In summary:
- Both teams at Zilliqa and Binance are ironing out the final details of staking on the latter platform.
- Staking of ZIL on Binance is projected to have high demand.
- As a result, the mechanics of staking on Binance are being restructured to maintain an annual yield of 5 – 10%.
- Staking of ZIL is currently live on KuCoin.
On the 18th of June, the staking of Zilliqa (ZIL) on the KuCoin crypto exchange officially went live. The wait for staking by investors was finally over. The excitement was evident in the market rally of ZIL a few weeks before staking went live on the exchange. Consequently and on the 11th of June, ZIL/USD experienced its all-time-high value of $0.0299 on Binance.
Staking Zilliqa on Binance Projected to Have High Demand
Furthermore, staking of Zilliqa on Binance is also in the pipeline with both teams ironing out the final details of the process on the platform. The team at Zilliqa has projected that staking on Binance will most likely experience high demand.
As a result, the Zilliqa team informed investors that they were restructuring the mechanics of staking on Binance to cater for the anticipated demand. The restructuring will bring about balance in the Zilliqa ecosystem by keeping staking attractive to other delegators of ZIL. The full explanation of the ongoing changes was explained as follows.
Binance Staking Update – 25 June 2020
We would like to provide a quick update on the @Binance Staking service, which is being provisioned now. Given the interest shown by the community, we are fully expecting that staking on Binance will attract an overwhelming take-up which could potentially impact the annual yield.
As such, and with the primary goal of keeping it attractive for delegators (given the constraints), the mechanics of staking on Binance is being restructured – more especially, in order to maintain an annual yield of 5-10%.
This restructuring could involve a ‘lockup’ period with a guaranteed tiered yield (between 5-10%) based on the length of the lockup period. The final live date will be announced as soon as the necessary changes on the infrastructure are made.
Thank you for your patience.
#Zilliqa $ZIL #ProgressWithZIL
Brief Technical Analysis of ZIL
Revisiting the earlier shared daily ZIL/USDT chart, the following can be observed.
- Zilliqa is still in a downtrend with the 50-day moving average providing a possible line of defense at approximately $0.016.
- On a macro level, the 100-day and 200-day moving averages provide adequate support at the $0.010 and $0.08 price areas respectively.
- Other short term zones of support include $0.0164, $0.014, $0.01132 and $0.0093.
- Trade volume is still in the red with both the MFI and MACD confirming the earlier mentioned downtrend.