TRANSACTIONS AND SMART CONTRACTS ON TEZOS SPIKE – IS IT TIME FOR XTZ TO “WAKE UP”?
The Tezos network has recorded impressive growth over the past 12 months in smart contract addresses and general adoption, mainly driven by the NFT sector.
According to a Coin Metrics report released on February 1, the number of wallets and smart contract-related trading activity on Tezos has increased over the past 12 months to more than 50,000 per day from less than 10,000 in January. 2021. The report observes that the growth is mainly driven by the NFT market.
Tezos' current daily transaction count is 309,431, less than a quarter of daily transactions on Ethereum, which is currently 1.17 million according to Etherscan. Besides, the number of addresses containing more than 1 XTZ continues to surpass 300,000, an increase of 150% compared to the same time last year.
High Ethereum network fees are pushing NFT users to alternative networks like Tezos. The platform confidently claims to be a carbon-free blockchain with significantly cheaper fees. Because, NFTs have caused controversy due to environmental issues surrounding minting and trading them on the Proof-of-Work (PoW) consensus mechanism . As a result, Tezos has been widely promoted as a more optimal solution to alleviate these concerns, with its Proof-of-Stake (PoS) consensus mechanism .
In fact, this confident claim from the Tezos development team is not just theoretical. Many traditional organizations have accompanied XTZ to build a bridge to participate in the NFT and metaverse space, including game studio Ubisoft , NFT platform Rarible , Grammy Music Awards , e-sports club Team Vitality , Gap fashion brand , McLaren F1 racing team and Red Bull Racing Honda .
On the other hand, in terms of investment, many reputable big banks in the world have also launched many different services, helping Tezos become more accessible to the masses. The most prominent are Société Générale, one of the largest European investment banks to issue security tokens on the Tezos blockchain , Swiss Incore Bank chooses XTZ to provide financial products, and Swiss SEBA Bank. launched XTZ staking product .
For the above reasons, Tezos has partly caught the attention of current investors, especially when the market is extremely stagnant, but NFT still has a strong growth. Active addresses on Tezos are at an all-time high of over 45,000 while deploying smart contract addresses have tripled from less than 200,000 to over 600,000 in the past 12 months. This highlights developments in NFTs and dApps using Tezos.
However, with the internal resources that the platform owns, combined with a "modest" profit for investors compared to other competitors, which has only increased 3 times since the beginning of 2021, reaching The ATH is at $9.18 in October. Therefore, Tezos still has quite a lot of room for further growth potential in the long term, especially in the context of the NFT trend and the metaverse being more explosive than ever.
At press time, XTZ is trading around $3.79.
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