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Home»EXCHANGE NEWS»Tezos (XTZ) lost steam in the second quarter, with its market cap falling 30% following an SEC crackdown.
EXCHANGE NEWS

Tezos (XTZ) lost steam in the second quarter, with its market cap falling 30% following an SEC crackdown.

By Crypto FlexsJune 11, 20244 Mins Read
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Tezos (XTZ) lost steam in the second quarter, with its market cap falling 30% following an SEC crackdown.
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According to recent report Tezos has been developing a roadmap, with several new features and upgrades introduced to the network, according to cryptocurrency research firm Messari.

The platform’s core developers have announced a strategic shift to a hybrid optimistic/zk rollup, with multiple teams dedicated to building rollups that will allow the platform to handle more transactions per second (TPS) and improve scalability.

Tezos DeFi Ecosystem Booming

According to the report, the recent launch of Nairobi, the 14th network upgrade, brings platform improvements, new rollup features and improved attestation.

Tezos core developers also unveiled the Data Availability Layer (DAL), which works in parallel with Tezos Layer-1 and ensures data availability while scaling bandwidth and storage capacity.

Tezos is also experiencing increasing traction in the decentralized finance (DeFi) space, with Total Value Locked (TVL) nearly doubling in the past year. The platform is seeing the launch of several new DeFi protocols, including a new DEX, lending protocol, and Perps protocol.

Tezos’ TVL trajectory. Source: Messari

To further support the growth of the Tezos ecosystem, the XTZ Ecosystem DAO has been introduced to support community initiatives by managing and distributing XTZ, the native token of Tezos.

Nonetheless, despite experiencing a strong Q1 2023, with its market capitalization surging from $660 million to $1.03 billion (+55%), outperforming the overall market by 9%, the platform In the second quarter, it was down 30% quarter over quarter. It ended the quarter with a market capitalization of $720 million, largely due to the SEC’s complaints against Binance and Coinbase.

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Additionally, the overall cryptocurrency market capitalization in the second quarter increased by 2%, driven by Bitcoin and Ethereum, which increased by 7% and 6%, respectively, with the introduction of Bitcoin spot ETFs (exchange-traded funds).

Meanwhile, Tezos’ revenue, measured by total gas fees spent (excluding storage costs), declined 82% QoQ in the second quarter, primarily driven by a 79% decline in average transaction fees.

The decrease in average transaction fees is due to lower XTZ prices and slower NFT upfront bidding activity.

Fixed inflation rate and burn mechanism

XTZ, the native token of Tezos, provides a variety of functions within the network, including staking, governance, and gas fee payments.

The token’s annual inflation rate is fixed at 4.4% and its total supply is 965 million XTZ. The report points out that Tezos has implemented a burn mechanism by creating new accounts or smart contracts and penalizing misbehaving validators.

Additionally, during the second quarter, Tezos saw consistent usage compared to previous quarters. The network recorded an average of 53,000 daily smart contract calls and 41,000 daily transactions, down 7% and 1% respectively compared to the previous quarter.

However, NFTs remain a major driver of Tezos activity, and DeFi applications continue to see greater adoption.

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Conversely, Tezos’ ecosystem has experienced mixed activity, with NFTs and gaming remaining relatively stagnant, while DeFi continues to see increased activity. When it comes to decentralization and staking, Tezos has a globally distributed set of validators with a high staking ratio compared to other base layer protocols.

Going forward, strategic changes to Tezos’ rollup roadmap, continued development of the data availability layer, and expected Hybrid Optimistic/ZK rollup enablement promise further growth and innovation for the network.

Overall, Tezos remains a promising player in the blockchain space with a strong ecosystem and growing community of developers and users.

thesis
Sideways price movement of XTZ on 1-day chart. Source: TradingView.com XTZUSDT

The current price of XTZ is $0.810801, which indicates a 0.41% price decline in the last 24 hours and a 2.06% price decline in the last 7 days.

XTZ’s 24-hour trading volume is $15,383,765.48, indicating significant trading activity on the Tezos network.

Featured image from Unsplash, chart from TradingView.com

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