Zilliqa users stake 1B $ZIL a few hours after the platform adopts staking rewards

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Oct 15, 2020
  • Per Zilliqa, annual staking rewards will be about 6% if 80% of the circulating $ZIL is staked.
  • Zilliqa noted that it will offer 1 gZIL for every 1,000 ZIL that is staked.
  • Before launching a staking platform, Zilliqa launched a decentralized exchange d믭 Zilswap.

Crypto adopters staked more than 1 billion $ZIL token just a few hours after the official launch of Zilliqa’s non-custodial staking platform on its mainnet. Reportedly, the project introduced a new token dubbed governance ZIL (gZIL) to its network as part of its new staking program. Users that stake $ZIL will earn the new token alongside $ZIL as staking rewards.

Zilliqa’s tweet read,

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“1,000,000,000 $ZIL staked in only a few hours time. And we are just getting started.”

According to Zilliqa, annual staking rewards will be approximately 6% if users stake about 80% of the circulating supply, which sits at 10.5 billion $ZIL. The platform noted that it will offer 1gZIL for every 1000 ZIL that is staked. Additionally, Zilliqa stated that it had created Zillion, a secure staking portal that streamlines the staking process by letting third-party wallets connect.

Commenting on the launch of Zillion, Zilliqa’s President and Chief Scientific Officer said,

“After months of rigorous testing with the help of our enthusiastic community, staking is now finally live on Zilliqa, marking a major milestone for our team this year. As one of the first sharded blockchains to implement staking onto the network, we are thrilled to be joining the ranks of some of our most innovative peers, as we continue to build out future-fit DeFi offerings.

Zilliqa launches a Decentralized Exchange (DEX)

This news comes after Zilliqa rolled out its first decentralized exchange (DEX) and token swapping protocol dubbed Zilswap on October 5. A report unveiled this news, noting that Zilswap is a full on-chain decentralized crypto exchange that runs on the Zilliqa blockchain. This move reportedly marked the project’s latest step toward penetrating the DeFi sector.

Through this launch, Zilliqa noted that its users will be able to hold their gZIL, withdraw, trade, and re-stake their staking rewards. Additionally, the users will be in a position to pool $ZIL and gZIL rewards in staking pools on Zilswap.

Despite this bullish news, $ZIL’s price has not surged. Over the past 24 hours, the coin is down 2.24% to trade at £0.014, with a volume of £18,944,426.

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