Tezos becomes the biggest staking network and even surpassed EOS with over $1.8 million (XTZ) assets locks in staking. The popular platform became increasingly attractive to investors which is how it surpassed EOS so let’s find out more in the upcoming Tezos news.
The data from the Monitoring website Staking Rewards shows how Tezos becomes the leader in staking networks and also in assets that are locked in staking for the past month. The total amount reached $1.8 billion while the total market cap of Tezos is $1.95B which means, 93% of all XTZ in circulation is locked.
EOS has about $1.6 billion meaning 64% of the total market capitalization is locked. Algorand (ALGO), Cosmos (ATOM), DASH (DASH) and Tron (TRX) are next on the list. Tezos became widely accessible for staking over the past few months and the coin surpassed the $1 price level. Some of the major exchanges started offering XTZ Staking as a result including Kraken, Coinbase, and Binance. All of the exchanges announced zero-fee Tezos staking.
Tezos staking requires investors to lock a certain amount of coins based on the Proof of Stake consensus algorithm and the holders who stake their assets have the right to vote and participate in the network governance. They are not using the staked amount so they receive rewards for it. according to the data, crypto investors really enjoy the process so users can now employ some of the digital wallets to stake a few sets of coins.
The price development for Tezos’s XTZ, was also quite impressive which made it even more attractive to the investors for staking. The price briefly dropped below the $1 level during the sell-offs in March, but since then, the altcoin has been increasing. Tezos is trading at $2.77 which is a 195% surge in about six weeks, thus outperforming Bitcoin.
Looking at the technical indicators, XTZ managed to blow up the previous resistance on the way up. The next one for Tezos is $3 and $3.3 If the price of the asset starts going back, the first key support line will stand at $2.38 and $2.07. Tezos’s XTZ is in a position to achieve new highs against Bitcoin as the altcoin is trending upwards against the benchmark cryptocurrency since October 2019.
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