Tezos, a decentralized open-source blockchain, has had an “eye-catching” run in the second half of 2021. The network benefited from an influx of investors. It also registered solid growth under several metrics. The ecosystem has yet to experience a hard fork. This demonstrates the effectiveness of the self-adjustment mechanism (LPOS-Liquid Proof-of-Stake).
The 2021 Tezos Network Research Report provided insight into the aspects that have increased Tezos traction in the community. The network grew 40% in terms of ‘new deployments’ in Q3 2021 compared to Q2. However, it was just under 4000 at the time of going to press.
On the other hand, there was a 100% growth in ‘Contract Calls’ in the same period. Tezos registered more than six million smart contract calls in January 2022. The chart below highlights these two aspects.
Tezos has also made significant strides in the NFT sector. The token registered an overall growth in its network over the past year. Both in terms of smart contract addresses and broad acceptance.
The number of smart contract transactions has increased from less than 10,000 per day in January 2021 to more than 50,000 per day in January this year. Smart contract trades jumped the same way as NFT platforms like FX Hash started to see increasing interest.
On-chain applications such as objkt.com, hic et Nunc and other projects were at the forefront of the industry, in terms of their transaction volume and user activity.
The growing adoption of Tezos suggests it could compete with other smart contract platforms such as Ethereum and the Binance Smart Chain when it comes to decentralized financing (DeFi). Tezos currently had more than $90 million in total value locked (TVL) within its DeFi ecosystem, according to DeFiLlama.
Brands and Partnerships
Well, the network has made headlines with recent partnerships. It signed a $27 million multi-year deal with Manchester United. In May 2021, Tezos became the official blockchain partner of the New York Mets. Ergo, it’s no surprise to look at the success. Furthermore, the open-source blockchain has also partnered with Red Bull Racing Honda and McClaren Racing for its Formula 1, Indycar and Esports racing teams.
Tezos even reached a record six million contract calls in January, a new monthly record. The company tweeted
New monthly record high for @Tezos†
Over 6,000,000 contract calls this month – More and more people are using Tezos every day.
look at the #Tezos Ecosystem map to the growing Tezos community of . to explore #dApps and projects.https://t.co/DiKUPEKFOD
— Tezos (@tezos) January 31, 2022
Given its exponential growth, Tezos’ social statistics had also skyrocketed. As of Feb. 3, it was in the top three for social volume and engagement, according to LunarCrush’s social stats.
That said, at the time of writing, XTZ had quite a bit of a setback. It traded below $4 with a correction of 4.2% in 24 hours. It waits for the trigger to help it surpass the resistance level.
But the steady upgrades and adoption are sending a bullish signal for the currency, even after a faltering start in the early days.
This post Is growth alone enough for Tezos to beat its competitors?
was published first on https://ambcrypto.com/with-a-remarkable-network-growth-can-tezos-beat-its-competitors/