TrustWallet Adds Tezos (XTZ) for Storage and “Baking”
The TrustWallet, official Binance app, is adding the Tezos network token, with staking rights to be added.
TrustWallet, an app acquired by Binance, continues to expand its selection of digital assets, adding Tezos (XTZ) to its portfolio. This addition is part of the drive for TrustWallet to offer not just storage, but also staking services for XTZ and other coins in the future.
For XTZ, the process of liquid staking, registering them with some of the delegated block producers is also known as “baking”. The TrustWallet is still working on adding native staking support for the Tezos network.
The announcement from TrustWallet arrives just days after the service expanded its portfolio to include Stellar (XLM). Additionally, the Tezos network has received native support from the Coinbase Custody service, to avoid the inflation inherent to holding XTZ assets without staking.
Staking coins has been a source of passive income in the past, with multiple coins and projects offering exorbitant staking effective interest rates, but most proving to be a scam. Staking was revived as a series of high-profile Delegated Proof-of-Stake networks took over the top spots in the cryptocurrency markets.
Tokens like EOS, TRON (TRX), Lisk (LSK) and a handful of others rely on elected delegates and the staking of the assets, paying out returns to both the block producers and token owners. This has created a need to evolve wallets and wallet services to include both staking and voting.
The XTZ digital asset took over as one of the more prominent coins, as the price headed toward $1 in the most recent coin rally. XTZ traded at $0.98 as of 9:12 UTC on Thursday, coming down from a recent peak at $1.10.
The Tezos network is so far mostly busy with baking and sending out rewards, as there is very little activity beyond regular transactions. The Tezos project, however, remains ambitious in planning to host distributed apps and smart contracts, allowing faster transaction rates compared to other networks. The Tezos network is also claiming to have one of the best community voting systems.