Tezos has been trading below $4.00 since 20th January
Last week, one of Switzerland’s leading banks announced it is offering Tezos staking
Tezos, like most of the crypto coins in the market, is trading in the green with approximately 22% of gains over the past seven days.
The price of the crypto asset surged past $4.00 earlier today but has since retreated slightly to $3.98. The last time Tezos traded in this range was during the third week of January.
The latest price development comes less than a week after CCRI ranked Tezo as one of the lowest energy-consuming networks.
Tezos is only second to Polkadot in lowest energy consumption
A report shared by the research firm Crypto Carbon Ratings Institute (CCRI) last week shows that Tezos consumes less electricity than the majority of the cryptocurrencies. Only Polkadot, which uses up 6.6 times the electricity used by an average US household annually, has a lower energy consumption than Tezos.
The research firm looked into several crypto networks before compiling a list of the cryptocurrencies and their respective energy consumption rate. The report titled ‘Energy Efficiency and Carbon Footprint of Proof-of-Stake Blockchain Protocols’ revealed that Bitcoin has the highest electricity consumption at 89,780,000,000 kWh. This annual electricity use matches that of 8.5 million US households.
Ethereum is in second place with an energy consumption of 17,300,000,000 kWh, equivalent to 1.6 million US households. Solana, Cardano and Algorand follow with total energy consumption figures of 1,967,930 kWh, 598,755 kWh, and 512,671 kWh. Tezos and Polkadot lie on the other end of the spectrum with 94,120 kWh and 70,237 kWh, respectively.
Swissquote introduces Tezos staking with a yearly yield of 5.7%
Elsewhere, Swiss-based banking group Swissquote last week revealed it is availing a staking service for Tezos. The service will allow Tezo holders to stake their XTZ stash directly on the platform. Consequently, these holders will benefit from dividends or interest on their holdings.
The financial institution offers staking rewards of up to 5.7% annually with no minimum withdrawal period. There is also no limit to the number of times users can exit their staking positions. The bank is separately working on building its cryptocurrency trading platform by the end of the first half of the year.