Zilliqa Staking 2.0 is going live on October, 14

Dear miners,

A major Zilliqa update featuring a new staking mechanism is set to go live on October, 14 . A long anticipated staking system was quite a controversial topic within miners and ZIL holders community lately. Apart from the new staking mechanism outlined in [ZIP-11] the update will include a new thoroughly calibrated tokenomics described in [ZIP-9]. Both new staking system and tokenomics changes were initially proposed by Han Wen from the Zilliqa team on Zilliqa’s 3rd anniversary event.

Staking 2.0 Details

Smart tokenomics is one of the key factors of the project’s success that’s why the Zilliqa team took some time to come up with the [ZIP-9] which outlines tokenomics changes for $ZIL.

We appreciate the fact that the Zilliqa community was engaged in the discussion and had a chance to contribute towards shaping the new tokenomics.

Prior to staking Zilliqq mainnet will be updated to version 6.4.0 on October, 8 which introduces a few changes including:

1. Staking reward from 9862.2 ZIL to 110000 ZIL;

2. Miners reward will be decreased from 187,382 to 165,000 ZIL;

3. Total DS Round reward has been increased to 275,000 ZIL;

4. TxFee in each block will be burned by the protocol design to lower the inflation rate.

[ZIP-11] presents a completely reworked staking system with new features such as:

Uncapped staking

Right now the total amount of ZIL which could be staked is 610 mln — about 6% of circulation supply, after update goes live there will be no cap, so it would be possible to stake up to 100% of ZIL circulation supply and still get 4,5% APY which is descent reward. APY table is presented below, please note that current circulation supply is about 10 mln ZIL.

Image for post

Non-custodial staking

Non-custodial here means that any tokens you want to be staked can be deposited directly in the contract and there’s no need to go through any intermediary entity acting as a custodian. Right now you can stake ZIL only with a few white-listed exchanges such as Binance, after the update you will be able to stake in a more decentralised way with popular ZIL wallets such as Moonlet Wallet.

gZIL tokens

You might have noticed the last DeFi hype called Yield-farming. Zilliqa team natively integrated a special governance token which will be a reward to ZIL stakers during the first year of staking. This token, as we know, is transferable so you will be able to swap it on ZilSwap DEX. It brings more decentralization to the ZIL ecosystem and more rewards to stakers as well.

Despite the little drop in mining reward, the upside potential of Staking 2.0 update is much greater than this tiny drop. Over the years ZIL team has proven to be deeply understanding of the market and is doing their best, so we at Ezil.me are very bullish on this update and the future of ZIL coin.

Please share your thoughts with us in our Telegram chat.

Ezil.me Team

*Disclaimer: Ezil.me team owns ZIL coins.*

Written by

The First ETH + ZIL Dual Mining. Stable mining. Regular payouts in both ETH and ZIL. Support of any Stratum miner.

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