This is Part 2 of an article series about Zilliqa. Here’s the link to Part 1. Today, we look at the wallets for the $ZIL and how you can stake the token. In addition, we make a comparison between Zilliqa and NEAR.
Lastly we explore the utility for $ZIL and how to take profits on your $ZIL investment.
Wallets for Zilliqa Coin
In the previous article, we recommended Trust Wallet to store your $ZIL tokens. Indeed, that is a great wallet for you if you’ve got many other cryptos to manage. But, Trust Wallet isn’t the only wallet for $ZIL! Below are some other choices which you have:
- Ledger. What can be more reliable that a hardware wallet?
- Zilpay. A wallet made just for $ZIL.
- Atomic Wallet. Another good choice if you hold multiple other cryptos.
Other than the above, there’re other wallets you can consider, as you can see below.
So, almost all of these wallets show that they’re “Staking enabled?”. What does that mean? Let’s find out below.
How To Stake Zilliqa?
Let’s say you’ve got some $ZIL tokens in your wallet. As a seasoned crypto investor, you wouldn’t just leave it sitting idle there, would you? Of course not! Unless you’re a short-term trader, you would want to stake your $ZIL. Doing so would:
- Earn you a healthy 13.26% Annual Percentage Rate (APR) return.
- Allow you to secure and decentralize the Zilliqa network.
Now, this sounds like a win-win situation, doesn’t it? So, how do we go about staking $ZIL?
- First, you’ve got to get a wallet. Remember we want a wallet which is enabled for staking. You can refer to the above section for a list of these wallets. Then, fund said wallet with $ZIL tokens.
- Next, connect your wallet to the Zillion staking platform. If you’re using Atomic Wallet, follow this guide instead.
- Lastly, choose your Seed Node Operator (SSN). On the staking platform, make sure you choose an SSN which is active! This is because SSNs without a minimum stake of 10 million $ZIL are considered inactive. If you stake with them, you’ll not be generating rewards.
Voila! Once that’s done, you’ll be having your $ZIL tokens working hard for you. They’ll be generating returns for you while you’re sound asleep.
Zilliqa vs NEAR
When you think of Zilliqa, it’s hard not to think of NEAR Protocol as well. During the 2021 bull run, NEAR Protocol had a huge run up to an All-Time High (ATH) of $20! Back then, it was one of the top favourite projects for retail investors. But, in what way are these 2 projects similar? Let’s find out!
1) Similarities Between Zilliqa and NEAR:
Both projects are similar in terms of protocol design:
- Both blockchains operate with Proof-of-Stake (PoS) consensus.
- Both blockchains use Sharding as a scalability solution. To refresh your memory, you can refer to Part 1 of this article series to recap how Sharding helps Zilliqa to scale.
2) Differences Between Zilliqa and NEAR
However, there’re some differences between the 2 projects. Lets review them below:
- Ecosystems. Per data from each’s website, Zilliqa has 195 projects on its chain. In comparison, NEAR Protocol has 750 active projects on its chain!
- Adoption. As of time of writing, Zilliqa has $2.88 million Total Value Locked (TVL) on their chain. In comparison, NEAR Protocol has $71.31 million TVL.
Evidently, NEAR manages to attract more developers and in turn, dApp users on to their chain.
3) ZIL and NEAR Token Comparison
Now, other than the above differences, both projects use different tokens to power their chains. Below are some statistics for the $ZIL and $NEAR tokens, as of time of writing:
- $ZIL‘s price is now at $0.0156. Its market cap is at $265.4 million, with ranking at #105. Its token ATH price was at $0.235. Since then, price has plummeted over 93.9%.
- $NEAR‘s price is now at $1.26. Its market cap is at $1.06 billion, with ranking at #36. Its token ATH price was at $20.24. Since then, price has skydived over 93.8% as well.
But, what’s the use of knowing these $ZIL statistics, without knowing what it does? In the next section, we take an in-depth look into the $ZIL token’s utility.
What Is Zilliqa Coin Used For?
$ZIL is the native token for the Zilliqa blockchain. Earlier, we went through the staking process for $ZIL. That’s already one of its utilities! The remaining include:
- Gas token: $ZIL is used as a gas token to pay for on-chain transactions.
- Medium of Exchange: You can also use $ZIL for DeFi purposes or buying and selling NFTs on the blockchain!
How To Convert Zilliqa Coin to USD?
Now, imagine that the bull run is back! $ZIL is now trading at a $1 (maybe one day it will?)! It’s time to take your profits! But you haven’t the foggiest on how to do it!
Now, don’t make that mistake during the next bull run. Read on to find out how to convert your $ZIL to USD fiat.
I assume that you’ve got your Binance account set up. Next, send your $ZIL tokens into your exchange wallet. Once that’s done:
- Sell your $ZIL tokens into $USDT. You can do this using their spot trading function. The screenshot below reflects the $ZIL/$USDT trading pair.
- Then, follow Binance’s guide here on how to sell your crypto into USD fiat. The money is then transferred to your debit or credit card.
To summarize, we hope you’ve enjoyed this article series on Zilliqa! If you’re bullish on Zilliqa, make sure to follow their twitter for the latest project updates.
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