Tezos network transactions activity increases following the surge in NFT demand
Smart contract activity in the Tezos ecosystem has surged over the past year as it becomes a magnet for NFT
Smart contract activity in the Tezos ecosystem has surged over the past year as it becomes a magnet for NFT,
The Tezos network has seen impressive growth over the past 12 months in smart contract addresses and general adoption, it's driven by non-fungible tokens (NFTs)
The proof-of-stake ecosystem has had growth as it targets to compete with Ethereum for NFT minting and markets.
According to Coin Metrics "State of the Network" report on Feb 1, the number of transactions involving smart contracts has surged over the recent 12 months to more than 50,000 per day from less than 10,000 per day in January 2021.
Gaming giant Ubisoft also declared that Tezos support gaming NFTs in December. The report observed that the growth has been driven by NFT platforms like the generative art platform FX Hash seeing increased interest.
Ethereum network gas fees are driving NFT creators and buyers to alternative networks like Tezos. The network has a portal for all Tezos based NFT marketplaces which it claims are "carbon neutral" with network fees that are "less than a penny" NFTs have caused controversy due to the environmental issues around trading and minting on Proof-of-Work. Tezos has been widely touted as an alternative to alleviate these concerns.
On the network, active addresses are at an all-time high of over 45,000 while active smart contract addresses have tripled from under 200,000 to over 600,000 over the previous 12 months. The growth in NFT and DApps that are using Tezos.
Also consistent is the total number of daily transactions which it labeled as 'other transactions' This figure spiked in August 2021 when the network launched an upgrade cutting block times in half. 40,000 daily transactions to over 250,000 and have remained at those levels ever since.
Chart - CoinMetrics
According to our tracker, the daily transaction is 309,431 less than a quarter of the daily transactions on the Ethereum platform which is now 1.17 million as suggested by Etherscan.
The report also shows the number of addresses containing more than at least 1 XTZ. that recently surpassed 300,000 growing 150% from the same time as compared to last year.
Tezos was launched in 2018 as an 'energy efficient' proof-of-stake network that uses a system called 'baking' to validate and publish new blocks on the chain.
According to CoinGecko,This is a Native token, XTZ has gained 6.7% over the past 24 hours to trade at $3.77. XTZ is presently 58.6% below its Oct. and $9.12 all-time high.