FLOW rides on a strong bullish wave as the alt attempts recovery to May support levels
Cardano can break away from bearish shackles- ‘how’ might surprise you
Reasons why CRV outshined AAVE, MKR to impress its investors
DOGE holders might be amazed to look at their portfolio, thanks to…
Dogecoin: This price level could make or break your portfolio
Will Bitcoin [BTC] rise above its $23,000 level over weekend
For Bitcoin [BTC] traders, next resistance level could be at…
Bitcoin: Everything latest you need to know before taking long position
Tesla’s Bitcoin dump of $936M- Breaking down its impact on BTC
BTC mining, sustainable energy have bullish stats for investors
From ETH’s Merge to ‘surge, verge, purge, splurge’- Making sense of it all
ETH derivative traders take neutral stance amid recovery- Here’s why
Shoutout to Ethereum LTH, target for 2030 could be $15…
Ethereum: $1750-$1950 area could be tricky to navigate for b…
Ethereum traders can consider these metrics to avoid losses
Published
on
By
According to a new report by Messari (provider of crypto market intelligence products), Tezos, an open source blockchain for deploying smart contracts, recorded some growth in the last quarter.
With a 58.1% decrease in the total cryptocurrency market capitalization in the last quarter, Q2 2022 has been described as the worst quarter for cryptocurrency markets in the last decade.
Marked by a decline in the prices of several crypto assets, the bear run in the last quarter also led to a decline in growth metrics for many of the blockchains that power these categories of digital assets.
According to Messari, the story was, however, different for Tezos. In the last quarter, Tezos saw an uptick in its network usage.
Amongst other findings, Messsari also noted that the NFTs marketplaces built on Tezos gained significant user traction in the last quarter.
Let’s consider the report fully and examine how the blockchain’s native coin XTZ fared within the same period.
According to the report, the general downturn in the cryptocurrency market led to a significant drop in the market capitalization of the Tezos network.
Closing the quarter with a market capitalization of $1.3 billion, the network saw a 60% drop from the $2 billion it recorded in market capitalization in the first quarter.
Interestingly, despite a decline in its market capitalization in the last quarter, Messari found a growth in the chain’s overall network usage.
On a year-over-year basis and with 1.9 million transactions recorded per month in the last quarter, the network recorded a 94% increase in overall network usage.
While on a broader scale, the network saw growth in usage in the previous quarter, a breakdown of component parts tells a different story. According to the report,
“Network usage on Tezos is composed of smart contract calls and transactions. During Q2 2022, Tezos averaged 4.4 million smart contract calls (12% increase from Q3 2021) and 3.7 million transactions per month (12% decrease quarter over quarter). Transaction fees remain consistent, averaging less than $0.01 over the last year.”
Source: Messari
With the significant uptick in sales volume on NFTs marketplaces housed on Tezos, Messari found that NFTs sales represent the majority of network activity on the chain.
Source: Messari
That being said, in the 90-day period between April and June, the price of XTZ declined by 62%.
It fell from $3.72 to $1.38 within that period. Also, closing the quarter with a trading volume of $55.47 million, data from Santiment showed a 66% decline in trading volume in the period under review.
Furthermore, the coin’s market capitalization recorded a drop from $3.478 billion to $1.34 billion at a 61% drawdown in the last quarter.
Source: Santiment
1INCH’s price suffers despite network growth, here’s why
APE turtle traders can consider these metrics before buying breakouts
Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
CryptoPunks enamor investors with BAYC following suit
Premint NFT hack and the post-mortem you shouldn’t miss out on
CryptoPunks tops weekly charts as it surges by 558% amid a recouping NFT market
Nansen’s NFT indexes quarterly report for Q2 can make investors happy
Tezos: What to expect from XTZ’s recent patterned breakdown
Tezos: How XTZ traders can leverage this pattern’s break to remain profitable
Your email address will not be published.
document.getElementById( “ak_js_1” ).setAttribute( “value”, ( new Date() ).getTime() );
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
