One of the many projects of the layer-one protocol which has been on the rise over the last couple of months has been Tezos. This is a proof-of-stake blockchain network that is designed especially to transform over time without needing an undergo for a hard fork. The network of Ethereum, currently, has been the foremost dominant layer-one protocol with respect to smart contract deployment as well as active users.
Yet, the race to change into the world’s computer is quite far behind from being settled due to the competing protocols like Tezos which have been gaining major traction by offering solutions to slow confirmation times as well as high transaction costs.
Protocol Upgrade Reduces Transaction Costs Of Tezos
According to data received from TradingView as well as Cointelegraph Markets Pro, Tezos had been hitting a low of $2.09 on the 20th of July, where the XTZ price increased by 165% to a high of $5.53 on the 27th of August as the trading volume over the last 24 hours increased by over $1 billion. There have been quite a few reasons for this strong growth seen by XTZ in the last month which includes improvements that were made to the network ever since the Granada upgrade came to play. There is an adoption of the network by several huge banking institutions along with attractive staking rewards that would entice token holders to put their coins on the network.
As has been reported previously, the network of Tezos is a self-amending blockchain that is pretty capable of getting upgraded over time without the requirement of a hard fork. Incidentally, the entire network has also gone through seven different successful upgrades since it was launched- amongst which three of them have already occurred in 2021. The most recent was implemented on the 6th of August.