In the last 12 months, the Tezo network has recorded significant growth in general adoption and smart contract addresses majorly propelled by non-fungible tokens (NFTs) join now.
Reports from Coin Metrics’ ‘State of the Network’ published on the 25th of January, 2022 brought to light the number of translations relating to smart contracts. The report claimed that there’s been an increase in transactions involving smart contracts in the past 12 months. According to the data, transactions surged from less than 10,000 each day to over 50,000 transactions every day.
The report also observed that the primary factors driving this growth are NFT platforms like FX Hash, a generative art platform witnessing heightened interest. In addition, Ubisoft, the gaming giant last December announced its support for Tezos for NFTs gaming.
On the other hand, high Ethereum gas fees are also driving NFT collectors, buyers, and creators to various alternative networks like Tezos. The Tezo network also has sections for all NFT marketplaces based on the Tezos network. The section is said to be carbon neutral with network fees of less than one penny. The cheap network fees are also one of the factors why investors now perform more transactions on the Tezos network.
Following the environmental concerns many have around trading and minting operations in the crypto markets, various networks have been trying to find viable solutions. Presently, the Tezos network is widely promoted as one of the best alternatives to alleviate these environmental concerns around minting and mining.
At the time of this writing, active addresses on the Tezos network are around 45,000 addresses which are the network’s all-time high. On the other hand, the number of active smart contract addresses has also tripled in number from 200,000 addresses to 600,000 addresses in the space of one year. This evidently portrays the growth in decentralized apps and NFTs that make use of the Tezos network.
The research also took note of the overall daily transaction carried out on the network, tagging them as ‘other transactions’. The number of daily transactions was noticed to a spike in August 2021 when the network had a general upgrade to reduce block times in half. From the record taken, the daily transaction surged from 40,000 to more than 250,000 and has stayed at that level since then.
From the data obtained from the platform’s personnel approximately, 300,000 transactions are being carried out daily. This is less than one-quarter of the total daily transaction on Ethereum which according to Etherscan is around 1.1 million daily transactions.
The report also reveals the number of addresses that store more than 1 Tezos (XTZ). Looking at the title record, the number has increased by 150% since last year with a total of 300,000 addresses holding Tezos.
About Tezos
Tezos is the brainchild of a lovely couple Kathleen and Arthur Breitman and was established in 2018 as a proof-of-stake network that is highly energy efficient. The network makes use of a system known as ‘baking’ to publish and verify new blocks on the blockchain.
To support the project, the Tezos Foundation, a non-profit organization based in Switzerland was initially established in 2017. The foundation was able to raise about $230 million in Ethereum and Bitcoin which was one of the biggest ICOs during uh time.
The Tezos network via proof-of-stake can achieve consensus. The network makes use of an on-chain governance design that allows the protocol to be modified when an upgrade is sanctioned by the community. By doing this, the network can effortlessly avoid hard forks.
The Tezos testnet kicked off in June 2018, while it remains entrenched in September 2018. Since August 2021, there are approximately 400 blocks on the Tezos network validating each node.
Tezos Native Token
The Tezos network like every other has its native token which is called XTZ. The token has a market capitalization of $2.6 billion and a circulating supply of 886.5 million tokens. The token ranks are 46th on the list of top crypto assets in terms of market capitalization.
In the last 24 hours, XTZ has gained a meager 1.72% price increase given the recent market dip.
Currently trading within the $3 price range, XTZ is way below its all-time high of $9.1 which it broke on the 4th of October 2021.