Tezos, once the record-breaking ICO, and then a mess of litigation and infighting, is starting to deliver on the promise it showed when it first appeared on the scene. Currently, Tezos is just inside the top 10 of the cryptocurrency market cap rankings, but it is also pushing boundaries on EOS, in certain metrics, as well as in the rating space.
Tezos is a self-amending decentralized platform for building dApps. It’s similar to Ethereum in a way that both blockchains support dApps built using smart contracts. Tezos, however, has a few unique features that distinguish it from Ethereum. The most notable one is the network’s on-chain governance. Being in this bracket of programmable blockchains means it is also in competition with EOS.
It has now been shown that Tezos has surpassed EOS, number eight, in the coinmarketcap rankings in volume, price, and value locked in staking. XTZ’s trading volume also surged to $95 million this week. This shows a jump of more than 31 percent compared in a single day. By contrast, EOS’s volume was $34 million, a spike of just over four percent.
The fact that the Tezos project is starting to show some goods after being one fraught with problems when it first kicked off is good news for both Tezos and the general cryptocurrency space as there is proof that certain projects can fight their way back and offer something.
Looking at how its popularity is growing, there is also evidence of more adoption and interest as Messari puts the coin in third place behind Cosmos and Synthetix in staking. The XTZ token also has an annual staking yield of nearly 7 percent.
Additionally, Tezos is even beating Bitcoin in some areas such as Tezos, and Cardano for that matter, top of the list on the Weiss Crypto Ratings in terms of technology. They have been graded as “excellent” by the firm. Just two other cryptocurrencies are also rated excellent for technology Cosmos and Factom, meanwhile, Bitcoin is simply rated as “fair”.
A need for better technology
The evolution of the cryptocurrency and blockchain space has gotten to a point where it is diverging and entering both the financial space, as well as the technology space. The potential of blockchain is well-read and understood, but yet to be proven while Bitcoin probably has at least proven it can be used as a store of value.
For the technology though, this year becomes an important one for the growth of the space, this needs projects like Ethereum, with its move to 2.0, and others, like Tezos to really step up to the plate