{"id":89528,"date":"2020-10-15T05:10:41","date_gmt":"2020-10-15T02:10:41","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/one-billion-zil-staked-in-first-few-hours-as-zilliqa-embraces-defi\/"},"modified":"2020-10-15T05:10:41","modified_gmt":"2020-10-15T02:10:41","slug":"one-billion-zil-staked-in-first-few-hours-as-zilliqa-embraces-defi","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/one-billion-zil-staked-in-first-few-hours-as-zilliqa-embraces-defi\/","title":{"rendered":"# One billion ZIL staked in first few hours as Zilliqa embraces DeFi"},"content":{"rendered":"

“# One billion ZIL staked in first few hours as Zilliqa embraces DeFi <\/strong>”
\n<\/p>\n

The official launch of Zilliqa\u2019s non-custodial staking platform on its mainnet has seen more than a billion tokens staked within a few hours.<\/p>\n

Zilliqa is a high-performance and secure blockchain platform for enterprises and next-generation decentralized app<\/a>lications. In June, KuCoin and Binance were announced as exchange staking partners but now token holders are able to stake directly into the smart contract without having to go through a third party intermedia<\/a>ry.<\/p>\n

Staking will enable ZIL holders to participate in governance voting as the platform strives to become more decentralized, as well as earn rewards.<\/p>\n

\n

1,000,000,000 $ZIL<\/a> staked in only a few hours time. And we are just getting started.<\/p>\n

– MS pic.twitter.com\/cDl8D76I0U<\/a><\/p>\n

\u2014 Zilliqa (@zilliqa) October 14, 2020<\/a><\/p><\/blockquote>\n

The platform has introduced a new fungible token (NFT) to the network called governance ZILs, or gZIL, which will be earned alongside staking rewards in ZIL. Zilliqa estimated annual staking returns of around 6% if 80% of the circulating supply, currently 10.5 billion ZIL, is staked.<\/p>\n

For every 1,000 $ZIL earned as staking rewards, 1 gZIL will be issued. Additionally, there is a secure staking portal called Zillion which streamlines the process by allowing third-party wallets to connect.<\/p>\n

The platform also launched a decentralized exchange and token swapping protocol called Zilswap on October 5, which enables re-staking of previously earned rewards, or pooling ZIL to generate liquidity for yield farming rewards. President and Chief Scientific Officer of Zilliqa, Amrit Kumar noted the embrace of DeFI, saying:<\/p>\n

\u201cWe are thrilled to be joining the ranks of some of our most innovative peers, as we continue to build out future-fit DeFi offerings.\u201d<\/p><\/blockquote>\n

ZIL token prices have not reacted positively to the launch, however, and fell around 4.5% in the 24 hours to the time of writing. Like many altcoins, ZIL is still down 90% from its all-time high in May 2018. <\/p>\n<\/div>\n