Why the Crypto Space Should Not Be Sleeping on Tezos

  • The Q3 report of Tezos reveals the platform’s consistency despite the bear market.
  • One major factor is the network’s setting an ATH in NFT sales volume (in XTZ terms).
  • The platform also plans to undergo with its 4th upgrade at the end of the year.

Crypto research firm Messari revealed why the crypto community should acknowledge the open-source blockchain platform Tezos amid the bear market.

In a Twitter thread, Nick Garcia, a Messari analyst cited several factors on why Tezos, a smart contract platform provider that can execute peer-to-peer transactions, is on top of other open-source blockchain platforms during the year.

According to the report, the firm’s metrics, which show last year’s Q4 to this year’s Q3 key performance, have been in a downward trend but several key factors showed improvement, attaining new records.

During the bear market, Tezos has run into difficulties, such as a decrease in accounts and nationwide activity due to the declining DeFi and NFT sectors. Yet, looking at a zoomed-out perspective, the data revealed that Tezos’ network activity has been steady since January 2021. Tezos devs also set a new ATH of 29,000 smart contract deployments in Q3.

Meanwhile, the data shows that the NFT (in XTZ terms) has reached a new all-time–high of 11.165 million sales volume during Q3 2022. Although the platform’s revenue dropped compared to the previous quarter, the sales volume (XTZ) increased for 6th consecutive quarter.

Another factor is the continued domination of Tezos’ NFT marketplaces. During Q3, Tezos NFT marketplaces were the top four applications by active users, representing 75% of active users across the network. 

During Q3, Tezos closed with $40 million in TVL, gaining the 50th rank amongst top DeFi ecosystems. In addition, the consistent decentralization and staking, along with the dependable validators and delegators have shown the “functioning and healthy ecosystem,” of the network.

Furthermore. Tezos plans to undergo its 4th upgrade during Q4 this year. The firm is set to release Smart Contract Optimistic Rollups (SCORUs) in the upcoming L-Upgrade, bringing several benefits over Transaction Optimistic Rollup (TORU).

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.