1 Billion ZIL Staked in 24 hours as Zilliqa Launches Staking Program

News / 15.10.2020

Blockchain platform Zilliqa has launched a non-custodial staking platform on its main net for users to stake ZIL tokens. This latest development has attracted a lot of enthusiasm from the Zilliqa community.

Major Milestone Achieved in 24 hours

Zilliqa revealed in a tweet that 1 billion ZIL tokens had been staked within a few hours of launch. Zilliqa also has a governance token ZILs or gZIL that would serve as a form of incentive to stakers.

For every 1000 ZIL earned as staking rewards, 1gZIL will be issued by the blockchain. Also, stakers would receive up to 6% in returns if 80% of the circulatory supply (10.5billion ZIL) is staked.

Zilliqa holders will be able to partake in governance as the blockchain aims to become more decentralized in the future.

The platform had earlier launched a decentralized exchange and token swapping protocol on October 5, which provides users with re-staking existing rewards and pooling together ZIL to generate liquidity for yield farming.

Decentralized Finance the new attention for Zilliqa

Zilliqa is considered one of the best blockchain platforms within the crypto community, with several comparisons with Ethereum. It utilizes a unique sharding technology that enables scalability and development of decentralized applications.

Zilliqa’s foray into decentralized finance has been in the works for a while, with the blockchain making key partnerships. Kucoin and Binance were announced as exchange staking partners in June, which signaled the intentions to launch a DeFi token.

The non-custodian platform enables the token holders to stake directly without the need for third-party intermediaries and exchanges. Amrit Kumar, the Chief Scientific Officer of Zilliqa, believes that this is a great development for the Zilliqa blockchain. He further added that it was a major milestone for Zilliqa to join the DeFi ecosystem.

“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.”

The DeFi sector continues to see developments as more blockchain platforms continue to develop new products. Ethereum currently dominates the sector, but more blockchain protocols are looking to develop new DeFi products.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.