CryptocurrencyPrice Analysis

Tezos (XTZ) – Price Updates and Recent Developments

Briefly-

  • The Tezos platform has witnessed increase activity over the past few months.
  • It managed to release its 7th upgrade, Granada, translating to cheaper gas fees and quicker finality durations.
  • The network has seen its contracts calls surpassing 10 million, exceeding the past eight week’s figure at 8 million.
  • XTX is now trading at $3.29, following the alt market rally.

Tezos appears to see massive growth due to its energy efficiency, security, and community governance. Moreover, the network continues with evolution, Granada being its latest upgrade.

Tezos’ unique blockchain platform attracts multiple partnerships to the project, including Red Bull Racing and McLaren collaborations. What about the network’s latest activities?

Recent Developments

Granada, the platform’s seventh upgrade, comes three months after Tezos launched Florence, the 6th upgrade that doubled the network’s maximum operations to 32kB from 16kB.

The upgrade managed to reduce the Tezos block time to 30 seconds from 60. Meanwhile, Granada will reduced gas fees by three to six times.

Tezos surpassed ten million contract calls following Granada’s release. Keep in mind that it was eight million some weeks ago. The network registered more than 2.5 million calls in July only.

Tezos had only five million calls in its first three years of inception. That way, you will admit that Tezos has had impressive gains in 2021. The network has seen its activity rising by around 1,200% this year.

McLaren Racing declared (in July) that it would create an NTF marketplace on Tezos.

In July, a DeFree freelance app, CryptoTask, boasting more than 35,000 followers and over 100 sign-ups per day, declared moving to the Tezos ecosystem. Rocket Launchpad, an IDO platform, joined Tezos blockchain this week.

Future Events

Though Granada ensures quicker finality, it is one among the steps by Tezos towards transitioning to Tenderbake, a new consensus model.

With Tenderbake, the network’s 8th update, Tezos will switch to BFT (Byzantine Fault Tolerance)-style from Nakamoto-style algorithm.

Price Update

Tezos has traded in the green over the past week, similar to most alternative coins. XTZ traded at $3.03 at the start of August. However, the positivity around it had the token rising to $3.29 high today, Sunday.

For now, XTZ trades at $3.29 as its market cap stands around $2.81 billion. Ranking 40th in the top crypto, the coin attained its ATH in May at $8.40.

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