Why Is Smart Contract Platform Tezos Up Over 30%?
Tezos is up over 30% on the week and 7% the last 24 hours.
Covered
- Tezos’ Recent Uptick
- Tezos’ Quiet NFT Dominance
- Not An Ethereum Killer
Tezos’ Recent Uptick
Tezos (Ticker symbol: XTZ) is up around 30 percent for the week. That puts the smart contract platform behind only Avalanche (up over 40%) among top 100 risers.
Even more impressively, Tezos is up over 7 percent as the rest of the market tumbled the last 24 hours. Total market cap slid down to 1.8%, going from 2.1 trillion to 2 trillion USD.
The rise in XTZ comes amid NFT prices mooning again. Tezos recently added Golden Goals to their partnerships. Golden Goals is a competitor to Chiliz. It specializes in fan tokens and NFTs for soccer fans. Golden Goals right now is focused on Ligue-1, France’s primary soccer league.
Not to mention, three Swiss-based fintech companies Crypto Finance Group, InCore Bank, and Inacta announced that they will offer tokenized assets, via the Tezos chain, to institutional investors.
The smart contract platform was founded in 2015 by husband and wife team, Arthur and Kathleen Breitman. The two wanted to create a proof-of-stake crypto that was self-amending to avoid hard forks like Bitcoin.
Tezos’ Quiet NFT Dominance
Quietly, Tezos put together an impressive roster of NFT platforms.
They include:
- F1 racing team McClaren
- Energy drink company, Red Bull
- Quincy Jones-backed OneOf
OneOf, in particular, was featured in Rolling Stone’s piece on greener NFT alternatives to the Ethereum chain. Co-founder of the music NFT Platform Adam Fell told Rolling Stone they picked Tezos to avoid Ethereum’s massive energy output.
Not An Ethereum Killer
In addition, co-founder Kathleen Breitman sat down with Forbes Magazine this week.
“I think this idea of having a world computer is something that the Ethereum project promoted for itself that we never found very convincing,” Breitman told Forbes. “We think the most interesting applications of any smart contract platform are going to be financial.” She added, “…we think the main goal for a blockchain or cryptocurrency is to send value over the internet.”
Breitman’s comments run counter to what Vitalik Buterin said recently. Speaking at the Ethereum Community Conference, Buterin stated that “The most interesting part of the vision of general-purpose blockchains,” are the non-financial elements. Vitalik sees the need to move past DeFi to include social media and public goods funding.
Similarly, Vitalik sees the future of Ethereum projects still including finance on the chain: “The most interesting Ethereum applications are going to combine elements of finance and non-finance.”
The visions are quite similar. If anything, the differences might just be in PR. Ethereum is utopic. Tezos is practical.
Both want the same thing. That is, more people using crypto.
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