Binance-Peg Tezos TokenPrice

(XTZ)

The Binance-Peg Tezos Token (XTZ) is a digital asset that operates on the BNB Smart Chain (formerly Binance Smart Chain) and is pegged to the value of native Tezos (XTZ) tokens. This means that for every Binance-Peg Tezos Token in circulation, there is an equivalent amount of native Tezos tokens held in reserve by Binance. It essentially functions as a "wrapped" version of Tezos, allowing XTZ to be used within the Binance ecosystem and its decentralized applications (dApps) that are built on the BNB Smart Chain. The primary purpose of Binance-Peg tokens, including Binance-Peg Tezos Token, is to increase the interoperability of various cryptocurrencies across different blockchain networks. Without such pegged tokens, only native BEP20 tokens could interact within the BNB Smart Chain. By creating a BEP-20 version of Tezos, it enables users to access the benefits of the BNB Smart Chain, such as potentially lower transaction fees, while still maintaining exposure to the Tezos asset. The underlying Tezos platform is a smart contract blockchain that distinguishes itself through a built-in governance mechanism. This mechanism allows for network upgrades to be proposed and voted on by token holders, aiming for seamless updates and avoiding disruptive hard forks. Tezos supports decentralized applications and utilizes a Proof of Stake variant called Liquid Proof of Stake (LPoS) for its consensus mechanism. The Tez (XTZ) token is used for all operations within the Tezos network, including paying for transactions (gas fees). The Binance-Peg Tezos Token represents this native XTZ on the BNB Smart Chain. Learn more

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