By Nicolas Abington | Crescent City Capital Market Analyst Intern
Tezos has just entered the USD exchange market by being the new staking token on Coinbase. While Coinbase first added its staking wallet back in March of this year, the exchange had trouble implementing it into their apps and had to delay the process until recently. Coinbase is also utilizing USDC with the staking wallet with each paying out returns every three days after a 40-day holding period. While USDC has a relatively low annual payout of 1.25% due to its low-risk premium, Tezos has a much more attractive return of 5%. The attraction is reflecting in Tezos price as it has climbed almost 37.44% over the past month.
As Coinbase just implemented the first token useable for staking, there may be the opportunity for other staking tokens like NEO or NAV to join the exchange. More staking coins being available to adopters means more efficient blockchains and faster adoption of crypto. Tezos has become the newest addition to the Coinbase market arsenal and with that comes some big waves as other exchanges follow suit.