As a seasoned analyst with over a decade of experience in the cryptocurrency market, I have seen my fair share of projects come and go. However, the Telos Foundation’s announcement of their zkEVM development plan has certainly piqued my interest.
Following the successful deployment of Telos EVM in 2021, aiming to improve web3 compatibility across multiple platforms, the Telos Foundation has unveiled their roadmap for developing a zkEVM powered by SNARKtor, which is a Zero-Knowledge Ethereum Virtual Machine with hardware acceleration. This established layer one (L1) blockchain aims to draw in more developers of decentralized applications (Dapps), as the mainstream adoption of digital assets and web3 protocols continues to grow.
During the course of the zkEVM project, the Telos Foundation is prioritizing the use of their native coin, TLOS. This coin will be instrumental in boosting its functionality. The Telos Foundation has scheduled the zkEVM development plan to carry on until the last quarter of 2025.
What to Expect on Telos zkEVM Development Plan
The plan for the Telos zkEVM timeline encompasses both the main network and testing environment. The core development group aims to break down tasks into distinct quarters. By the end of 2024’s fourth quarter, the Telos team anticipates launching a TLOS hardware-accelerated zkEVM within the testnet. During this phase, the Telos team envisions making the TLOS token the primary currency for streamlining operations.
In Q1 of 2025, the Telos group aims to launch the zkEVM version on Ethereum’s main network. By the close of Q2, they plan to introduce the preliminary SNARKtor integration into the testnet, which will allow for smooth bundling of numerous ZK proofs.
In Q3 of 2025, the Telos Foundation declared their plan to fully integrate SNARKtor during the test phase. By the end of the following year, the Telos team aims to implement this complete SNARKtor integration on the main network.
— The Telos Foundation (@HelloTelos) September 26, 2024
Market Impact
The Telos ecosystem has grown to hundreds of web3 protocols over the years since its launch in 2018. The Telos network consists of wallets, bridges, oracles, metaverses, Launchpad, Blockchain Explorer, and DeFi. Some of the DeFi projects that leverage the Telos network include VaporFi, OpenOcean, TokensFarm, and Steer Protocol, among others.
By the end of next year, if the Telos zkEVM is successfully deployed, it’s likely to draw in more Decentralized Finance (DeFi) protocols from various platforms, thereby enhancing its mainstream usage. Consequently, the need for TLOS is expected to skyrocket, leading to a significant increase in its on-chain activities.
After the recent announcement, TLOS prices increased approximately 2% over the last 24 hours, reaching roughly 30 cents during this reporting period.
Over the last fortnight, the relatively small digital currency within the altcoin category, valued at approximately $123 million when considering all outstanding shares, has seen a significant increase of about 30%. Its daily trading volume typically hovers around $18 million.
In my analysis, I anticipate that the value of TLOS may surge and potentially reach its record peak within the upcoming months.
On a weekly basis, the price of TLOS versus the U.S. dollar appears to be forming a reversal pattern known as an “inverted head and shoulders” configuration. Additionally, there’s a bullish divergence noted in the Relative Strength Index (RSI), which may suggest a potential trend reversal towards price increase.
If Bitcoin (BTC) surges past $70,000 in the near future, it could initiate the next altcoin season. During this period, Theta Fuel (TLOS) may aim to enter the exponential growth phase of the ongoing bull market.
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2024-09-26 18:03