Proof-of-Stake (PoS)-based blockchain, Tezos [XTZ], upgraded a protocol on its mainnet. The upgrade, called Kathmandu, was first proposed to the Tezos community in July, and was the eleventh time there has been an upgrade.
Welcome to #Kathmandu – @Tezos' 11th protocol upgrade.
The #blockchain built to last.#Tezos #BlockchainEvolved pic.twitter.com/doFOKxJaY4
— Tezos (@tezos) September 23, 2022
According to the proposal created by Nomadic Labs and six others, Kathmandu was aimed at scaling the Layer-one (L1) protocol. Additionally, the challenge of pipeline validation and testnet governance problems would be a thing of the past.
Before the upgrade, Tezos’ co-founder, Kathleen Breitman, spoke to Emily Change of Bloomberg about the upgrade. According to her, upgrading more than ten times was not a problem for the Tezos network because the protocol was developed to upgrade itself.
Started from the bottom; now we stayed put
Since the upgrade activation, XTZ seemed to have reacted positively. According to CoinMarketCap, the native token of the security-focused internet of the future had climbed 4.15% in the last 24 hours. At press time, XTZ was trading at $1.52.
As for its development activity, Tezos expectedly increased. On-chain analytic platform, Santiment, revealed that the development activity on the blockchain was 0.75.
Source: Santiment
On checking its network activity, Messari showed that the transaction volume had dipped to $9.68 million. Prior to the current value, XTZ’s transaction volume was as high as $17.30 million seven days back.
Source: Messari
For the XTZ addresses count, the crypto data library indicated that it was approaching more bottoms. The crypto intelligence platform reported the addresses with over $10,000 XTZ had decreased to 8,420. Those with $100,000 XTZ and above had also dropped to 1,490. However, the addresses with fewer Tezos units were on the rise.
Source: Messari
Per data on the Decentralized Finance (DeFi) ecosystem, XTZ was not progressing. DeFiLlama showed that the Tezos Total Value Locked (TVL) was $24.65 million. The current value was a 2.21% decrease from the previous day’s worth.
DeFi Llama also reported that Tezos’ liquidity dominance was now 69.12%. This showed that asset holders had earned more incentives on its liquidity protocol.
Source: Messari
