🚨 Time is Running Out: Reserve Your Spot in the Lucky Draw & Claim Rewards! START NOW
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!

Tezos Ecosystem Sees Growth Driven by NFTs

Tezos Ecosystem Sees Growth Driven by NFTs

The Tezos network has seen exponential growth in the past year, thanks primarily to growing interest in NFTs.

The past year has been very successful for Tezos, the open-source blockchain ecosystem. The network has seen massive growth in adoption and smart contract addresses, driven by the growing popularity of non-fungible tokens (NFTs).

The Proof-of-Stake network is one of Ethereum’s competitors in the NFT space, providing conditions for minting and trading.

What Are Oracles in Crypto? (Beginner Friendly Animation)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What Are Oracles in Crypto? (Beginner Friendly Animation)

What Are Oracles in Crypto? (Beginner Friendly Animation) What Are Oracles in Crypto? (Beginner Friendly Animation)

According to the State of the Network report published on Tuesday, February 1, by Coin Metrics, the number of transactions using smart contracts has increased exponentially over the past year. Transactions increased from less than 10,000 per day in January 2021 to over 50,000 per day a year later.

It was noted in the report that the primary force behind the growth was NFT platforms. Marketplaces like Rarible, Objkt, and FXHash are becoming increasingly popular. Furthermore, in December, the AAA video game studio Ubisoft announced Tezos-based gaming NFTs.

While Ethereum remains one of the most popular ecosystems in the NFT market, some creators aren’t fond of the high network fees and seek alternatives like Tezos. All Tezos-based NFT marketplaces are accessible on a portal in the ecosystem for considerably lower fees than Ethereum.

Tezos claims that the NFTs based on its system are carbon-neutral. This gives Tezos a big competitive advantage, as one of the biggest criticisms of Ethereum-based NFTs is their environmental impact. NFTs are minted and traded using the Proof-of-Work consensus algorithm, which requires large amounts of energy resources to process transactions.

Active addresses on the Tezos network have reached an all-time high, recorded at 45,000 at the time of writing. Active smart contracts have tripled in the past 12 months, going from 200,000 in January 2021 to over 600,000 this year. These numbers reflect the growth of Tezos-based NFTs and dApps.

The report also listed ‘other transactions’, which included the total number of daily transactions. There was a notable spike in August 2021, which corresponded with the launch of an upgrade that halved the block times. The daily transactions increased more than sixfold, from 40,000 to 250,000, where it currently steadily remains.

Based on the State of the Network report, There are over 300,000 addresses that contain at least 1 XTZ. This is yet another significant growth, having increased by 150% since January of last year.

The tracker on the Tezos platform has registered 315,047 daily transactions at the time of writing. This is significantly lower than the daily transactions on Ethereum. According to Etherscan, on February 1, it processed 1,173,199 transactions.

The proof-of-stake Tezos network was launched in 2018. Its goal is to act as an ‘energy efficient’ alternative. The native token, XTZ, reached its all-time high on October 4, 2021, when its worth was estimated at $9.12.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

Loading...
binance
×
Verified

$600 WELCOME BONUS

Earn Huge Exclusive Binance Learners Rewards
Rating