Zilliqa is the first public Layer-1 blockchain that uses sharding in its architecture. Sharding allows transactions to be processed in parallel and thus increases their speed. This guide will show you how to connect your ZilPay wallet and stake $ZIL via Zillion.
To learn more about Zilliqa, please read our article Introduction to Zilliqa: A Blockchain Platform Designed to Scale in Transaction Rates.
What is Zillion?
Zillion is a non-custodial staking platform. It gives users the benefit of a staking service distinguished for its simplicity and security. There are currently 21 Staked Seed Nodes available and more than 95745 delegators on Zillion.
What is the ZilPay Wallet?
ZilPay is a browser extension that can be used in the following browsers: Chrome, Firefox, Opera, and Brave. ZilPay enables a connection to the Zilliqa blockchain without running a full node. It offers a connection between the browser and the blockchain, and it is able to simplify Zilliqa usage and permit users to run Zilliqa apps from right within their browsers.
Developers can integrate smart contract calls, which enables the wallet to work directly with dApps. This makes it a lot easier for developers to work with the Zilliqa blockchain.
Why Stake ZIL?
Staking ZIL allows people to receive rewards by just delegating the coins to Everstake. By staking your coins, you let them work for you and increase your earnings while they’re sitting in your account.
How to Create a ZilPay Wallet
ZilPay is a browser extension for storing and transferring Zilliqa-based cryptocurrencies. To create it, go to the official ZilPay website and click the Chrome Extension button.
After that, you will be redirected to the Chrome Web Store. There you will need to click the Add to Chrome button.
When the extension is successfully downloaded, you will be redirected to the wallet creation page, where you can create a new wallet or restore an already existing one. If you do not have ZilPay, click Create.
The wallet will generate a random secret phrase that you have to remember in the following order. You may choose 12 or 24 words in a secret phrase.
After remembering and/or writing down the secret phrase, press the Continue button. You will see a page where you will need to recreate your secret phrase to prove that you have remembered it.
If you recreate your secret phrase in the right order, you will see an account creation page where you will need to name your account and create a password to access the extension.
If you perform all steps above correctly, you will see the same wallet extension as the image below.
Congrats! You have created your ZilPay wallet.
How to Stake $ZIL Tokens
This section will elaborate on how to stake $ZIL using ZilPay on the Zilliqa staking platform.
Step 1. Log in to ZilPay
Open the ZilPay extension in your browser and unlock your wallet by entering your password.
You will need $ZIL tokens for staking. If you do not have them in your wallet, you first need to replenish ZilPay by exchanging tokens on the exchange and then transfer them to your ZilPay wallet address.
Step 2. Connect ZilPay to the Zillion
Go to the Zillion Platform and press the Sign in for Delegators button.
Then Select ZilPay from the wallet list.
After that, press Unlock Wallet.
After confirming the connection in the ZilPay wallet, you will be redirected to the dashboard.
If you see the overview block, congrats! You have successfully connected your ZilPay wallet.
Step 3. Select an SSN Operator and Delegate $ZIL
Scroll the page down to the Staked Seed Nodes section and select an SSN operator (for example, Everstake).
Then press Stake to the right of the selected Staked Seed Node operator.
Enter the amount of $ZIL tokens you will stake and click Stake to confirm your transaction.
Note: There is a fee of 60 $ZIL for this transaction, and the minimum staking amount is 10 ZIL.
Please also ensure you will have at least 100 $ZIL after staking to pay gas fees for future transactions, such as withdrawals.
After that, you will be redirected to the ZilPay extension where you should accept your transaction by clicking the Confirm button.
After your transaction is sent, you will receive a pop-up with the number of your transaction.
If you have staked your tokens successfully, the transaction will appear in the My Staking Portfolio block. You can unstake your tokens by clicking Initial Stake Withdrawal in the same section.
That’s it. You have staked your $ZIL tokens!
Step 4. Claim Rewards
To claim your staking rewards, you need to hit the Manage button on the right of your Deposit and click Claim Rewards.
You will see the amount of your rewards in the Rewards section. Click the Claim button to claim them.
You will be redirected to the ZilPay extension where you will also need to confirm the rewards withdrawal. You will also need to pay a 60 $ZIL gas fee.
Conclusion
Congrats! You have claimed your $ZIL staking rewards.
Everstake validates 50+ blockchains, and we dedicate a team of community, DevOps, and R&D specialists to each of them. You get your community representative with Everstake. Feel free to contact our Zilliqa Blockchain Manager on Twitter.
