Zil is the native utility token of Zilliqa network used as payment for transactions and smart contracts execution. Zilliqa is a permissionless public blockchain that relies entirely on a sharded network. This makes it possible to achieve high throughput and a high rate of transactions per second, allowing it to solve the problem of blockchain scalability and speed without compromising security—an effective way of circumventing the blockchain trilemma.
Here's a step-by-step guide on staking $ZIL tokens:
First, you need to switch to the Zilliqa chain in your Frontier Wallet that has native support for staking ZIL.
You can do this by tapping on the top left dropdown list above your wallet address and selecting the Zilliqa chain.
Once the wallet is selected, select the ‘Stake’ option on the top of your home screen.
This will open the ongoing staking opportunities on the chain with the corresponding APR rewards. Select ZIL to proceed.
You will now open the ‘Validators’ screen, where you can browse the various validators and their uptime, commission %, number of tokens delegated, and rewards. Choose the validator you wish to use to proceed.
On the next screen, you can enter the number of ZIL tokens you wish to stake. If you wish to stake all your tokens, tap on ‘Set max.’
Once you enter the number of ZIL, Frontier will calculate the projected gains daily, monthly, and yearly. This is estimated based on the present APR and ZIL tokens you stake.
Read any notes associated with the staking cooldown period. Once you are ready, select ‘Review’ to proceed.
In the ‘Review transaction’ screen, you will see a summary of the ZIL you have chosen, its present market value, and your chosen validator.
Select ‘Stake’ after reviewing all the details.
You will be prompted to enter your Frontier passcode to verify the staking request.
You request will be submitted to the blockchain, and you will be notified once it is completed.
Once complete, you will be able to see the staked tokens in your positions tab, or at the ‘Staked’ tab under ‘Stake’ on your wallet home screen.