Zilliqa Zil Zip12

Zilliqa (ZIL) Staking and Reward Regime Working On Improving Capacity with ZIP 12

January 13, 2021 Off By James

Zilliqa has an excellent staking program.  They have been focusing to a major extent in network throughput and transaction speed.  When compared to several other blockchain platforms they have to state that their transactions are 1000x faster than other blockchains.

The governance staking on Zilliqa is profitable and the ecosystem is fast growing. For clarity, g-ZIL is the token, which is earned by users alongside the ZIL staking rewards.  These tokens are fungible tokens that are ZRC-2 compliant.  For every 1,000 ZIL staking reward, 1 gZIL is issued.  This helps the platform keep track of long-term holders of ZIL.  Only those who have staked 1000 ZIL will be getting gZIL.

The gZil is used as a governance token and also users swap it for other kinds of ZRC-2 tokens. It is also used to earn rewards when it is added to specific liquidity pools.           The maximum number of gZIL to ever be issued is 722,700 to ensure scarcity.  The issue began on October 14, 2020.

Staking on Zilliqa has been around since June 2020.  Zillion is the non-custodial staking platform built on sharded blockchain.  Thus, due to sharding the need for a third party during staking is avoided.  The staking partnerships in a way contributed to the price rally.

DeFi hype is supportive to the Zilliqa blockchain. However, there needs to be more elements other than the governance voting to provide for a sustainable price hike.  There is a need to have more of Dapps user adoption.  They need to do more of other things to inspire confidence.

With DeFi booming and new investors venturing to make high interest returns from yield farming, the transaction fees are increasing due to high traffic in different blockchains.  If Zilliqa can provide for low transaction fee that can be a major plus.

Zilliqa Working On Improving Capacity

The Zilliqa team are working on improving capacity, smart contract language and tool chain support.  The ZIL aficionados are shaping the future of their decentralized ecosystem.

Zilliqa tweeted:  “Introducing ZIP-12, our proposal to democratize future ZIP voting and implementation. gZIL holders, this is your moment. YOU can shape the future of a more self-reliant and decentralized ZIL ecosystem.”

ZIL community members have signaled their interest in ZIP-12. If all goes well, they will be able to proceed with the formal and binding gZil based Snapshot voting process.  Once the forum signal is complete, actual voting will begin.  Those who hold gZIL will be able to vote for the ZIP-12 proposal.

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The TCAT team.

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