Where to stake Zilliqa(ZIL) tokens and earn passive income? In this guide an exclusive view on the best places to stake Zilliqa crypto!
Passive income is a very popular strategy that the rich use to acquire additional wealth. In fact, there are many ways to generate a passive income that is still available today. However, there are new options that are growing and expanding in the cryptocurrency market.
One concept is called staking which in short allows cryptocurrency holders to earn additional cryptocurrency with low risk.
In this guide, I’m going to discuss the best places to stake Zilliqa or ZIL tokens. Also, a detailed plan to start staking ZIL tokens on the different platforms.
Best Places To Stake Zilliqa(ZIL)
- Binance(Best option for beginners)
- CEX.IO(Most trusted exchange in Europe)
- Huobi(Best option for Asian investors)
- Atomic Wallet(Popular multi-crypto wallet)
- Guarda Wallet(User-friendly crypto wallet)
- Moonlet(Cross-platform crypto wallet)
- Zillet(Official Zilliqa supported wallet)
- Ledger Nano(Offline hardware wallet)
Also, in case you don't own any ZIL yet, consider this post: best exchanges to buy Zilliqa(ZIL) first. The quickest way to acquire new Zilliqa tokens 😀
What is Staking Zilliqa? What does Staking Zilliqa Mean?
Zilliqa employs PoS (Proof of Stake) consensus mechanism, which is different from Bitcoin’s PoW (Proof of Work). If you are not familiar with crypto mining then you must already know that cryptocurrencies are being minted within a decentralized network.
In short, Bitcoin uses a hardware solution for this which is called Proof of Work. On the other hand, there are software solutions called Proof of Stake(PoS) that Ethereum and Solana are using to mint new coins.
By staking your ZIL tokens, you help secure the network and earn rewards while doing so.
How Does Zilliqa Staking Work?
In general, when you stake ZIL from a wallet you do this by delegating your tokens to validators who process transactions and run the network.
Delegating a stake is a shared-risk shared-reward financial model that may provide returns to holders of tokens delegated for a long period. This is achieved by aligning the financial incentives of the token-holders (delegators) and the validators to whom they delegate.
Additionally, the returns or yield for staked tokens is based on the current inflation rate, the total number of ZIL staked on the network, and an individual validator’s uptime and commission (fee).
Ultimately, no specific technical expertise or investment in costly hardware devices is needed. You just simply lock up your ZIL coins in a wallet and get rewarded while you sleep! 😄
Best Platforms to Stake Zilliqa Crypto: Comparison
To continue, this comparison guide provides an overview of where to stake Zilliqa to earn rewards and a passive income. The research is based on assessing the platform’s features, estimated annual yield, staking type, and level(crypto user).
|Binance||13 – 17%||Locked||easy|
Staking Zilliqa(ZIL) at Cryptocurrency Exchanges
If you already have an account at Binance or Kucoin and practice some cryptocurrency trading already, then the easiest way would be to start staking ZIL there. Below I’ll explain the options you have for staking Zilliqa on the most popular exchanges in the world.
Based on daily(24h) trading volumes, Binance is the biggest cryptocurrency exchange in the world. Also, it has millions of cryptocurrency traders using its platform on a daily basis. Besides trading, Binance offers several other feature-rich products, including custodian wallets, crypto margin trading, lending service, and earning rewards with staking.
Trading a Binance can be done with almost zero fees(0.075%) and you can use this link when signing up. It will give you an additional 10% discount on fees for life 🙂
At the time of writing, Binance offers 50(+) staking products such as ZIL for its users to enjoy free staking rewards by simply depositing and holding coins on Binance. Moreover, there are no fees involved when staking SOL tokens on Binance.
POS staking ZIL on Binance
The benefit of staking ZIL on Binance is that cryptocurrency traders can opt to stake Zilliqa tokens while waiting for a trade. Traders can benefit from the staking rewards in addition to potential trade profit.
Steps to start staking ZIL on Binance
To start with staking Zilliqa(ZIL) at Binance, follow these steps:
- Create a free account at Binance
- Navigate to ‘Finance’ at the top menu and choose ‘Binance Earn’
- Enter ZIL in the Dropdownlist(just below ‘Binance Earn‘ header)
- If you don’t have ZIL funds in your wallet ‘Market buy’ some or deposit
- Click ‘Subcribe’ button and store ZIL tokens here
|🔔 If you are interested in trading, buying, or selling crypto(Zilliqa) but don’t have experience with a trading interface. Read my helpful guide: Start crypto trading at Binance.|
Founded in London, UK in 2013, CEX.IO is a multi-functional cryptocurrency exchange that provides multiple financial services. They offer brokerage services as well as a trading platform for users. Also, CEX.io provides users with a wide range of essential features to ensure they can conveniently buy, sell, and trade digital currencies in a trusted and secured environment.
For instance, SEPA transfers on CEX.io are really convenient even for those who possess little knowledge on how to go about it. Deposits are completely free while withdrawal attracts a €1 transaction fee.
Amongst EU citizens trading at this exchange is a good alternative mostly because of its high daily trading volumes where about 70 different altcoins can be traded. Crypto staking is another feature that easily can be practiced from within the exchange wallet.
Staking ZIL on CEXIO
To start staking Zilliqa(ZIL) at CEX.IO, perform the following steps:
- Create a free account at CEXIO
- Navigate to ‘Earn’ at the top menu and choose ‘Go to Staking’
- Select ZIL from the dropdown list
- If you don’t have ZIL funds ‘Market Buy‘ or ‘Deposit‘
- Click ‘Save‘ and continue
Huobi is a popular crypto trading exchange based in Seychelles that was originally founded in China in 2013. The company behind the exchange has grown dramatically with offices located in Hong Kong, South Korea, Japan, and the United States. In 2018, the company became publicly listed in Hong Kong.
In particular, Huobi Global offers a great platform for trading(buy and sell), storing, and earning cryptocurrencies in a secure and convenient way. Moreover, this exchange serves tens of millions of users in more than 195 countries worldwide with over 60 payment methods for converting fiat into crypto.
Spot trading cryptos can be done at a fee of 0.2% and it is also important to note that withdrawals from the platform can be done at zero fees.
How to stake Zilliqa on Huobi
Staking ZIL on Huobi can be done as follows:
- Go to staking section here
- Find Zilliqa and Click on ‘Stake now‘ button
- If you don’t have ZIL funds market buy first or deposit
- Lock funds in the wallet
Staking Zilliqa(ZIL) from Crypto Wallets
Next, is a list of popular wallets you can use to stake Zilliqa tokens without leaving the coins at a third-party platform like a centralized cryptocurrency exchange. Also, these places to stake Zilliqa give you full control over your cryptos.
Next wallet that allows to stake Zilliqa(ZIL) is Atomic Wallet. This decentralized cryptocurrency wallet can be installed on multiple devices including desktop and mobile and supports more than 500 coins and tokens. Storing and sending cryptos is a very easy exercise on Atomic. Where private keys will remain on the device for extra safety.
Besides staking from the wallet, users can also purchase new crypto because Atomic. wallet uses a built-in exchange feature. This feature uses a third party(Changelly) so buying comes at a cost: 2% additional fees at a minimum of $10 each.
All in all, Atomic wallet supports staking for 15 different coins and Zilliqa(ZIL) is one of this list. The annual ROI for staking Zilliqa on Atomic is 15% which is the highest in the entire market.
How to start Staking Zilliqa on Atomic Wallet
- Visit the Atomic website, start downloading, and install
- Start purchasing ZIL or deposit ZIL here
- Click on ‘Staking’, scroll down to find Zilliqa, and click ‘Stake now’
- Transfer some of Zilliqa coins here
Next on the list of places to stake Zilliqa is Guarda Wallet. Guarda wallet is the ultimate solution for modern crypto management. Moreover, all activities related to crypto can be done from the comfort of one single app. Earn with staking, purchase crypto instantly, and exchange at the best rates. Additionally, get crypto loans, or add an extra security layer with Multisignature, and the list goes on.
The Guarda app allows you to store your private keys locally. Guarda encrypts all your data and securely stores it on the device itself – no one can gain access to your funds except you. Besides, you can enable Touch ID to access the crypto storage without having to type the password every time.
Staking Zilliqa(ZIL) on Guarda Wallet
First, visit the Guarda website here.
- Start downloading and installing the app
- Start purchasing ZIL or deposit ZIL here
- Click on ‘Staking’, scroll down to find Zilliqa, and click ‘Stake now’
- Transfer some Zilliqa coins here
Moonlet is a non-custodial cryptocurrency wallet that allows you to manage, stake, and send smoothly different crypto assets. Moreover, it’s very handy for any long-term investors or “HODLer” in Zilliqa.
In detail, it’s a cross-platform crypto wallet, therefore it works on all iPhone and Android mobile phones, as well on Chrome as an extension.
Staking Zilliqa on Moonlet
To start staking Zilliqa on Moonlet, follow 3 very simple steps:
- Tap ‘Stake Now‘ button from the Zilliqa dashboard.
- Confirm $ZIL amount and tap on the ‘Stake now‘ button.
- Sign all transactions to start broadcasting to the blockchain.
Zillet is a web wallet designed by the Zillet team and made available as an open-source wallet. Meaning it’s a web wallet used for the Zilliqa blockchain and acts as a client-side interface. The idea is that you are in full control of your funds and keys and at the same time you can interact with the blockchain in a direct way.
The user experience of Zillet is straightforward and easy to understand for the advanced crypto user who knows how to handle dealing with keys and connecting to external wallets. Examples of ways to connect to other wallets/blockchains are the ‘Moonlet connect‘ option and ‘Connect to Ledger‘ option.
ZIL Staking on Zillet
- In Zillet, select the ‘staking’ tab. You’ll see the stake option there. Click on it.
- Enter the amount you want to stake and click on the stake button
- (Optional) You can also choose the SSN node you want to delegate to
Finally, it’s just waiting for the transaction to get confirmed and start earning ZIL rewards.
Ledger Nano hardware wallet
If you favor being in full control of your own cryptos then the Ledger Nano hardware wallet should be it. Particularly, the Ledger Nano wallet is a USB storage wallet with Bluetooth connectivity available.
Also, this way it’s possible to store your cryptocurrencies offline which is the most secure option. Furthermore, the wallet enables users to perform a wide variety of functions, including sending and receiving bitcoin from blockchains or running third-party apps on the device.
Besides storing coins on the wallet, users can also purchase new crypto because of Ledger wallet uses a built-in exchange feature. This feature uses a third party(Coinify) so buying comes at a cost: 4.5% credit card fees or 1.7% for bank transfers.
Staking Zilliqa with Ledger Nano
Firstly, I want to mention that ZIL staking isn’t officially supported by Ledger and therefore you can only store tokens offline with this device. However, if you favor keeping your private keys offline then you can still do this in combination with the Moonlet web wallet.
Particularly, this wallet is designed to be a cross-platform wallet and has a built-in hardware wallet feature. Besides, earlier in this guide, I mentioned this wallet including how to set up a Zilliqa wallet there.
After you have installed the App on your device you instantly have the option ‘Connect your Ledger’ that allows you to stake offline. More info on this can be found here.
|⚠️ Warning: Always make sure to buy your Ledger Nano devices from the official online store. In fact, third-party sellers have been known to tamper with Ledgers.|
Final Words: Is Staking Zilliqa worth it?
Staking Zilliqa is currently a very popular method among crypto enthusiasts to generate passive ZIL income with zero risks. In this guide in which I covered where to stake Zilliqa in greater detail, I also compared the different platforms in terms of rewards and lock-up periods.
Additionally, the idea of staking Zilliqa(ZIL) is simple where every single ZIL token will generate new ones. Moreover, Zilliqa or the ZIL token is a rising asset in terms of value where even holding a small amount can make a difference in the long run.
All in all, whatever option you decide to choose, staking ZIL is a perfect solution for you to earn additional cryptocurrency while you sleep.
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