- Zilliqa Staking Asset Now on Binance Network
- Binance will be ZIL’s second staking partner
- Zilliqa noted that the addition of more exchanges will increase their value and efficiency
Zilliqa News Today – Zilliqa staking asset has now been provided on Binance exchange. Zilliqa’s native token ZIL will be made available for staking on Binance’s network. Additionally, KuCoin will allow the ZIL staking option as well for all registered users from 18 June. According to the official announcement, Binance has become the second staking partner of Zilliqa’s ZIL token after the KuCoin network previously backed the digital asset. Regarding the latest move, Zilliqa said the addition of more exchanges is a move to increase its value and efficiency. It is all about helping the ecosystem grow and pushing its decentralization to the next level. Zilliqa stated that:
“Staking will be made available for Zilliqa seed nodes to our miner ecosystem, token holders, and developers. Which will create more use cases for ZIL.”
About the Change to ZIP-3 Staking Proposal
Binance said it has activated Isolated Margin trading for Zilliqa, and OmiseGo. The new Isolated Margin Pairs on Binance include ZIL/BTC, ZIL/USDT, OMG/USDT, and OMG/BTC. Regarding the move, Binance said:
“We are happy to announce a zero-interest promotion for borrowing OMG and ZIL from 6:00 AM UTC 2020/06/09 to 05:59 AM UTC 2020/06/16.”
Zilliqa additionally said that it has made some changes to its staking parameters because of the recent drop in inflation. Based on the current situation and mathematical enforcement, Zilliqa’s staking amount has been cut down from 700 million ZIL to 610 million ZIL in all nodes. It has also been cut down from 70 million ZIL to 61 million ZIL for every single node. The changes were made to maintain the networks’ annual yield at 10%.
Zilliqa Staking on KuCoin Will Commence as Planned
It is important to note that ZIL staking on the KuCoin exchange which is originally slated to start on June 18 will begin as planned. According to the report, the exchange will utilize a soft staking approach. This approach will not force users to lock their funds before they can even qualify for rewards. Some snapshots of Zilliqa balances will be taken over 24-hours. Additionally, rewards will be deposited accordingly the next day.
It also paramount to note that trading of ZIL/USDT (paired with Tether) will be made available on Bitbns exchange from June, 12 the form announced. Recall from a previous report about how Zilliqa has had its eyes fixed on implementing DeFi (decentralized finance). All of the above moves by the network is proof that it is striving hard to meet user demands and grow among the top.