NEW DELHI (CoinChapter.com) — Tezos blockchain recorded significantly increased network usage on a year-on-year basis, per a report by data insights website Messari.
The report highlighted that the Tezos blockchain experienced a 12% increase from Q3 2021 in smart contract calls and a 94% increase in transactions year over year. In detail, Q2 2022 saw an average of 4.4 million smart contract calls and 3.7 million monthly transactions on Tezos.
For the Tezos network, network usage is composed of smart contract calls and transactions.
Tezos network usage has steadily increased over the past months. Source: Messari report
In addition, the number of accounts on the Tezos network has grown month over month for the last year. But, the number of new accounts has dropped steadily since Sept 2021. In H1 2022, developer activity on the Tezos platform is up 288% from H1 2021.
Moreover, XTZ staking on the Tezos network maintained a high, consistent rate of 75% – 77% throughout Q2 2022. 80% of the total staked XTZ came from delegators, and validators staked the remaining tokens.
Meanwhile, Tezos has created a strong DeFi ecosystem with a commanding presence in the NFT sector.
TVL shares of various DeFi projects on the Tezos network. Source: Messari report
Youves, a synthetic asset protocol, enjoyed the lion’s share ($14 million) of the Tezos TVL, with decentralized exchange Liquidity-Baking in the second place with a TVL of $13 million. Tezos’ TVL at Q2 2022 close was $41 million, making it 50th in TVL per DeFiLlama data.
XTZ Paints A Weak Breakout From Ascending Triangle Pattern
Meanwhile, XTZ prices have broken above a bullish continuation pattern called the ascending triangle. A horizontal trendline that connects swing highs and an ascending trendline connecting swing lows forms an ascending triangle pattern. Volume helps determine if a breakout is strong.
In an ideal world, buyers would enter the market as the trendlines close the gap, pushing prices above horizontal resistance with heavy volumes. Unfortunately, a low-volume breakout on the upside will likely fail, resulting in a pullback.
XTZ prices broke out of an ascending triangle pattern. Source: Tradingview.com
Per the rules of technical analysis, the price target for a breakout is equal to the triangle’s height at its thickest point. Therefore, XTZ prices might rise more than 30% from their current level to $2.26.
But, XTZ’s volumes do not support the breakout. The altcoin’s declining volumes indicate dwindling investor interest, which might result in XTZ prices moving back inside the pattern to chart a false breakout.
At writing, XTZ was trading at $1.71, up 1.8% on the day.
A Delhi-based Markets writer, I did my bachelor's in engineering with major in electronics and communications. I first heard of bitcoin while writing an article about blockchain technology a few years back, and have been following it ever since. Bitcoin may well be current big thing happening in the finance industry, and it feels like the right time to join the crypto bandwagon.
The rich hate it, the poor hate it.. All jokes aside, inflation affects everyone in the world that owns...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.