$ZIL ecosystem has grown rapidly in the last few quarters and at least some of it can be attributed to the cascading network effect of seed node staking. A thread on observations, thoughts and ideas on taking it to the next-level (bundled together with some tangible numbers).

👇

1/ Staking has so far locked around USD 400 million of $ZIL. In fact, the underlying incentive design has converted passive community members into daily active network users. And the numbers do speak. Since its launch, the daily txn volume on the network has increased by ~40%.
2/ The most immediate network effect of staking came in the form of $gZIL -- an ecosystem-wide governance token issued alongside staking rewards. $gZIL itself has driven a quarter million on-chain transactions (in the form of token transfers).
3/ The next impact of staking was on ZILSwap -- a DEX. $gZIL + $ZIL pool is the largest on ZILSwap. The $gZIL + $ZIL pool alone has over half a million in liquidity. $gZIL has also been the most traded asset on ZILSwap cumulatively reaching over USD 4.4 million since its launch.
4/ I believe that staking has potential for further cascading effect. Take the staking contract for example, we are looking at USD 400 million of $ZIL locked in there. This trapped liquidity is begging for another application to make use of it.
5/ This is where @DevPillar protocol may chip in. @chanwen_ is fiddling with this idea, where you delegate your $ZIL to a vault contract, which then stakes on behalf of you with the staking contract. Staking contract then issues $bZIL -- short for bonded $ZIL to you.
6/ Say for every 100 $ZIL staked, you get 75 $bZIL. You could now take your $bZIL and use it as a collateral in Pillar and borrow Pillar stablecoin. If the parameters are set right, it would be possible to pay back the interest rate for the loan via your staking returns.
7/ Another idea is around seed node operators themselves. These operators are currently serving API request for transaction data and help users connect with the Zilliqa network for sending their transactions. These operators can double up as a Chainlink-like oracle network.
8/ And the best part is that they already have an incentive coming from staking. So, no real need to issue any other token. Seed node operators could serve oracle requests such as price data in the same way they are currently providing Zilliqa network data.

More from All

You May Also Like

This is NONSENSE. The people who take photos with their books on instagram are known to be voracious readers who graciously take time to review books and recommend them to their followers. Part of their medium is to take elaborate, beautiful photos of books. Die mad, Guardian.


THEY DO READ THEM, YOU JUDGY, RACOON-PICKED TRASH BIN


If you come for Bookstagram, i will fight you.

In appreciation, here are some of my favourite bookstagrams of my books: (photos by lit_nerd37, mybookacademy, bookswrotemystory, and scorpio_books)
हिमालय पर्वत की एक बड़ी पवित्र गुफा थी।उस गुफा के निकट ही गंगा जी बहती थी।एक बार देवर्षि नारद विचरण करते हुए वहां आ पहुंचे।वह परम पवित्र गुफा नारद जी को अत्यंत सुहावनी लगी।वहां का मनोरम प्राकृतिक दृश्य,पर्वत,नदी और वन देख उनके हृदय में श्रीहरि विष्णु की भक्ति अत्यंत बलवती हो उठी।


और देवर्षि नारद वहीं बैठकर तपस्या में लीन हो गए।इन्द्र नारद की तपस्या से घबरा गए।उन्हें हमेशा की तरह अपना सिंहासन व स्वर्ग खोने का डर सताने लगा।इसलिए इन्द्र ने नारद की तपस्या भंग करने के लिए कामदेव को उनके पास भेज दिया।वहां पहुंच कामदेव ने अपनी माया से वसंतऋतु को उत्पन्न कर दिया।


पेड़ और पौधों पर रंग बिरंगे फूल खिल गए और कोयलें कूकने लगी,पक्षी चहकने लगे।शीतल,मंद,सुगंधित और सुहावनी हवा चलने लगी।रंभा आदि अप्सराएं नाचने लगीं ।किन्तु कामदेव की किसी भी माया का नारद पे कोई प्रभाव नहीं पड़ा।तब कामदेव को डर सताने लगा कि कहीं नारद क्रोध में आकर मुझे श्राप न देदें।

जैसे ही नारद ने अपनी आंखें खोली, उसी क्षण कामदेव ने उनसे क्षमा मांगी।नारद मुनि को तनिक भी क्रोध नहीं आया और उन्होने शीघ्र ही कामदेव को क्षमा कर दिया।कामदेव प्रसन्न होकर वहां से चले गए।कामदेव के चले जाने पर देवर्षि के मन में अहंकार आ गया कि मैने कामदेव को हरा दिया।

नारद फिर कैलाश जा पहुंचे और शिवजी को अपनी विजयगाथा सुनाई।शिव समझ गए कि नारद अहंकारी हो गए हैं और अगर ये बात विष्णु जी जान गए तो नारद के लिए अच्छा नहीं होगा।ये सोचकर शिवजी ने नारद को भगवन विष्णु को ये बात बताने के लीए मना किया। परंतु नारद जी को ये बात उचित नहीं लगी।