The zkEVM platform from Telos Foundation, which will be released by the end of next year, is meant to shake up the DeFi ecosystem.
The Telos Foundation has disclosed its development plans for its SNARKtor-powered Zero-Knowledge Ethereum Virtual Machine (zkEVM) with hardware acceleration following the successful launch of the Telos EVM in 2021 to improve web3 compatibility across various chains. In the context of the widespread adoption of digital assets and web3 protocols, the veteran layer one (L1) blockchain aims to attract a more significant number of developers of decentralized applications (Dapps).
The Telos Foundation has prioritized the utility of its native coin, TLOS, throughout the zkEVM development plan. The zkEVM development plan has been established by the Telos Foundation and will persist until the fourth quarter of 2025.
What to Anticipate in the Development Plan of Telos zkEVM
The Telos zkEVM roadmap will encompass both the mainnet and testnet, with the core development team intending to divide the tasks into distinct quarters. The Telos team plans to implement the TLOS hardware-accelerated zkEVM in the testnet by the conclusion of the fourth quarter of 2024. During this phase, the Telos team intends to establish the TLOS token as the primary token for operational optimization.
The zkEVM version is scheduled to be deployed on the Ethereum mainnet by the Telos team in the first quarter of 2025. The Telos team intends to implement the initial SNARKtor integration in the testnet by the conclusion of the second quarter to aggregate multiple ZK proofs seamlessly.
The full SNARKtor integration will be introduced in the testnet by the Telos Foundation in the third quarter of 2025. The Telos team plans to implement the complete SNARKtor integration on the mainnet by the end of the upcoming year.
Market Influence
Since its inception in 2018, the Telos ecosystem has expanded to encompass hundreds of web3 protocols. Wallets, bridges, oracles, metaverses, Launchpad, Blockchain Explorer, and DeFi comprise the Telos network. VaporFi, OpenOcean, TokensFarm, and Steer Protocol are among the DeFi projects that utilize the Telos network.
The mainstream adoption of the Telos zkEVM will be bolstered by the successful launch of the protocol by late next year, which will attract additional DeFi protocols from other chains. Ultimately, the demand for TLOS will increase exponentially, resulting in an increase in its overall on-chain activities.
TLOS price has increased by approximately 2 percent in the past 24 hours following the announcement, and it is currently trading at approximately 30 cents at the time of this report.
In the past two weeks, the small-cap altcoin has experienced a 30 percent increase in value, with a fully diluted valuation of approximately $123 million and a daily average traded volume of approximately $18 million.
Consequently, TLOS’s price is well-positioned to increase in the months ahead as it approaches its all-time high (ATH).
In the weekly derivatives time frame, the price of TLOS against the US dollar has exhibited a bullish divergence on the Relative Strength Index (RSI) and an inverted head and shoulders (H&S) pattern.
The parabolic phase of the current bull market will be the target of TLOS price if Bitcoin price surpasses $70k in the near future, thereby initiating the next altseason.
