- The Tezos network has been filled with activity in the past weeks
- The seventh upgrade – Granada – has been successfully released, leading to faster finality times and much cheaper gas fees
- The Tezos network has now surpassed 10 million contract calls, up from 8 million in the past weeks
- XTZ now trades at $3.29, at the back of an altcoin rally
Tezos is one of the fastest-growing blockchain platforms owing to its security, community governance, and energy efficiency. Even better, Tezos continues to evolve, now with the latest upgrade, Granada.
Tezos’ outstanding blockchain network has attracted several high-profile partnerships to the Tezos ecosystem, including collaborations with McLaren and Red Bull Racing. How has Tezos fared in recent times?
The seventh upgrade – Granada – comes less than three months after the sixth upgrade, Florence, doubled the size of maximum operations on the network; from 16kB to 32kB.
The upgrade has successfully cut the block time on Tezos by half; from 60 seconds to 30. Granada will drastically reduce gas consumption for smart contracts. Consumption will be reduced by an average factor of 3 to 6 times.
Following the release of Granada, the Tezos network has surpassed 10 million contract calls, from 8 million in the past 8 weeks. In July alone, there were over 2.5 million contract calls on Tezos.
In the first three years of its launch, the Tezos network was only able to amass 5 million contract calls. In all, 2021 has been a spectacular year for Tezos. The activity on the Tezos network has grown as much as 1,200 percent this year.
In June, McLaren Racing announced that it will be building a non-fungible token (NFT) platform on the Tezos blockchain.
In July, CryptoTask, a DeFree freelance application with over 35,000 users and over 100 daily sign-ups announced that it will be moving to Tezos’ blockchain. This week, Rocket Launchpad, a decentralized IDO (initial DEX offering) platform also entered the Tezos network.
Although Granada brings faster finality to the Tezos blockchain, it is only a step in the process for a transition into a new consensus algorithm, Tenderbake.
With Tenderbake, Tezos’ eighth network upgrade, it will transition its current blockchain network from a Nakamoto-style consensus algorithm into a BFT-style (Byzantine Fault Tolerance).
This new consensus algorithm is expected to significantly speed up finality. Tenderbake is expected to launch in 2021 and it will catapult Tezos’ transactions per second to 1000+.
On The Flipside
- First launched in 2018, Tezos sought to bring an evolution of digital ledger technology
- The project failed to capture the interest of many and lies behind the curve
- However, new upgrades like Florence, Gradana, and the coming Tenderbake have sparked life into the project
Tezos Price Update
Like the majority of altcoins, Tezos has been in the green in the last week. XTZ opened trading in August at $3.03, but an altcoin rally has seen it rise to as high as $3.29 today.
Currently, XTZ is trading at $3.29 and has a market capitalization of $2.81 billion. Ranked as the 40th largest crypto, the asset reached an all-time high of $8.40 in May.
The Tezos community is one of the fastest-growing in the crypto space today. This was earlier highlighted by the spike in contract calls on the network.
The flexibility and innovative approach to blockchain problems presented by the Tezos network has attracted, and will attract, even more to the project. On Twitter, the project has 124K followers and has gone on to garner over 1.3 million accounts.