Thread by @takegreenpill

This thread is a guide to staking $GZIL tokens on the Pillar Protocol (@devpillar) for Passive Income. The Pillar Protocol is on the @Zilliqa blockchain. This guide will walk you through everything you need to know from the beginning if you are new to Zilliqa.

$GZIL is the governance token of #Zilliqa. Zilliqa is a completely scalable blockchain. Its ecosystem and use case is similar to Ethereum in many ways. The main difference is that on Zilliqa, you pay pennies in gas fees compared to Eth gas fees.

A bridge between $Zil and $Eth has been created so people can transfer ERC & ZRC tokens and Apps between the 2 blockchains.

Pillar Protocol (PP) is a DeFi App on the Zilliqa blockchain. It is basically a decentralized bank. PP is governed by anyone who holds a Gzil token. This protocol generates a US Dollar pegged stable coin named Pillar.

Pillar is created when collateral is deposited into the PP vaults. The types of collateral allowed to be deposited into the vaults will be voted on by Gzil holders.

The different risk parameters are voted on by Gzil holders as well. PP is similar to the abracadabra.money app, but it just operates on Zilliqa.

You can stake your Gzil on Pillar Protocol to earn part of the interest that borrowers of Pillar have to pay. The interest rate to borrow Pillar is currently set to 0, but it probably will not last very long as Gzil holders will vote to increase it.

This guide will teach you how to stake GZIL tokens on the @DevPillar Protocol from scratch.

1) Set up a @pay_zil wallet (Zilpay Wallet). This is the main wallet that you use to store your $Zil, $Gzil, and other ZRC tokens, and interact with all the applications in the Zilliqa ecosystem. It is the “Metamask” of the Zilverse.

2) Your Zilpay wallet will be a browser extension and work very similarly to Metamask. If you are using a cold wallet like a Ledger, make sure you download the Zilliqa App on your Ledger.

3) Purchase $Zil so you can send it to your Zilpay Wallet that you just set up. A few thousand Zil is good to start for this guide. You will be purchasing GZIL, so take a look at zilstream.com to see the current price of GZIL and see how much GZIL you plan to buy.

4) Leave an extra 100 Zil in your calculation for future gas fees. Zil gas fees are dirt cheap. You can purchase Zil at many exchanges, including Binance and Kucoin.

5) Send your Zil to your Zil address listed on your Zilpay wallet. If you have a Ledger, connect your Ledger to your Zilpay Wallet BEFORE sending Zil to your Zilpay. To set up Ledger with Zilpay, click on the colorful circle on the top right next to your account address.

6) Then click on the little arrow pointing right at the bottom right of the screen. The little arrow button should be next to the plus sign button. Then the option to create your Zil Ledger address will pop up.

7) Send your Zil to your Zil Ledger address or your Zil regular wallet address from your preferred exchange.

8) Make sure you are logged into your Zilpay account and adjusted to the correct Zil address you want to use. Then go to zilswap.io/swap.

9) On Zilswap, you can purchase any ZRC token. But we are looking for GZIL. Click the name of the token in the bottom field on right (name might be default listed as ZWAP), scroll down, find GZIL (Governance Zil) and click it.

10) Complete the transaction from Zil to Gzil. Leave about 50 to 100 Zil for transactions for the future. Zil transactions are very cheap, the fastest Zil transaction speed might currently cost around 1.4 Zil for a swap on Zilswap.

11) Just choose the fastest speed, you can afford it. This isn’t Ethereum.

12) Check your Zilpay Wallet to confirm that your Gzil is listed there. Now go to app.pillarprotocol.com.

13) Click “Connect Wallet” on the top right to connect your Zilpay Wallet.

14) Click “Staking” on the top left to begin staking your Gzil.

15) Now this is a TWO step process. First click “Lock Tokens”. Type in the amount of Gzil you want to lock up. Click “Approve Gzil Tokens”. When the transaction is complete, go back and click “Lock Tokens” again.

16) This time, type in the same number of Gzil you approved (or less) and click “Lock Gzil Tokens”. Complete the transaction.

17) After you are done with your transactions, the number of GZIL that you staked should be listed under “My Shares” on the dashboard. You may need to refresh the page to see this.

18) Now you finished staking your GZIL on the Pillar Protocol. Congratulations. And if you are new to the Zilliqa ecosystem, now you can look around and see what other cool apps and ZRC tokens you want to interact with.

19) Wait patiently for Pillar stable coin to be borrowed from the Pillar Protocol by different users so you can start earning passive income through your staked Gzil.

20) If you have leftover Gzil tokens or you want to buy more Gzil, keep in mind that Gzil will be used for many other Zilliqa apps in the future. This is only the beginning.

21) This is not financial advice. This is only a guide for those who want to learn how to stake Gzil on Pillar Protocol, especially for those who are new to @Zilliqa.