Tezos is hosting a massive blockchain hackathon event in an effort to bring a full suite of DeFi solutions to the platform. Covered: Tezos DeFi Hackathon 2022 XTZ Price Action Update As the layer-1 (L1) wars rage on, Tezos (XTZ) has gone relatively under the radar among its competition. Despite the quiet conversation, however, Tezos’ […] The post Tezos To Host Largest Blockchain Hackathon In Eastern Europe appeared first on CryptosRus.

Tezos To Host Largest Blockchain Hackathon In Eastern Europe

Tezos is hosting a massive blockchain hackathon event in an effort to bring a full suite of DeFi solutions to the platform.

Covered:

  • Tezos DeFi Hackathon 2022
  • XTZ Price Action Update

As the layer-1 (L1) wars rage on, Tezos (XTZ) has gone relatively under the radar among its competition. Despite the quiet conversation, however, Tezos’ latest hackathon event gives us a glimpse into the vision for a flourishing decentralized finance (DeFi) ecosystem on the Tezos blockchain.

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Tezos DeFi Hackathon 2022

Today, Tezos Ukraine announced that it will be hosting the largest blockchain hackathon event in Eastern Europe, offering a total prize fund of $200,000 to developers who showcase the best solutions.

After registration for the event closes on January 31st, developers will have the month of February to submit their work, which will be followed by a results announcement and rewards ceremony in March.

While Tezos has been traversing the crypto waters relatively unnoticed, the blockchain hackathon event could hint towards a bright future for the Tezos ecosystem as more developers build DeFi products on the platform.

Along with the blockchain’s NFT headway into the mainstream gaming space, the Tezos blockchain has opened the doors for growth in multiple sectors of the crypto space.

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XTZ Price Update

One thing I like about the Tezos weekly chart is that while its year-to-date (YTD) returns are not nearly as captivating as that of its competitors, the chart structure shows us a telling picture of the exponential growth in XTZ. I’ve added some rather dubiously-placed parabolas to give you a clearer idea of the trajectory I’m seeing.

At the time of writing, XTZ is up 6.67% on the day, trading right at $4.99.

Another thing I like about this chart is the consistency in movement as shown by the weekly relative strength index (RSI), which measures the overbought and oversold conditions of an asset. As you can see, each and every touch of the top trend line has been accompanied by a spike up into the overbought region of the RSI, and each low corresponds with a similar RSI bottom of around 43.

If Tezos can successfully follow through on its NFT endeavors and onboard more users to the network in 2022, I’d expect XTZ to revisit that top trend line in the future.

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