One billion ZIL staked in first few hours as Zilliqa embraces DeFi

One billion ZIL staked in first few hours as Zilliqa embraces DeFi


The official launch of Zilliqa’s non-custodial staking platform on its mainnet has seen more than a billion tokens staked within a few hours.

Zilliqa is a high-performance and secure blockchain platform for enterprises and next-generation decentralized applications. 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 intermediary.

Staking will enable ZIL holders to participate in governance voting as the platform strives to become more decentralized, as well as earn rewards.

1,000,000,000 $ZIL staked in only a few hours time. And we are just getting started.

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– MS pic.twitter.com/cDl8D76I0U

— Zilliqa (@zilliqa) October 14, 2020

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

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