Hey guys, welcome back to Zilliqa Zebra. If you are planning to transfer or migrate your staked ZIL from one SSN operator to another one, but unsure of how to do it, then this guide is for you. In this video, I will assume that you are Staking your ZIL in one of the SSN wallets such as Atomic Wallet or Moonlet, and you would like to shift your staked ZIL to another SSN provider via Zillion.
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For this video, we will assume that you are familiar with Zilliqa staking, and have a general understanding of the various available SSNs or Staking Seed Nodes. You are also assumed to be aware of how to optimize your staking rewards for the most optimized or best return or APY. If you are not, I recommend you to check out my other video in the description below.
To really understand the concept of transferring your staked ZIL, let us create an actual scenario using Zilliqa Zebra. Zilliqa Zebra is currently staking an amount of 1 million ZlL on the Moonlet wallet app. He understands that he needs to ideally claim his reward every two to three days to optimize the compounding effect.
Zilliqa Zebra understands that Moonlet, as well as Atomic Wallet charges a 5% commission or fee for each claim. To simplify this, it means that Moonlet's 5% Staking commission is charged only on your APR, meaning that if you can claim 1000 $ZIL staking reward, the staking commission would translate to 50 $ZIL.
Zilliqa Zebra then calculates how much he would be getting in terms of staking rewards. At the current 13.87% APR, he should be earning about 11,411 $ZIL per month or about 138,722 $ZIL a year. Based on this, Moonlet will charge a fee of 5% or about 6942 $ZIL a year, which is about 675 us dollars.
Zilliqa Zebra then did a comparison and realised that CEX.IO is only charging 1% commission. With the same 1 million $ZIL staked, CEX.IO will only charge 1387 $ZIL or about 135 US dollars! By choosing the latter SSN, Zilliqa Zebra will save about 540 us dollars a year! Do note that this calculation is based on a linear hypothesis. If Zilliqa Zebra diligently claim and restake his rewards every other day, the cost saving will be much more.
Convinced that he should change SSN, Zilliqa Zebra decides to try to switch his SSN from Moonlet to CEX.IO. Zilliqa Zebra will first need to understand how to use the "Restore Function" on his Zilpay. Why does he need to do this? For example, Zilliqa Zebra already has a Zilpay wallet which he accesses via his browser extension. He realises that the Zilpay address is different from the address on his Moonlet wallet. In order to migrate or transfer his staked ZIL, he needs to log out of his Zilpay wallet and then restore his Zilpay with his Moonlet address.
To do so, he will first click on the" logout" button on Zilpay via the extension. Then, he will retrieve his key phrase for the Moonlet address. Zilliqa Zebra has kept this important and confidential keyphrase safely. He will click on the " Restore" button and enter the keyphrase to restore his Moonlet address onto Zilpay. But he knows that if he's unsure of the key phrase, he can find it on the Moonlet app. He just needs to click on the top right wallet icon and then Slide right then click on "unveil phrase" to retrieve the phrase.
Next, Zilliqa Zebra will go to "stake.Zilliqa.com" and sign in as a delegator by connecting his Zilpay. He will see that his 1 million $ZIL is accurately reflected under " My Staking Portfolio". He will then click on " Manage" and then "Transfer Stakes". He then selects CEX.IO, Click on" transfer Stake" and finally, approve the transaction on Zilpay.
The transfer is done!
Now, Zilliqa Zebra realises that he now has two addresses which he can access Zilpay with, and he realises that this is not very efficient. He would rather have his assets in one wallet. He can use a really useful feature to transfer all his existing assets from one wallet to another wallet. All he need to do is to click on the “Transfer” icon on the top right of the page, and then enter the address that he wants his assets to be transferred to. Remember that the process is irreversible once the recipient has accepted your request!
I hope this video helps you to better understand how to recovery your Zilpay wallet and how to transfer your staked $ZIL between various SSNs. Although I have used Moonlet and CEX.IO as examples, I do not endorse or promote any specific SSN, as each SSN as its own unique vision as well as operating model beyond the commission rates. For example, Ignite DAO has a vision of a Profit Sharing Community and it's upcoming Torch Wallet will have useful features such as Zilswap limit orders and automatic $ZIL staking, so you might want to do your research on Ignite DAO and other SSNs.
What is most important, in my opinion, is that the Zilliqan community must rally and come together to share information, so that we all benefit together as a community. In this way, we will influence the SSNs to keep innovating on new features as well as to keep the staking commissions competitive.
That's all I have for this episode of Zilliqa Zebra. Don’t forget to subscribe to my channel for your regular dose of Zilliqa and cryptocurrency news. And check out my other videos which might be of interest to you. Goodbye!
Zilliqa Zebra provides news, updates, how-to, guides and all things related to the Zilliqa, the first public blockchain to implement sharding on its mainnet. Zilliqa Zebra also shares weekly price predictions on Zilliqa.
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