The state of the crypto market which is facing a price correction, only Tezos (XTZ) is witnessing a positive price increase with a jump of almost 4%, trading at $ 3.88 (RM16.22) at the time of this writing.
Apparently Tezos ’performance today is driven by non-fungible token (NFT)-related activities and an increase in the number of smart contracts that increased from 200 to over 600.
For the record, daily transactions on the Tezos network in August 2021 recorded a surge after the launch of the block production period reduction update.
The same goes for transactions involving smart contracts when NFT platforms like FX Hash are starting to get sudden attention.
Further strengthening Tezos ’performance today is as Ubisoft is expected to launch NFT games on the network, including McLaren Racing which wants to launch the‘ McLaren Racing Collective ’NFT collection in an effort to reach out to more than 87 million Formula 1 fans.
More excitingly, the latest update on the network managed to reduce the cost of smart contracts by up to 75%, allowing Tezos to see more than 6 million contract calls this month.
These records prove Tezos is able to rise to be a close competitor for Ethereum and Binance Smart Chain (BSC) based on decentralized finance (DeFi).
As proof, Tezos recorded a total locked in value (TVL) worth over $ 91 million.
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