A couple of days ago, the staking on the Zilliqa blockchain went online, so now everyone can use the ZIL crypto to earn rewards.
Before proceeding with this guide, it is necessary to have a few things to stake the cryptocurrency:
- A wallet that supports Zilliqa, we recommend ZilPay but it is also possible to use Ledger;
- At least one hundred ZIL on the wallet, because it is necessary to have the relative ZIL required for the fees, which will also be used for withdrawal and unstaking.
Staking on Zilliqa step by step
The first step will be to unlock the wallet (we will use ZilPay) and go to the platform dedicated to staking.
Here is where the decision will have to be made whether to operate as delegators or as operators, i.e. seed nodes.
After clicking on one of the two options, we will choose the most suitable login method.
Inside the platform we can see all the data, such as a summary of our stake and at the bottom the various operational seed nodes with all the functions such as the total stake, the fee percentage and the number of delegators they have:
According to our needs, we will have to choose the seed node that suits us by clicking the “Stake” button.
In the next screen, we have to enter the number of ZIL we want to block (at least 10 must be deposited).
The interface points out that we must also have at least 100 ZIL to withdraw funds.
Finally, we press the “Stake” button and confirm the transaction with our wallet by paying the relevant fees, which generally amount to 25 ZIL.
Once the transaction is completed, in a few minutes we will see in the section “My Staking Portfolio” the data of our stake and how many ZIL and gZIL have accrued.
Keep in mind that gZIL, i.e. governance tokens, will be distributed only for the first year.
On this page, we can see the APR which is currently over 100%, while if we want to claim the rewards then we will have to click on the “Manage” button and choose between “Claim Rewards”, “Transfer Stake” and “Initiate Stake Withdrawal”.
At the moment there are 991 delegators, 5 seed nodes, 65 million ZIL staked, which amount to 0.47% of the total supply.
This figure should be noted because depending on the value, the related APR will change as follows:
- 49% if 10% of the supply is blocked;
- 25% if 20% of the supply is blocked;
- 17% if 30% of the supply is blocked;
- 13% if 40% of the supply is blocked;
- 10% if 50% of the supply is blocked.