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On its mainnet, the Proof-of-Stake (PoS)-based blockchain Tezos [XTZ] upgraded a protocol. The Tezos community was initially presented with the upgrade, known as Kathmandu, in July. This was the eleventh upgrade.
The Layer-one (L1) protocol was intended to be scaled, according to the Kathmandu proposal written by Nomadic Labs and six other people. Furthermore, issues with testnet governance and pipeline validation would no longer exist.
Co-founder of Tezos Kathleen Breitman discussed the upgrade with Bloomberg’s Emily Change prior to the upgrade. She claimed that because the protocol was designed to upgrade itself, the Tezos network could upgrade more than ten times without experiencing any issues.
Since the activation of the update, XTZ seems to have responded favorably. The native token of the future’s security-focused internet has increased 4.15% during the previous 24 hours, according to CoinMarketCap. XTZ’s price was $1.52 at the time of publication.
Messari revealed that the transaction volume had decreased to $9.68 million after checking its network activities. Prior to the current price, XTZ had a seven-day transaction volume of up to $17.30 million.
The crypto data library suggested that the number of XTZ addresses was getting closer to more bottom. According to the crypto intelligence network, there were already 8,420 addresses with more than $10,000 in XTZ. The number of those with $100,000 XTZ and beyond had fallen to 1,490. The addresses with fewer Tezos units, however, were increasing.
XTZ was not developing, according to data on the Decentralized Finance (DeFi) ecosystem. Tezos’ total value locked (TVL) was $24.65 million, according to DeFiLlama. The value today was down 2.21% from the value of the day before.
Tezos‘ liquidity dominance was also reported by DeFi Llama to be at 69.12%. This demonstrated that the liquidity protocol has given asset holders greater incentives.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
