Connect with us
Active Currencies 14794
Market Cap $2,467,692,571,200.00
Bitcoin Share 51.25%
24h Market Cap Change $-0.87

Here’s where Tezos [XTZ] landed after the Kathmandu upgrade went live

2min Read

Share this article

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. 

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

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.