Market

Is Growth Rate Alone Enough For Tezos (XTZ) To Beat Its Competitors?

The open-source decentralized blockchain Tezos is active in the second half of 2021 thanks to a large number of investors flocking to the network. In addition, many other metrics also posted solid growth. The ecosystem has also never performed a hard fork. This shows the effectiveness of the self-correcting mechanism (LPOS – Liquid Proof-of-Stake).

Continous growing

Report The 2021 Tezos network study provided insight into the aspects driving Tezos traction in the community.

The network grew 40% in Q3 2021 in “new deployments” compared to Q2, but was just under the 4000 mark at the time of writing.

On the other hand, it has seen 100% growth in call-to-contract over the same period. Tezos recorded over 6 million smart contract calls in January 2022. The graphic below highlights these two aspects.

New developments (left) and contract release orders (right) | The source: Better call the developer

Tezos has also made significant progress in the area of ​​NFTs. Tokens cannot replace the network’s overall growth over the past year, both in terms of smart contract addresses and widespread adoption.

The volume of transactions executed using smart contracts increased from less than 10,000 per day in January 2021 to more than 50,000 per day in January this year. The number of smart contract transactions has similarly increased as NFT platforms like FX Hash are attracting increasing interest.

Number of addresses and daily transactions | The source: Coin Metrics

On-chain applications like objkt.com, hic et nunc and many others are at the top of the industry in terms of transaction volume and user activity.

The increasing adoption of Tezos shows that it can compete with other smart contract platforms like Ethereum and Binance Smart Chain when it comes to DeFi. Follow DeFiLlamaTezos currently has a total value of more than $90 million (TVL) in its DeFi ecosystem.

Brands and partnerships

The network also draws attention to itself with current partnerships. The Foundation signed a multi-year, $27m (£120m) deal with Manchester United. In May 2021, Tezos became the official blockchain partner of the New York Mets. This success is not surprising. In addition, the open source blockchain has also partnered with Red Bull Racing Honda and McClaren Racing for Formula 1, Indycar and Esports racing teams.

In fact, Tezos hit a record 6 million contract calls in January, a new monthly high tweet the company.

Social data

With the exponential growth, Tezos’ social indicators also shot up. As of February 3rd, it is in the top 3 in terms of social media volume and engagement.

Social Metrics | Source: LunarCrush

At the time of writing, XTZ price has rallied above the $4 resistance level, almost 7% higher in 24 hours.

Source: Trade View

On the other hand, steady upgrades and adoptions give the coin a bullish signal even after a slow start in the initial stages.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Bitcoin Spot ETF Outflows Reach Second Highest in History

Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…

3 hours ago

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

6 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

8 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

9 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

12 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

15 hours ago

This website uses cookies.