Tutorial : Move your Tezos (XTZ) from Binance to Stake Capital and get the best rewards
Stake Capital is one of the world’s leading blockchain companies in both staking services and the #DeFi (decentralized finance) movement. It has been operating for over a year, capturing millions of dollars in AUM and validating more than 15 PoS chains (disclosure: invest at your own risk).
Tezos is a public blockchain network that uses Proof-of-Stake to ensure its security. Participants are rewarded with the creation of new Tez (XTZ), the native token of the Tezos network, that are automatically sent to them every cycle (approximately three days).
Currently Binance, one of the biggest crypto-assets exchange, is offering its Tezos stakers the opportunity to get rewarded with 0% fees. While this opportunity is tempting, it could seriously compromise the security and governance core features of the Tezos network. In addition, users have no control over their funds.
Not your keys, not your Tez!
Stake capital also offers a 0% fees on its Tezos staking service. However, Stake capital does not centralized governance rights and staking infrastructure (learn more about it here).
Therefore, we provide you with a tutorial on how to move your Tez from Binance to Hotstake (Stake Capital’s baker) so you can make the most of your Tez without compromising the ecosystem core-values.
How to move your Tez from Binance to Stake Capital
If you currently store your XTZ on Binance, you will first need to withdraw your tokens to your personal Tezos wallet. There are several audited Tezos Wallet, such as Tezbox. (Find here a tutorial on how to set up a Tezbox wallet)
Step 1: Withdraw your Tez from Binance
Steps to follow:
- Log in to your Binance account
- Go to your Tezos wallet on the Withdraw section
- Add the address of your personal Tezos wallet
- Enter the full balance of your Tezos and submit your withdraw request
After a couple of minutes you will see your XTZ on you personal wallet.
Check carefully your address on your personal wallet. Your public Tezos address starts with “tz1”
Step 2: Delegate your Tez to Stake Capital
Once you have received your Tez on your personal wallet, the last step is to delegate your Tez to Stake Capital.
You need to go on the “delegate” tab or section of the wallet that you are using.
Here you will find a dropdown where you can select the baker of your choice. A couple of wallet already have Stake Capital (or sometimes “HotStake”) as an option in their dropdown.
Simply select it and confirm your delegation.
In case your wallet does not refer Stake Capital, select the option “Custom”, copy and paste the address of Stake Capital delegation service into the Custom Delegate field:
tz1Z3KCf8CLGAYfvVWPEr562jDDyWkwNF7sT
Et voilà! You now make the most of your Tez and contribute to the good health of this promising network!
At Stake Capital, we provide financial instruments designed to maximize returns on this new asset class. Our mission is to open up these financial opportunities in a permissionless fashion, embracing the ecosystem’s core values.
To learn more about the StakeDAO structure, feel free to read our light paper.
If you’re interested in being an early participant, you can register your interest here.
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