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March Was Another Month Of Amazing Growth In Tezos Adoption Rate
March was another month of amazing growth in the Tezos adoption rate. XTZ News looks into some of the figures that made March a perfect month for Tezos adoption.
By: XTZ News
1 April 2021
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For the past nine months we’ve seen the amount of contract calls growing at exponential rate. Contract calls are a specific type of transactions: contract calls are the interaction with applications that are built on the Tezos blockchain.
This makes the amount of contract calls a great metric to measure real use and adoption of Tezos as a smart contract platform.
March had 3.8 times more contract calls compared to February. Additionally, we’ve seen a steady increase in overall transactions. Daily average is closing in on the 50K and today we’ve seen it topping the 100K as recent as today. The growth is substantial and continuous.
NFT’s
The biggest catalyst has been an exploding NFT market on Tezos platforms like TzColors, HicEtNunc, Kalamint, the Alchememist and more. Tezos NFT platforms have proven to be attractive for artists that want to mint, sell and collect their art as an NFT due to two main factors.
Tezos has very low transaction fees (Minting can be done for $0.10 – $0.20). And the second factor is the fact that Tezos is a PoS chain, which uses very little energy. Especially compared to a PoW chain like Ethereum, where the main NFT volume is currently.
Due to this switch, the NFT community is growing fast on Tezos, and so is the volume and the quality and quantity of NFT art. This means that the NFT market is getting even more interesting on Tezos, and the amount of artists that will dip their toes in the Tezos NFT market will only grow faster.
An interesting fact about Alon Goren is that he is also from blockchain venture studio “Draper Goren Holm”, who already invested in Tezos Stable Technologies and Kalamint. They have just announced that they invested more in the Tezos ecosystem by working with the Tezos Foundation to further incubate and accelerate startups built on the Tezos blockchain. More about that here.
A huge indicator for NFT growth is the fact that the very popular NFT marketplace Opensea, which currently only operates on Ethereum, is adding support for Tezos-based NFT’s soon. Another big NFT platform, KnownOrigin was also seen liking Tezos TQ posts here.
A token that is currently interesting due to an actual use-case, is $hDAO. $hDAOs can be used to make NFTs more visible on NFT platform Hicetnunc via the hDAO feed in the future, and they also make NFTs ‘swappable’.
$hDAO tokens are obtained by selling, or buying NFT’s on Hicetnunc, or you can buy them on Quipuswap. There is also the option to provide liquidity for hDAOs on Quipuswap. You can gain hDAOs through buying and selling on the Hicetnunc platform.
In any case, Quipuswap is a DEX and can obviously be used for trading. With wrapped tokens like ETHtz, tzBTC and wXTZ, and stablecoins like USTtz and kUSD, combined with the extremely low transaction fees on Tezos, Quipuswap is a great exchange to trade on and we will see liquidity and volume grow over time.
We have seen something interesting happen with Quipuswap and that is the introduction of NFTs alongside fungible tokens such as Tezos and Bitcoin.
As the elegantly designed FA2 Tezos token standard can cater for both fungible and non-fungible tokens, added to the fact that tokens can be added to Quipuswap in a decentralized fashion, users have started adding NFTs to Quipuswap. This could provide some interesting use-cases that have not been thought of yet.
Algorithmic Stablecoins
kUSD peg to the 1$ value should improve now that it’s available in more trading pairs with the addition of Quipuswap and we could see some interesting arbitrage opportunities between Dexter and Quipuswap, and possibly even between USDtz and kUSD. This arbitrage is thought to help algorithmic stablecoin assets such as kUSD get closer to the peg. Happy trading!
Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.
Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.
User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.
Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.
Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.
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