The Tezos ecosystem is still a viable option for those who want to explore a cryptocurrency network with multiple use cases. Recent developments show a lot of work is being done behind the scenes to advance the network as a whole.
A Bullish Biannual Report
If there is one thing the cryptocurrency industry can never have enough of, it has to be transparency. The Tezos Foundation recently revealed its latest biannual report, which contains a lot of intriguing information. Several projects the public was mainly unaware of are in development at this time, and every one of them can have a significant future impact on this blockchain ecosystem.
Moreover, the report provides a viable overview as to how big the Tezos ecosystem is becoming. It is impressive to see which options are being explored left, right, and center these days. There is no limit as to what one can achieve with innovative technology. Whether all of these use cases will come to fruition and contribute to the growth of Tezos remains unclear, but it never hurts to explore a few options.
Ethereum DeFi Migration
It is no secret that various blockchains are trying to get in on the decentralized finance rate. Some ecosystems are better suited for this purpose than others. Tezos, as a competitor to Ethereum and consorts, can provide a few benefits worth exploring. Paying lower fees will benefit everyone, especially the projects providing DeFi services.
— Josef Holm (@JosefHolm) April 1, 2021
One of the Ethereum projects is now actively seeking help to migrate to Tezos. It remains a bit of a guessing game as to which DeFi project that may be exactly. Moreover, the message is posted on April 1st, so it may be best to take it with a grain of salt. Assuming the message is genuine; however, it may be a sign of what the future may hold.
The NFT Craze Continues
As Non-Fungible Tokens start to take the entire world by storm, creators must find a suitable blockchain for their creations. Using a Proof-of-Work blockchains like Ethereum may not necessarily be the best option, given its impact on the environment. Tezos, as a Proof-of-Stake network, may prove to be a better option in that regard.
It is worth noting that Tezos is already home to NFTs. These developments were recently acknowledged by OpenSea, as the popular NFT marketplace now supports Non-Fungible Tokens on the Tezos blockchain. It will be interesting to see what comes of this trend, as the future of NFTs certainly looks exciting.
Increasing Network Activity
The final factor to consider is how the overall Tezos network activity is on the rise. All statistics confirm things are improving, including the number of smart contract calls, consumed gas, and new deployments on the Tezos blockchain. These statistics demonstrate the growing interest in what this blockchain ecosystem has to offer from an onlooker standpoint.
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