The Ethereum (ETH) community is currently the dominant Layer-One protocol for serving good contracts and buoyant customers, but the race for the “PC of the World” is far from over as competing protocols gain importance by Options offer inflated transaction prices and sluggish affirmations, the biggest problems facing the community.
One company that was on the rise in the previous month is Tezos, a proof-of-stake blockchain community that is designed to evolve over time without the need for a hard fork.
Information from Cointelegraph Markets Professional and TradingView shows that the value of XTZ rose 165% from its low of $ 2.09 on July 20 to over $ 5.53 on August 27, while the 24-hour buy and sales volume has risen to over USD 1 billion.
Three reasons for the robust development of XTZ over the past month are the expansions of the community through the latest upgrade to “Granada”, the takeover of the Tezos community by a number of massive banking institutions, and attractive staking rewards that token holders have to maintain trick their money into getting the community.
Protocol improvement lowers transaction prices
As mentioned earlier, the Tezos community is a self-changing blockchain that can be updated over time without the need for a hard fork.
In total, the Tezos community has lost seven profitable upgrades since its inception, three of them in 2021. The last upgrade for “Granada” was applied on August 6th.
Tezo’s seventh improvement ‘Granada’ is now dwell!
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Gasoline improvements, massive reductions in gasoline consumption with good contracts
✅Bake liquidity, use governance mechanisms and incentives to send public items # Tezos #Granada pic.twitter.com/IL4zJBe9oU
– Tezos (@tezos) August 6, 2021
In response to the Tezos staff, improvements to this latest enhancement include reducing block time from 60 seconds to 30 seconds, and reducing gas mileage an average of three to six times through good contracts.
The brand new improvement has also created liquidity baking, which “creates incentives for a substantial decentralized liquidity provision between XTZ and tzBTC by minting a small amount of XTZ in each block and paying it into a continuous product market that makes a good contract”.
Reasonable acceptance by major banks promoted
A second improvement that helped increase value and awareness was the acquisition of Tezos by digital asset company Crypto Finance AG and Swiss business-to-business transaction financial institution InCore. Everyone is planning to roll out brand new tokenization software in the community.
Thank you #InCoreBank and @inacta for another profitable cooperation! The modern and compliant commonplace for the # tokenization of monetary goods (FA2), which we made feasible together on @tezos, undoubtedly shapes the # blockchain business.https: //t.co/vEENshU4Kh
– Crypto Finance (@CryptoFinanceAG) August 24, 2021
The two companies have also developed a brand new Tezos token for asset tokenization, the so-called DAR-1 token commonplace, which enables new options to be unlocked with good contracts that help money markets, along with counter-function options cash money laundering (AML ) and asset management.
InCore also announced that it will introduce institutional storage, staking, and buy and sell providers for XTZ that can enable financial institutions to provide staking providers for its buyers’ assets.
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Tempting staking rewards reduce the circulating supply
XTZ also appears to be benefiting from attractive staking alternatives that have resulted in the majority of tokens in trading for staking rewards being withdrawn from circulation.
In response to information from StakingRewards, the current annualized price for token holders who delegate their XTZ is 7.85%, while those particularly tech-savvy can start their own Tezos bakery and earn 8.73%.
Delegating XTZ is easy for the ordinary consumer and can be done from any of the pocket interfaces the company requests, and a number of other exchanges additionally offer staking providers for a small price along with Coinbase, Kraken and Binance.
At the time of writing, information from TZStats shows that 77.65% of all XTZ offerings are actively used in the community, which severely limits the variety of tokens available in the market and is a potential source of optimistic appreciation.
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