With the rise of Proof-of-Stake (PoS) consensus, staking — the act of holding crypto in a special address to secure a blockchain network rather than via mining — is in vogue in the cryptoeconomy. And wherever something goes vogue in crypto, Malta-based exchange giant Binance generally goes too.
At the same time, Binance likes to do things its own way and to that extent is often a trendsetter in the industry.
Relatedly, the exchange likely started its latest trend on December 3rd in announcing it was rolling out support for a zero-fee Tezos (XTZ) staking service on its flagship trading platform. In doing so, Binance may have just landed the first salvo in a “fight to the bottom” where the fees of Staking-as-a-service offerings are concerned.
Binance Undercuts the Competition