Tezos (XTZ) is the 7th most-staked crypto asset

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Feb 6, 2021
  • Tezos recently scored as the 7th most-staked crypto asset.
  • It also became the biggest project for contract calls, growing by over 1,000% since July 2020.
  • The project plans to become the best possible platform for DeFi, and become an ETH alternative.

Tezos (XTZ) is currently the 24th cryptocurrency when it comes to the size of its market cap. However, the project ranked much better — as 7th — among the most staked crypto assets. Not only that, but the project also had the largest number of contract calls in January 2021.

Tezos hits some new milestones

Tezos is one of the countless cryptocurrencies that had their ICOs in 2017. However, unlike many others, Tezos did not only manage to survive the next several years, but it also thrived and it climbed to the top of the list of largest cryptos.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

The protocol recognized the rise of DeFi early on, and it rushed to add several successful upgrades to its protocol. This allowed it to actually attract DeFi projects, including DEXes, NFT marketplaces, DeFi platforms, and more.

Now, blockchain-based interactions with smart contracts, which come in the form of transactions, are called contract calls. This is a metric that serves as an indicator of the project’s smart contract adoption.

Tezos saw a massive surge of contract calls, which gradually grew from July 2020. By the end of the year, they outgrew July’s total by 1,209%. November was the only month that saw a 10% dip when compared to the month before. Other than that, each month saw an increase, until Tezos became the biggest project based on contract calls in the crypto industry.

Tezos is bringing oracles to become an Ethereum alternative

Apart from being the 7th-largest staking token and the top project based on contract calls, Tezos is also planning to bring Oracles to its network.

Now, the oracles have grown to become the very backbone of the DeFi sector. They provide prices in real-time to smart contracts, dApps, DEXes, and others. and have many different uses.

This is why Tezos is planning to bring them as well, in order to become able to compete with Ethereum (ETH), and make itself into a more scalable alternative to ETH. Just in case the users finally grow tired of Ethereum’s massive gas fees, and decide to look for a new platform to call home.

If it happens, Tezos plans to be there, and ensure that developers will have a platform to work on.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
67% of retail CFD accounts lose money