Event

Zilliqa (ZIL) Launches Non-Custodial Seed Node Staking

Quick take:

  • Zilliqa has revealed the introduction of its widely expected staking node for non-custodial seeds 
  • Zilliqa owners no longer have to participate in ZIL by 3rd parties. 
  • They will immediately transfer their ZIL into the intelligent contracts and receive incentives from the seed node provider rosters. 
  • It is also possible to receive gZIL, a new exchangeable governance token, from staking ZILL

Zilliqa owners no longer ought to invest their ZIL through an agent such as a crypto exchange after the staking of non-custodial seed nodes on the Mainnet was introduced today. The widely anticipated non-custodial staking is oriented towards changing the Zilliqa community and improving its existence in DeFi, as per the statement by the staff at Zilliqa.

As of 1800 hours Singapore time today, Zilliqa has launched the highly anticipated non-custodial staking services on its mainnet. This is the latest in our long list of milestones in 2020, and signals a turning point as we seek to bring more utility, mass adoption and value into a burgeoning DeFi landscape.

ZIL holders will directly submit funds to the smart contract and receive incentives.

With the introduction of non-custodial staking of seed nodes, Zilliqa (ZIL) holders will directly send funds into the smart contract and obtain incentives from suppliers of seed nodes. The seed node staking contract for Zilliqa has undertaken stringent study and has been inspected by a PwC team. 

Besides, ZIL shareholders can also participate in Zillion: a stable Zilliqa network staking platform. Zillion is now in the testnet process, though, and consumers can still opt to use wallet providers such as Moonlet to invest. Other wallets for ZIL staking will soon be accessible, for example, Frontier and Atomic wallet. 

Earn gZIL Alongside ZIL Staking Rewards

The new exchangeable governance token of gZIL is also received by Zilliqa holders who exchange their ZIL. In the Zilliqa system, the latter is a token of government which will only be given for one year. Staking ZIL is also one form of purchasing gZIL to defeat demand in the future.As described below, the production of gZIL will be limited at 722,700.

You can earn our new fungible governance token gZIL alongside staking rewards.

For every 1,000 $ZIL earned as a staking reward, 1 gZIL will be issued. With gZIL, long-term token holders can become decision-makers in the Zilliqa ecosystem.

As a limited time token, it will only be issued for around one year starting from today, with a cap of 722,700 placed on minting. Yet another reason to begin accruing staking rewards now!

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