How to Buy Zilliqa (ZIL)

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Contributor, Benzinga
April 5, 2022
verified by Ryan McNamara

Want to jump straight to the answer? You can buy Zilliqa on crypto.com.

Despite the relatively sluggish performance of the broader cryptocurrency market in the first quarter, Zilliqa (ZIL) –– one of the most promising high-throughput public blockchains –– has been on fire after announcing a new partnership. It reached $0.183, the highest price level since May 18, 2021, vastly outperforming the rest of the cryptocurrencies from CoinMarketCap’s top 100 cryptocurrencies by market capitalization. Zilliqa is now ranked higher than Harmony (ONE), Gala Games (GALA) and BitTorrent (BTT). 

The cryptocurrency first attracted notable attention on March 26 after suddenly spiking more than 75% within a single day. Despite selling pressure, ZIL managed to sustain its upward momentum, up over 75% over the last three days at the time of writing. Generally speaking, the rally was triggered after Metapolis, a soon-to-be-launched metaverse project powered by Zilliqa, announced its partnership with Agora — a global talent awards app. 

Sandra Helou, head of non-fungible tokens (NFTs) at the blockchain start-up, stated that the partnership could put Zilliqa in a dominant position in the metaverse sector. Prior to the partnership, Metapolis also secured key e-sport partnerships to improve visibility. Metapolis will be launched in early April in Miami, Florida. 

Disclosure: ²Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts

What is Zilliqa?

At its core, Zilliqa is a public Layer 1 blockchain protocol that seeks to scale financial transactions. The team’s primary mission is to create a network that is scalable and functional without jeopardizing safety and security. To achieve this goal, Zilliqa uses sharding technology that enables increased transaction rates as the network expands. The official team states that the latest experimental results highlight a throughput of more than 2,800 transactions per second. To achieve these features, ZIL, the network’s native cryptocurrency, is used to send transactions, execute programs and incentivize actors that support the network. 

In addition to scalability, Zilliqa aims to provide an efficient and secure smart-contract layer to allow developers to easily design and develop customizable decentralized applications (dApps) intended to replicate real world services. Within the network, developers use Scilla –– Zilliqa’s proprietary programming language –– to write and express the conditions of smart contracts conveniently. Scilla, short for Smart Contract Intermediate Level Language, was created by Zilliqa Research to power its high-throughput smart-contract platform safely. Nonetheless, Zilliqa is one of the many competing blockchains aiming to grow an ecosystem of dApps and cryptocurrencies, such as Ethereum and Tron.

Zilliqa’s primary point of differentiation is its sharding process. Zilliqa uses sharding to split its infrastructure into several interconnected blockchains. This method allows concurrent chains to execute transactions in parallel, ultimately increasing the overall capacity of the network. Additionally, Zilliqa uses a modified version of the proof-of-work (PoW) consensus protocol to validate transactions. Zilliqa’s team claims that this modified consensus model provides a more cost-effective version of mining than other PoW blockchains such as Ethereum. 

Brief History of Zilliqa 

The Zilliqa project was founded in 2017 by a group of researchers from the National University of Singapore. Initial team members were Amrit Kumar, Xinshu Dong, Yaoqi Jia and Prateek Saxena (who previously worked with Loi Luu, CEO and co-founder of Kyber Network), among others. The original team members incorporated the company behind Zilliqa (called Zilliqa Research) in June 2017, a few months prior to the first official testnet. 

To summarize, Zilliqa has a fixed inflation rate and has a capped supply –– a total of 21 billion ZIL tokens were created. The token supply distribution is:

  • 30% was distributed through the public sale
  • 10% was allocated to Anquan Capital
  • 12% was allocated to Zilliqa Research
  • 5.0% was allocated to the founding team
  • 3.0% was allocated to various supporting agencies including Bitcoin Suisse
  • 40% was reserved for future mining rewards, which will be distributed over a 10-year period.

Zilliqa reached an all-time high of $0.26 on May 7, 2021 before the 2021 cryptocurrency crash. 

How to Buy Zilliqa

If you’ve ever purchased cryptocurrency, you'll have a relatively easy time investing in ZIL. As a top 75 cryptocurrency by market capitalization, Zilliqa won’t be available on all exchanges, so you’ll have a limited number of options to choose from. A few notable exchanges that offer Zilliiqa include crypto.com, Kucoin and Binance.

  1. Open an online account.

    The first step to invest in Zilliqa is to open an account with an exchange that supports Zilliqa trading. Some characteristics you might want to consider when opening an account include:

    - The cryptocurrencies each exchange offers access to
    - Each exchange’s platform (beginners might want to start with a intuitive exchange like crypto.com)
    - Other assets that the exchange offers access to ie. stocks, real estate
    - Fee schedules, commissions and account maintenance fees
    - Security encryption, features and two-factor authentication availability

    After you select an exchange, open an account and follow the exchange’s process and instructions. Typically, the exchange will need to collect personal information before you can have access to all the features of the exchange. Some information you may need to provide includes your full legal name, address, phone number, email and photo ID.

  2. Buy or download a crypto wallet (optional).

    Additionally, you can use a hardware wallet or software wallet to store ZIL. Hardware wallets are a form of offline storage. They are considered to be the most secure method for storing digital assets such as cryptocurrency. A hardware wallet keeps your private keys offline and inaccessible to digital threats. Conversely, software wallets enable crypto holders to securely store their digital currencies and tokens in one place.

  3. Make your purchase.

    Once your account is open and funded, you can place an order to buy ZIL. First, you should check the market price of one ZIL to determine how much ZIL you want to buy. Additionally, when placing an order, be wary of the type of order you’re using. You can choose from multiple types of buy orders, and the order type you use can impact the amount you pay per coin and how quickly your order is filled. You can browse some of the most common order types here.

Best Hardware Wallet: Ledger 

Ledger claims to be the smartest way to secure, buy, exchange and grow your crypto assets. The Ledger Nano S is a hardware wallet that is especially suited for a wide variety of altcoins. For further information on how to integrate Zilliqa with Ledger, check out Ledger’s official website.

Trade, Sell or Convert your ZIL

You can buy, sell and convert ZIL to other cryptocurrencies on crypto.com’s exchange. Also, it is important to note that many exchanges allow you to stake ZIL to earn interest. For example, on the Binance Exchange, if you stake ZIL with a 90-day lock-up period, you can earn an annualized interest rate of 17.25%. There are options to stake your ZIL for 10, 30, 60 or 90 days, during which you won’t be able to sell your tokens. For long-term oriented investors, staking is a great way to earn more tokens.

Current Crypto Prices

The broader cryptocurrency market is recovering from a slow start to 2022. The cryptocurrency fear and greed index recently indicated that the market is greedy. With Bitcoin and most altcoins having shown significant strength lately, many analysts believe that a short-term correction is imminent before further moves upwards. The 14-day RSI indicates that most cryptocurrencies are overbought, which could be inviting bears to look for a reversal in prices. Looking ahead, Bitcoin may look to retest $45,000 and $42,000 before taking aim at a key psychological resistance level of $50,000. 

Is Zilliqa a Good Investment?

Given that Zilliqa skyrocketed recently, a prudent investor may wait for Zilliqa to stabilize before entering if high volatility persists. Nonetheless, given the growing popularity of Metapolis among other projects on Zilliqa’s network, it is reasonable to assume that demand for ZIL will continue to grow among investors in the future. If you believe that Zilliqa can continue to thrive and land future partnerships, Zilliqa could be a profitable way to capture the increasing value of the Layer 1 segment of the broader cryptocurrency market. 

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