One billion ZIL staked in first few hours as Zilliqa embraces DeFi

Staking will enable ZIL holders to participate in governance voting as the platform strives to become more decentralized, as well as earn rewards. The platform has introduced a new fungible token (NFT) to the network called governance ZILs, or gZIL, which will be earned alongside staking rewards in ZIL.

The platform also launched a decentralized exchange and token swapping protocol called Zilswap on October 5, which enables re-staking of previously earned rewards, or pooling ZIL to generate liquidity for yield farming rewards. President and Chief Scientific Officer of Zilliqa, Amrit Kumar noted the embrace of DeFI, saying: ZIL token prices have not reacted positively to the launch, however, and fell around 4.5% in the 24 hours to the time of writing.

Timeline of Zilliqa