network to an Ethereum Layer 2 network, called Zilliqa Institutional Layer (ZIL), primarily targeting regulated institutions. Zilliqa stated that usage of its original blockchain was insufficient to sustain independent operations; the new network will be secured by Ethereum settlement, feature built-in identity verification and compliance mechanisms, and establish a permissioned marketplace for verified institutional participants. Zilliqa noted that token holders currently need take no action, and technical details will be disclosed prior to the transition. (Source: Foresight News)