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Zilliqa Enters DeFi – Marching With Zilswap & Zillion

Recently Zilliqa entered DeFi space and launched two critical projects: Zilswap and Zillion.

Zilswap is a decentralized exchange platform built on Zilliqa which is targeting to bridge the ERC token of Ethereum network with ZRC token of Zilliqa blockchain by the end of 4th quarter. Currently, there are only ZRC-2 tokens available for swap in Zilswap. You can find two lists: Registered tokens – these are legit and verified and Others token – these are unverified ZRC-2 tokens.

Note: Anyone can create ZRC-2 tokens with a cost of as little as 5 Zil.

Some of the important links for Zilswap:

There are more than 20 tokens available in Zilswap right now. Some of the popular are BOLT, gZil and XSGD. Please be aware of unverified tokens as some of them can be scams.

Zillion is a non-custodial staking portal where users can stake their Zil tokens for a return ranging from 48% to 4%.

Staking Rewards of Zil Staking

On top of Zil rewards, there is a reward of 1 gZil (per every 1000 rewarded Zil) which is a governance token that will be used for DAO to vote proposals in Zilliqa. gZil will be issued for only a year and there will be no more than 722,700 gZil.

Users can stake in Zillion portal directly with ZilPay or Ledger as delegator by choosing the Staked Seed Node (SSN). Among 7 SSNs available, Zillacracy and Moonlet are on top which charges 2.5% commission fee out of rewards. Apart from Zillion, staking also is available in Moonlet Wallet. Atomic wallet is also supporting this very soon.

If you stake 100,000 Zil then considering the average APY to be 24% for the first year deducting SSN commission, then it is best to manually compound every week.

Compounding MethodGainsGas FeeActual GainsNotes
Continuous30764.64n/a30764.64Not available
Daily27114.89547.526567.39
Weekly27054.7416226892.74Best Case
Semi-monthly26973.4612026853.46
Monthly26824.186026764.18
Semi-annual25440.003425406.00
Annual24000.003023970.00Worst Case
Zil Staking Compounding Returns

Important things while staking Zil:

  • Rewards are distributed at every 18 DS epoch which is roughly 24 hour period. (currently rewards are distributed every 4 hours because of a temporary fix on a bug).
  • It is advised to claim the rewards frequently (weekly to gain most) so that you can re-stake to get compound returns.
  • It is at least mandatory to claim the reward before a year ends else you will get your unclaimed gZil burnt.
  • Always look into commission rate of SSN and stake with reliable SSN with lowest commission fee.

After the launch of Zilswap and Zillion, many other projects are coming up in partnership with Zilliqa. Stay tuned!

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Krishna
Krishna is an initial CDT member of RECAP blockchain network; a crypto enthusiast who has worked on multiple startups since 2013.
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