What is the issuance and circulation of ZIL coins?

ZIL coins, issued through an ICO in 2017, are utilized as transaction fees, gas fees, staking rewards, and for governance on the Zilliqa blockchain.

Nov 10, 2024 at 09:48 am

1. Issuance of ZIL Coins

ZIL coins are the native cryptocurrency of the Zilliqa blockchain. They were first issued in 2017 through an initial coin offering (ICO), during which approximately 50% of the total supply was sold to the public. The remaining coins were distributed to the Zilliqa team, early investors, and for various ecosystem development initiatives.

2. Circulation of ZIL Coins

ZIL coins are freely tradable on various cryptocurrency exchanges and are used for several purposes within the Zilliqa ecosystem:

Transaction fees: ZIL coins are the primary currency for paying transaction fees on the Zilliqa blockchain.
Gas fees: Developers use ZIL coins to pay for smart contract execution and other computational tasks on the network.
Staking rewards: ZIL coins can be staked to support the security of the blockchain and earn rewards in the form of additional ZIL coins.
Governance: ZIL token holders have voting rights on governance proposals that shape the future development of the Zilliqa blockchain.

3. Total Supply and Current Circulation

The total supply of ZIL coins is capped at 21 billion. Of these, approximately 12.5 billion ZIL are currently in circulation as of May 2023. The remaining coins are allocated for future issuance and ecosystem development purposes.

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