Posted 1 year ago | by Ben Armstrong
Zilliqa (ZIL) Staking to be Available on Binance Soon
Binance will become the second major crypto exchange to support the staking of ZIL, and is reportedly going to introduce this feature later in June.
The team at Zilliqa recently announced to the ZIL community through a project update that the leading cryptocurrency exchange Binance will be supported staking of ZIL later this month.
“We’re thrilled to have secured world-class Tier-1 partner Binance to support the second staked seed node (SSN) service. They will announce their launch date soon, so make sure you follow their website updates.”
Binance to Support ZIL Staking
According to the team at Zilliqa, an official announcement also will be issued soon by Binance. The exchange will follow KuCoin as the second major crypto exchange to support the staking of ZIL.
Previously, Binance confirmed to allow staking on the same date and pay ZIL holders on the platform with at least a 50 ZIL balance an annual yield between 8%-10% in ZIL tokens.
Some Changes to the Staking System
Zilliqa also announced that it will adjust an earlier version of its staking proposal, which allowed for a maximum of 70 million $ZIL and annual returns from staking to be 10.42% for token holders.
When staking launches on the mainnet with the updated proposal, the maximum amount will fall from 700 million $ZIL to 610 million ZIL across all nodes, and also from 70 million $ZIL to 61 million $ZIL per node.
These changes are expected to ensure that the annual yield on ZIL stays at 10.03%, which is a high return for a Proof-of-Stake (PoS) cryptocurrency, or any asset at this point.
Zilliqa 2.0 Already a Reality
Besides the imminent launch of ZIL staking in the coming week, the Chief Scientific Officer of Zilliqa, Amrit Kumar, revealed that there is also a new version of the Zilliqa mainnet which is running with sharding, but the primary technology pioneered by the project still at its core.
While a date of the launch has yet confirmed, Zilliqa holders have been excited for the last few months by a promotional campaign that rewards users in ZIL for tweeting about the project.
Staking isn't well understood outside of the cryptocurrency community, but it could become a driver for increased investment in tokens. We are unlikely to see a big push up in global interest rates, and this could act as motivation for people to take a look at staking returns on tokens.