The Tezos ($XTZ) network has seen a surge in activity in recent months as non-fungible tokens (NFTs) gain traction and the number of smart contracts on the network increased from roughly 200 to over 600 last year.
Tezos’ daily transactions increased in August of last year after it issued an upgrade that cut average block times in half, according to Coin Metrics’ latest “State of the Network” report. Transactions involving smart contracts also surged as interest in NFT platforms such as FX Hash grew.
Tezos has been picked by Ubisoft, a French video game publisher, to launch gaming NFTs within its network, as well as McLaren Racing, who developed an NFT collection dubbed the “McLaren Racing Collective” to engage Formula One’s 87 million fans. When it comes to decentralised finance, Tezos’ rapid growth shows it might compete with other smart contract platforms like Ethereum and the Binance Smart Chain (DeFi). Tezos has close to $90 million in total value locked up in its DeFi ecosystem, according to DeFiLlama.
Investors have a new option to get exposure to cryptocurrencies, according to CryptoGlobe, after digital asset investment firm CoinShares announced the introduction of two new physically-backed exchange-traded products (ETPs), one for Tezos ($XTZ) and one for Polkadot ($DOT). Both ETPs are intended to distribute the benefits of staking their underlying assets to investors.
It’s a wrap for the story.
Related: Cardano smart contracts are on the verge of reaching 1,000
