PDAX Lists Tezos (XTZ), the Platform’s First Listing for 2023

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  • Local platform PDAX has announced that users can now buy, sell, trade and store XTZ tokens on its platform, the first-ever crypto addition to the platform this year.
  • XTZ is the native token of the Tezos blockchain, which uses smart contracts for decentralized finance (DeFi) services.
  • XTZ is used to interact with decentralized applications (dApps), pay for fees, secure the network through baking, and serve as the basic accounting unit in the ecosystem.

Local crypto exchange Philippine Digital Asset Exchange (PDAX) has recently announced that users can now buy, sell, trade, and store XTZ tokens on its platform, the first-ever crypto addition to the platform this year. 

Note: TZ APAC, the adoption entity of Tezos in Southeast Asia has partnered with BitPinas on multiple occassions, including the annual Tezmas NFT minting contest. 
pdax tezos xtz headline

What is Tezos?

The Tezos ecosystem uses “baking,” or staking in other blockchains, to validate transactions. This proof of stake model of the ecosystem is known as the “liquid proof of stake,” a validation method that does not require much energy—the reason why Tezos claims as an “eco-friendly blockchain.”

With this, XTZ is used to interact with decentralized applications (dApps), pay for fees, secure the network through baking, and serve as the basic accounting unit in the ecosystem. 

How to be a Tezos “Baker”?

Meanwhile, to fully become a baker and validate transactions on the Tezos blockchain, a user must have at least 8,000 XTZ, but those who have less than 8,000 XTZ are called delegates. Bakers can receive staking rewards through validating transactions, while delegates can only give baking rights to a baker, so the baker has a big chance of winning rewards. And once a baker has received an award, the baker is obliged to give the staking shares to the delegates who gave their baking rights.

“For the developers of Tezos, an efficient blockchain should be able to amend and upgrade itself without having to go through a hard fork, which can be detrimental to the growth of a network since forks can split a blockchain’s community and impact its market,” PDAX shared on the Learn section of its website.

Tezos burns a small amount of XTZ tokens for processing smart contract transactions, which has led to a consistent annual inflation rate of XTZ tokens of around 5% only.

How to Buy XTZ on PDAX: 

1) If you haven’t yet, sign up for a PDAX account.

2) Verify your account.

3) Fund your account with Pesos.

Go to Funds > Payment In > PHP > Cash In > [Payment Channel].

Once the funds are in the account, go to the order book platform. 

4) Find the XTZ <> PHPT pair.

5) Buy XTZ.

XTZ is the 37th crypto available on the PDAX platform. The other tokens are:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether (USDT)
  • USD Coin (USDC)
  • Litecoin (LTC)
  • Wrapped Ethereum (WETH)
  • Shiba Inu (SHIB)
  • AAVE
  • Enjin (ENJ)
  • Basic Attention Token (BAT)
  • Bitcoin Cash (BCH)
  • Compound (COMP)
  • Graph (GRT)
  • Chainlink (LINK)
  • Binance USD (BUSD)
  • Pax Gold (PAXG)
  • ApeCoin (APE)
  • Green Metaverse Token (GMT)
  • Green Satoshi Token (GST)
  • Algorand (ALGO)
  • Decentraland (MANA)
  • The Sandbox (SAND)
  • Gala (GALA)
  • Solana (SOL)
  • BNB (BNB)
  • Stellar (XLM)
  • Sushi (SUSHI)
  • Polygon (MATIC)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Polkadot (DOT
  • Avalanche (AVAX)

This article is published on BitPinas: PDAX Lists Tezos (XTZ), the Platform’s First Listing for 2023

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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