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You are here: Home / News / Altcoin News / Binance Leverages Tezos Price Hike; Introduces 50% Rebate on Trading Fees
Binance Leverages Tezos Price Hike; Introduces 50% Rebate on Trading Fees

Binance Leverages Tezos Price Hike; Introduces 50% Rebate on Trading Fees

February 15, 2020 by Simran Alphonso

On 14th February Binance, the largest cryptocurrency exchange announced a 50% rebate on the trading of Tezos [XTZ/USDT trading pair] on Binance Futures from 2020/02/14 12:00 PM [UTC] to 2020/02/21 12:00 PM [UTC]. 

Talk about good timing, the rebate was announced in line with the on-going price surge of XTZ tokens. In the past month, XTZ has pushed itself from the top 50 to the top 10 cryptocurrencies on CMC. As observed at the time of writing, XTZ has a 52% surge in its 7-day chart and is up by 7% in 24 hours. 

An overview of Tezos

Back in 2018 when Tezos [XTZ] launched in the crypto-market, the token gained popularity like none. It rose up to the top 20 but the controversy around the project soon flipped its image. Nevertheless, the project in the recent past has proved that it has not passed its prime.  

To give a quick background, Tezos has a self-amending technology that can instantiate any blockchain-based ledger. It supports meta updates for protocols that implement its changes and upgrades by evolving into its latest form without a coding initiated by a third party.

Some notable difference between Tezos and other cryptocurrencies are as follows:

  1. The Tezos blockchain runs on Proof-of-Stake which is more energy-efficient than Proof-of-Work the current consensus mechanism Bitcoin, Ethereum, BCH and more is built on.
  2. XTZ holders receive a 5% dividend. For instance, Binance runs a Tezos delegation program wherein users stake their XTZ tokens to form a pool, the rewards received are later divided accordingly.
  3. Being a community-driven and self-governing blockchain, decisions for the project are implemented by XTZ holders votes using smart contracts.

Details on the Tezos Trading fee Rebate

Binance leveraging Tezos holders with a 50% rebate in trading fees indicates that traders on Binance Futures will be refunded with half of their trading fees. This opens doors for a greater number of trades with lesser charges. As observed, futures trading in cryptocurrencies has increased liquidity, improved the investor base, and has developed better portfolio management. 

In the financial world, a futures contract is described as a technique to hedge positions in order to reduce risks of the underlying unknown trends. Additionally, it is also utilized to exploit arbitrage opportunities. With Tezos, the futures are mostly associated with bakers. Binance perpetual contracts on XTZ are traded with the intention of providing higher returns with the additional advantage of leverage options. It is important to note that perpetual contracts do not have an expiry date, unlike traditional futures contracts.

As per the specifications provided by Binance, rebate amounts will be based on the trading fees charged, the rebates will be distributed within 5 working days and it will be paid back in the token used for paying the fee. 

For more details on the same, visit the official blog by Binance. 

Disclaimers note: Futures trading holds the potential for high profits and losses.  Investors could lose more than they initially invested. This article is for information purposes and is not a piece of financial advice.

 

Filed Under: Altcoin News Tagged With: Binance, Tezos (XTZ)

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