Zilliqa staking has just been activated on the mainnet, as communicated by the project team. From now on, all users will be able to stake their ZIL and receive rewards.
📢Non-custodial seed node #staking is now LIVE. 🚀🎉
Use @moonlet_wallet or https://t.co/P8jGUg70GE to EARN $ZIL, #gZIL and CONTRIBUTE to the Zilliqa #DeFi economy.🔄
Staking’s never looked sleeker, simpler or sexier. 🔥 Stake Now!https://t.co/I64orOWTC7
– AN pic.twitter.com/RPBd5SGHeV
— Zilliqa (@zilliqa) October 14, 2020
The tests for this staking solution began several months ago and many people, both private and seed users, have participated, each locking 10 million ZIL. This has resulted in a lot of data being generated on the use of this functionality.
The staking of Zilliqa was developed and introduced with a ZIP (Zilliqa Improvement Proposal), the ZIP-11, and a dedicated ZRC-2 token was also created under the name of gZIL, the Zilliqa governance token, which as the name suggests can be used by users to actively participate in community management. This token was created primarily to encourage users to stake tokens for a long period of time and thus contribute to the success of the network.
These gZIL tokens are not infinite but have a limited number, 682,550. The rewards will be distributed only for the first year with a ratio of 0.001 gZIL for every ZIL staked, so every 1000 ZIL users will receive 1 gZIL.
The staking of ZIL follows a variable APR and depends on the amount of supply staked and locked: the higher the locked supply, the lower the APR obtained.
These are the data of the APR:
- 49% if 10% of the supply is locked;
- 25% if 20% of the supply is locked;
- 17% if 30% of the supply is locked;
- 13% if 40% of the supply is locked;
- 10% if 50% of the supply is locked.
In addition, transaction fees are redirected to the miners’ reward programme.
Among other things, Zillacracy has reduced its fees to 2.5% and has launched a $250 airdrop in ZIL that will be staked on its platform, similar to what Moonlet wallet has done.
The discount will last 3 months and then gradually the fees will reach 10%, also because staking involves a cost of gas that is equivalent to 1 ZIL, whereas to make a withdrawal the gas varies. To be precise the data are:
- 1.5 ZIL if 1 day has passed;
- 3 ZIL if a week has passed;
- 5 ZIL if a month has passed;
- 17 ZIL if 6 months have passed;
- 30 ZIL if 1 year has passed.
Surely this autumn is going to be very eventful for this blockchain, not least because the ZilSwap platform has recently been launched, which allows not only to exchange any token on this blockchain, but also to list tokens in an autonomous and decentralized way, as recalled by the CSO and President of Zilliqa, Amrit Kumar:
“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. Today, poor user interfaces remain one of blockchain’s key barriers to adoption and utilisation. Zillion looks to offer an unparalleled user experience, designed to appeal to newcomers to the world of staking and seasoned network participants while pioneering a new standard of security and user protections across today’s ecosystem of DeFi services”.