If you've been staking Zilliqa since the end of 2020 you might have noticed the appearance of a governance token in your wallet, GZIL. Now you might be wondering what to do with it. An Option for the Zilliqa Governance Token.
What is GZIL?
Over the last year you may have come across the Zilliqa governance token, gZIL in one fashion or another.
I have crossed with numerous folks who only after seeing GZIL appear in their wallet realized what and why they have it.
Basically this all means that if you are staking Zilliqa that for every 1000 ZIL in rewards you receive you will be blessed with 1 gZIL. You can check your wallet in the block explorer and see your totals overall.
With a fixed amount of gZIL to ever be minted within a timeframe no longer than fall of 2021, it's a lucrative time for those who are staking Zilliqa today.
After seeing what your balance is, you may be thinking you have to do something with those newly found governance tokens.
How to Engage in the Governance
One of the questions that always seems to rise to the surface is;
How does a person use a governance token to participate in the proposals of a project?
In general the process is quite simple as long as the gZIL holder knows where to go and look. The linked image below points you directly to the page where the proposals for Zilliqa are listed.
Once on the page you can connect a ZIL wallet or the keys to your ZIL from a multi-token wallet and then participate in the proposal process. It's pretty straight forward.
An Option if You Want to Exchange
Now if you're thinking that the governance proposal is an inviting proposition you have an option to engage. If you're on the other end of the spectrum thinking;
governance is an option for sure, but I'ld rather continue staking...
There is another option that might be right in line with what you're looking to do. For starters you may have found that under your favorite coin listing that gZIL has been picked up by CEX.io for trading, but the daily volume is quite low.
Another intriguing option is to swap through ZilSwap.io/swap.
The interface is very simple and provides a liquid option to turn your gZIL into ZIL straight away. Same as the proposal function, connect a wallet or provide your key to connect a different wallet and you can make the swap very quickly.
Conclusion
With all of the projects available in the crypto space along with the seemingly infinite set of options of governance it is refreshing to see the simplicity and streamlined approach that Zilliqa has taken on this endeavor.
The Zilliqa governance token gZIL represents an option where the holder can engage in the governance of the project or convert that opportunity into ZIL tokens. Either way it is a win-win for the HODLer inline with their own strategies.
From your perspective, what is the long term value of holding gZIL and not just the price?