Zilliqa, the sharding-based high-performance blockchain, announced the launch of Zillion, a non-custodial staking platform. According to the press release shared with Altcoin Buzz, Zillion is one of the first staking services built on a sharded blockchain. Along with a sleeker and simpler staking platform, Zilliqa also introduced gZIL, the new governance token. With its recently launched decentralized exchange, ZilSwap, the platform’s users can play around with gZIL to earn bigger rewards.
The non-custodial staking service offered by Zillion removes the need for an intermediary in the staking process. According to the Zilliqa official blog, ZIL token holders can deposit their tokens directly into the smart contracts. The seed node providers will distribute rewards. Impressively, PwC conducted the seed node contract audits. These contracts provide an unparalleled staking experience.
Big plans with Zillion
Zillion, the staking service on Zilliqa, will push the platform towards greater decentralization. Additionally, it will incentivize select node operators and ZIL community members for supporting the service.
Zilliqa President and Chief Scientific Officer Amrit Kumar believes that poor user interfaces are acting as a barrier in the adoption of blockchain. However, Zillion solves this challenge for the users by offering unparalleled user experience to both naïve and seasoned stakers. Additionally, Zillion comes with new standards of security and user protection.
ZilSwap, a decentralized exchange, was launched at the beginning of the month to bring greater liquidity to the Zilliqa staking ecosystem.
Easy staking, good yields
Zil token holders can choose to stake via a sleek, simple, and secure Zillion platform or wallet providers like Moonlet, Atomic Wallet, and more. For rewards, stakers can choose five reputed SSN providers. These are Moonlet.io, Shardpool.io, ViewBlock, Zillacracy, and Zilliqa’s own hosted node.
As per the official announcement, the APY through ZIL staking will be around 6% with 80% of circulating supply staked. However, when 40% of circulating supply ZIL is staked, projected APY might reach 12%.
Greater value to long-term token holders- gZIL
Today’s announcement is special for more than one reason. Along with Zillion, Zilliqa also introduced a new fungible token — governance ZIL (gZIL). Users can earn gZIL alongside staking rewards. The gZIL token holders can play a role in Zilliqa’s governance mechanism. It is important to note that the total supply of gZIL is 682,550. gZIL will be issued for approximately one year only.
Additionally, gZIL users can hold their tokens in ZilSwap, the Zilliqa DEX. Using ZilSwap, users can re-stake their staking rewards and pool ZIL and gZIL rewards in staking pools. This is in addition to gZIL trading and withdrawal support by ZilSwap.
In short, Zilliqa continues to build futuristic solutions that are fit for DeFi.
Zilliqa’s native token ZIL price has not reacted to the big announcement yet. Moreover, at the time of the press, ZIL is trading close to $0.019.
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