Sunday, June 23, 2024

Tezos Network Records Positive Growth, Constant Activity

Holding fast onto the influx of investors, the Tezos (XTZ) is recording solid growth thanks to the network’s regular updates. It has been registering growth in terms of smart contract addresses and active addresses. The number of Tezos smart contracts, between January 2021 and January 2022, has tripled from about 200 to over 600, as per CoinMetrics’ State of the Network report.

The rise highlights the constant activity within the Tezos ecosystem. Analysts attribute this to soaring NFTs activity and the advent of blockchain gaming. This growth reflects on the network’s active addresses, which shot past the 45,000 mark in January 2022. Another reason may be the reduction of smart contract fees by as much as 75%. And this in turn has attracted new projects in decentralized finance (DeFi).

Moreover, users have been attracted to a new feature on Tezos – OneOf, which is an audio NFT platform. It is based on Tezos and has partnerships with major brands, and recently announced a collaboration with the Warner Music Group. There is much going on in the Tezos network.

In regards to its native token XTZ, well it has enjoyed positive price movement. XTZ has gained over 20% in the last seven days and made a name for itself as the best performing altcoins at the moment. But XTZ has a long way to go as it is aiming for ATH of $9.175. At the time of writing this article, XTZ was trading at $3.75 and has been up by 6.16% in the last 24-hours, as per CoinMarketCap. It has made significant gains of 24.33% in the last seven days. The price is expected to go up further.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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