It has been a busy start to the week in the cryptocurrency sphere as Binance officially announced the listing of Tezos while also launching three new trading pairs with Bitcoin, USDT and Binance’s native token Binance Coin (BNB).
This launch followed the official opening of Bakkt and its physical Bitcoin futures offering which has started somewhat slowly but is expected to gather in momentum.
Even though the listing was made official today, it only allows for users to begin depositing Tezos into their account, with trading expected to start tomorrow. Tezos, as expected, has seen a small, but rapid, spike in its charts as the price of the coin shot up on the news.
Tezos is up over five percent on the day, a day which has seen a drop in the price of most coins. It jumped from $1.03 to $1.14 upon the news of the listing. It will be interesting to see if the actual trading of the coin makes any more difference to its price.
What could also make a difference to its price is if staking comes into play from Binance with the CEO, Changpeng Zhao, dropping a few hints on Twitter.
The CEO retweeted the news and added: “You know what comes next, right?” in what can be considered a hint towards staking. He further corroborated, but never admitted the potential, by replying to a direct question about staking with a non-committal happy emoji.
Tezos is an interesting blockchain. Once the record-holding ICO, it went through much turmoil following its fundraising. Tezos is a self-amending blockchain that can evolve by upgrading itself, with stakeholders being able to vote on amendments to the protocol, including modifications to the voting procedure itself.
Tezos’ proof-of-stake (PoS) consensus algorithm allows every stakeholder to take part in the validation of transactions on the network and get rewards.
To further understand Tezos staking, it is called “Baking” with the proof of stake allowing stakeholders to participate in the baking and governance process by delegating the coins to a delegation service of their choice even with the smallest amount of holdings.