Binance.US is excited to announce a new opportunity for customers: users can now “bake” Tezzies (XTZ), the native token of the Tezos platform, where they will earn rewards on XTZ deposits using the Binance.US Staking Platform.
Binance.US announced the release of our staking platform back in January 2020, launching support for staking Algorand (ALGO) and Cosmos (ATOM) on both our website and mobile application the following month.
“We believe that an easy, secure on-ramp to staking allows more people to earn rewards for contributing to the network by promoting network security, reducing validation costs, and simplifying consensus mechanisms.”
Staking enables token holders to earn money by making their digital assets available to help secure the network. Users can earn an estimated 6-7% annual reward on their deposit with a minimum of only 1 XTZ required.
What is baking?
Baking is the Tezos network’s take on staking. Unlike proof-of-work consensus algorithms that rely on computer processing power to secure the network, proof-of-stake uses digital assets “staked” or deposited in smart contracts to validate transactions and secure the network.
Learn more about consensus algorithms at Binance Academy.
In other words, proof-of-stake enables expensive mining rigs to be replaced with a system that enables miners to simply deposit their digital assets into an account that has been programmed in a certain way.
Tezos users a delegated proof-of-stake consensus algorithm, meaning that the algorithm incorporates an election process to decide which participant receives the right to mine the next block. Bakers receive 16 XTZ plus the transaction fees for each block successfully mined.
Ready to Get Started?
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