Binance, one of the largest Bitcoin exchanges by trading volume supports Tezos Staking from December 4. The price reacts with slight increases.
Tezos (XTZ) is currently one of the few coins among the top 20 crypto currencies by market capitalization that can defy the downward trend. The Bitcoin price (BTC), Ethereum price (ETH), Ripple price (XRP) and also the IOTA price (MIOTA), for example, had to post slight losses of 1 to 2 percent in the last 24 hours. The Tezos exchange rate, on the other hand, was able to reach 1.27 US dollars again with a daily gain of 3.25 percent. This coincides with the launch of Tezos Staking on the Bitcoin Binance exchange.
Bake and Stake – consensus in the Tezos network
As Binance announces in a blog entry, it will be possible to operate Tezos Staking on the platform from 4 December.
According to the Bitcoin exchange, anyone who does this on Binance will receive their rewards by the 20th of each month. Binance calculates them on the basis of regular hourly snapshots and will take care of the distribution of the XTZ. To participate, Baker must hold at least one unit of the XTZ tokens in their Binance Wallet. The first distribution of the Staking Rewards will take place on January 20, 2020.
From staking to baking
If you manage to increase your Tezos Stake to 10,000 units, you can become a Baker at Tezos. These can then produce new blocks and create consensus in the network. The bigger the “stake” is, the higher the probability that you will produce a block and get a reward for it. However, Baker in spe can also work together for this purpose – it is possible to lend your XTZ for baking purposes.
XTZ price responds to announcement
In the course of the announcement, the Tezos price (XTZ) rose directly. It jumped from 1.24 to 1.30 US dollars on 3 December. This price surge of 4.5 percent is currently continuing. Within the last seven days, the exchange rate thus rose by almost 2 percent. Looking back over the year, Tezo recorded solid gains – XTZ gained 258 percent.