It is no surprise that Tezos (XTZ) skyrocketed, as Binance is set to launch the “zero-fee” staking of XTZ today. Tezos is an open-source blockchain project that basically evolves by upgrading itself. What this means is that the digital coin can have its updates without going through a hard fork.
The staking service that Binance will launch will not involve any fee. As a comparison, Gate.io and Coinbase, for example, charge 33% and 25%, respectively for the staking of XTZ.
What this fee means is that these exchanges take their cut before distributing the rewards to the users. The service that Binance provides is free for now, but it is not clear whether this will stay so or not in the near future. The fact is that Binance charges for staking other tokens.
However, Binance is making a smart move here, as the service appears to be more for acquiring users than for monetizing on it.
Tezos’ price skyrocketed recently, going from $0.75 to $1.3 in under 30 days. XTZ allows the creation of DApps, and has a native smart contract language named Michelson – a tool that makes the formal verification process much easier. The holders of the token take part in the consensus process mechanism (DPoS) by staking or “locking-up” their own tokens for the right to validate the blocks.
More about Binance can be found here: