Zilliqa Staking Asset Now on Binance Network

Zilliqa token ZIL will now be available for staking on the Binance network. Also, KuCoin will enable the ZIL staking option for its registered users from June 18.

According to the announcement, Binance will be the second staking partner of ZIL token after KuCoin previously backed the asset.

Zilliqa noted that the addition of more exchanges will increase their value and efficiency. Invariably helping to grow the ecosystem and pushing its network’s decentralization to a new level.

“Staking will open access to manage Zilliqa seed nodes to our ecosystem of miners, token holders, and developers and will create more utility for ZIL,” it added.

More on Binance staking ZIL

Binance disclosed that it has enabled Isolated Margin trading for Zilliqa (ZIL), and OmiseGo (OMG). The new Isolated Margin Pairs are ZIL/BTC, ZIL/USDT, OMG/BTC, OMG/USDT.

“We are also excited to announce a zero-interest promotion for borrowing ZIL and OMG from 2020/06/09 6:00 AM (UTC) to 2020/06/16 05:59 AM (UTC),” Binance said.

Change to ZIP-3 Staking Proposal

Zilliqa additionally announced that some changes have been made to its staking parameters due to the recent reduction in inflation.

According to a report due to the current situation and mathematical enforcement, the staking amount was reduced from 700 million ZIL to 610 million ZIL across all nodes. And from 70 million ZIL to 61 million ZIL per node.

These changes were made in order to maintain the annual yield at around 10%, the firm explained.

It’s worth noting that staking on KuCoin which is slated to begin June 18 will commence as planned.

The exchange will adopt a soft staking approach. That will not force users to lock up their funds to qualify for rewards. Several snapshots of ZIL balances will be taken within a 24 hour period and rewards deposited the following day accordingly.

It’s also worth noting that trading of ZIL paired with Tether will be available on Bitbns. From today, 12 June, 2 pm IST.

Previously, we reported how Zilliqa has its eyes fixed on decentralized finance (DeFi). You may read the article here.


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