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Tezos record increased network activity

Tezos

TL; DR Breakdown

  • Tezos record increase in network activities
  • Most of the activities were spurred by NFT sales
  • Active addresses on Tezos increases

The Non-fungible token sector has continued to enjoy massive patronage since it took over the mainstream attention last year. Since then, there have been a couple of interested parties carrying out transactions across different platforms. This has contributed to the massive transaction flow that Tezos has witnessed in the last few weeks. In a recent update, the blockchain has witnessed massive growth spanning over the last year.

Transactions on the network skyrockets

With the massive growth that the blockchain has witnessed, Tezos is now at the stage where it is making a case against Ethereum for the top spot. In a recent report from Coin Metrics yesterday, the number of smart contracts transactions that have been carried out has surged sporadically.

In putting it into perspective, there have been about 50,000+ transactions per day since the start of the year compared to the meager figure of 10,000+ per day this time last year. The report released by the analysis companies claims that the increase has resulted from the activities of several NFT platforms on the blockchain. Platforms like Fox Hash and others, coupled with the recent announcement by Ubisoft moving to the network for gaming comfort.

Tezos records increase inactive addresses

One of the reasons traders are running to the token is its many advantages, including limited fees, one which Ethereum has failed to provide. Tezos provides a portal where all transactions carried out on the platform are charged at an affordable rate. However, there have been concerns surrounding the environmental hazards that minting NFTs has caused on PoW networks. In a bid to remove issues like this, more traders and artists are minting their arts on Tezos.

In the last 12 months, the token has recorded a massive increase of 45,000 active addresses. There have been over 600,000 smart contracts deployed on the network in the same time frame. However, the biggest growth in the Tezos NFT network has been dApps. Tezos entered the market in 2018 on the premise of providing users with an efficient network that uses a proof of stake mechanism. In the last 24 hours, the token has undergone a rapid rise of 5.75% in a turbulent market while trading around $3.77.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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