What is Zilliqa?
Zilliqa is a public blockchain platform launched in 2017 following an initial coin offering (ICO) that gained traction within the blockchain research community, especially from the National University of Singapore. Zilliqa's primary technical innovation is its implementation of sharding, a technology that splits the network into smaller component networks (“shards”) to process transactions in parallel, significantly increasing throughput. The consensus mechanism combines Practical Byzantine Fault Tolerance (PBFT) for finality with proof-of-work (PoW) for Sybil resistance, making it both secure and efficient.
Zilliqa’s native smart contract language, Scilla, is designed for enhanced security and formal verification, targeting decentralized applications (DApps), DeFi protocols, and NFT marketplaces. The native token, ZIL, adheres to the ZRC-2 token standard and powers all on-chain activities, including transaction fees and network governance. Since its mainnet launch in early 2019, Zilliqa has attracted ecosystem partners and developers seeking scalable, cost-effective platforms for real-world blockchain use cases.
Who are the founders of Zilliqa?
Zilliqa was founded by Dr. Prateek Saxena in 2017, who was a faculty member at the National University of Singapore. The project initially grew out of research conducted at NUS, with Saxena and his team aiming to solve blockchain scalability issues. Other key contributors included Amrit Kumar and Xinshu Dong, who played significant roles in bringing Zilliqa from academic concept to operational mainnet. The founding team leveraged their academic backgrounds to create a blockchain designed for high-throughput applications.
Zilliqa project milestones
- 2017 — Zilliqa ICO completed, raising funds for initial development.
- 2018 — Testnet launched, demonstrating sharding for the first time on a public blockchain.
- 2019 — Mainnet launched, introducing ZIL token migration from ERC-20 to native ZRC-2 standard.
- 2020 — Introduction of staking on Zilliqa, allowing ZIL holders to participate in network security.
- 2021 — Launch of ZILSwap DEX and support for NFT platforms, expanding DApp ecosystem.
- 2022 — Notable partnerships with financial service providers and integration of cross-chain bridges.
How many ZIL coins are in circulation?
Zilliqa has a maximum supply of 21 billion ZIL. The current circulating supply can be checked on major market data providers, as it changes with ongoing block rewards and staking. ZIL’s tokenomics are transparent, with the majority of tokens having been distributed during the initial ICO and subsequent mining. The supply schedule is designed to gradually decrease issuance, supporting long-term ecosystem stability.
Tokenomics of Zilliqa (ZIL)
The ZIL token is the native utility and governance asset of the Zilliqa ecosystem. ZIL powers transaction fees, smart contract execution, and serves as the medium for staking within the network. The initial distribution allocated tokens to the community, project development, and ecosystem growth, with a capped maximum supply of 21 billion ZIL to ensure predictable long-term economics.
ZIL holders can participate in staking by delegating their tokens to staking providers, thereby contributing to network security and earning rewards in return. The staking mechanism relies on a delegated Proof-of-Stake (dPoS) model, enhancing network decentralization. Transaction fees are always paid in ZIL, and network participants use ZIL to deploy and interact with smart contracts written in Scilla.
Zilliqa’s inflation rate decreases over time as block rewards diminish, moving the network toward a deflationary trend as the maximum supply is approached. Governance features allow ZIL holders to vote on network upgrades and proposals, further embedding ZIL in the platform’s decision-making. Cryptocurrency markets are highly volatile. Always do your own research before making any swap or investment decision.
Key features of Zilliqa
- Sharding architecture: Zilliqa splits its network into multiple shards, enabling high throughput by processing transactions in parallel and scaling efficiently as more nodes join.
- Hybrid consensus mechanism: The network uses a combination of proof-of-work (PoW) for Sybil resistance and Practical Byzantine Fault Tolerance (PBFT) for consensus finality, optimizing both security and speed.
- Scilla smart contract language: Zilliqa’s contracts are written in Scilla, a language designed for formal verification and reduced attack surfaces, particularly for financial applications.
- Staking and governance: ZIL holders can delegate tokens to staking providers, participate in network security, and vote on governance proposals.
- Interoperability: With the integration of cross-chain bridges, Zilliqa supports asset swaps and communication with other blockchains, expanding its utility in the crypto ecosystem.
- Token standards: ZRC-2 standard enables the creation and management of fungible tokens, facilitating DApp and DeFi development on Zilliqa.
Average fees on the Zilliqa network
Zilliqa is recognized for offering low transaction fees compared to many other public blockchains. On average, fees for a standard ZIL transfer are typically measured in fractions of a cent, making Zilliqa suitable for microtransactions and high-frequency DApp usage. However, the exact fee paid depends on network congestion, the complexity of the smart contract being executed, and the current gas price set by the protocol.
As of recent network activity, users generally experience stable and predictable fee levels. Factors such as the number of active transactions and the computational requirements of each transaction can influence the total cost. ZIL fees are always paid in the native token and are transparent at the time of initiating any swap or transaction.
ZIL crypto wallets
Zilliqa (ZIL) is supported by a variety of crypto wallets, ranging from native solutions to widely used multi-coin wallets and hardware devices. Choosing a wallet depends on your preferred balance of accessibility, security, and additional features such as staking or DApp access.
- ZilPay Wallet — Browser extension wallet designed specifically for the Zilliqa blockchain, supporting DApp interactions and ZIL staking.
- Moonlet Wallet — Mobile and browser extension wallet offering ZIL support, secure key management, and staking options.
- Trust Wallet — Multi-coin wallet with built-in DApp browser, supporting ZIL and other major cryptocurrencies.
- Ledger Hardware Wallet — Leading hardware wallet (Nano S and Nano X) supports ZIL storage and management via the Zilliqa app and compatible interfaces.
- Atomic Wallet — Desktop and mobile multi-asset wallet enabling ZIL storage, swaps, and portfolio management.
Why exchange Zilliqa on SwapSpace?
- Aggregator model: SwapSpace is a crypto exchange aggregator that compares rates from multiple integrated exchanges in real time, so users can select the optimal ZIL exchange rate available at the moment of their swap.
- Non-custodial process: ZIL is sent directly to your wallet after each swap; SwapSpace never holds user funds, keeping your assets under your control at all times.
- No sign-up or registration: Crypto-to-crypto swaps, including ZIL swaps, require no account creation, no registration, and no KYC, supporting privacy and convenience.
- Fixed and floating rate options: Choose between fixed rate (for price certainty) and floating rate (for potentially better market prices) when you exchange Zilliqa or any other supported crypto.
- Wide coin coverage: Thousands of supported coins and tokens, making it easy to exchange Zilliqa against a broad range of cryptocurrencies.
- 24/7 live support: Dedicated support team available around the clock to help with ZIL swap questions or troubleshooting.
- Fast execution: Most ZIL swaps are completed within minutes of the deposit reaching network confirmation, so you can exchange ZIL instantly without long waiting periods.
Cryptocurrency swaps involve risk and volatile price changes. Always research before deciding to exchange ZIL or any digital asset.
