Milestone: Zilliqa staking contract gains over $120 million in ZIL

TL:DR Breakdown

• ZILs staked on the recently-launched non-custodial Zilliqa staking contract has surpassed $120 million in value.
• In addition to the increasing number of stakes, the development relates to the growing price of the cryptocurrency.

The number of staked ZIL coins on the Zilliqa staking contract is nearing four billion, according to the data provided by the network explorer. On this massive, the total staked coins on the non-custodial staking contract have reached a milestone of over $120 million, despite the service only began a few months ago. Meanwhile, the crypto price has been making a push following the rally in the crypto market.

Zilliqa staking contract bags nearly 4 billion ZIL

The blockchain network, Zilliqa, presents itself as a secure and high-performance platform for building the next-generation DApps or decentralized applications and for enterprises. The non-custodial Zilliqa staking contract was reportedly launched on October 13 and attracted about one billion ZIL a few hours after launch. This indicated the community’s readiness to support the blockchain network.

Fast forward to today, the number has surged even further to almost four billion ZIL (3.846 billion ZIL) at the time of writing. Following the crypto’s price at $0.33, the total number of staked coins on the Zilliqa staking contract is worth about $126 million. The ZIL crypto is a few points away from its recent yearly high of $0.034 on Coinmarketap. However, ZIL has surged by 27 percent in the past 24 hours.

Woohoo🎉🎉🎉 $ZIL Staking contract has now locked over USD 100 million. pic.twitter.com/4HbSUZTwJE

— Amrit Kummer (@maqstik) November 25, 2020

KuCoin halts ZIL withdrawal amid mainnet maintenance

Besides the staking milestone today, the ZIL network underwent maintenance, which temporarily halted deposits and withdrawal for the cryptocurrency on the KuCoin exchange. Although the network recovery has been completed, the security engineer at Zilliqa informed in a tweet that there was an issue with the lookup node.

The network recovery of the Zilliqa mainnet has been completed. Our initial finding shows that there is an issue with our lookup and seed nodes servicing the public API, miners, and community-hosted seeds.

— mr.germskiller (@mrgermskiller) November 25, 2020