The blockchain-based smart contract platform Tezos has been on the rise over August. Tezos is one of the proof-of-stake blockchain networks that was designed to evolve without hard forks.
According to reported data, the price of XTZ has increased 165% from a low of $2.09 on July 20 to a high of $5.53 on Aug 27 as its 24-hour trading volume surged to more than $1 billion in a 24 hour period.
Tezos (XTZ) Has Gained 85% in August – So Far
Since its launch, the Tezos network has implemented seven upgrades and three of them were in 2021.
The most recent improvement made is the ‘Granada’ upgrade, which can reduce gas consumption through smart contracts from an average of 3 to 6 times and the block time from 60 seconds to 30 seconds.
According to the developers’ statement, the recent upgrade offers liquidity baking that,
“Incentivizes large amounts of decentralized liquidity provision between XTZ and tzBTC by minting a small amount of XTZ every block and depositing it inside of a constant product market-making smart-contract.”
In addition, its attractive staking opportunities removed tokens from circulation to help create network consensus in return for staking rewards.
Will Be Accepted by Large Banks
Recently, the digital asset firm Crypto Finance AG and the Swiss business-to-business transaction bank InCore have announced to adopt Tezos and set to launch a new tokenization tool on the network.
As such, both companies also developed the DAR-1 token standard, a new Tezos token standard for asset tokenization built on the Tezos FA2 standard, to unlock new smart contracts-enabled functions that support financial markets.
These functions include Anti-Money Laundering (AML) capabilities and asset governance.
InCore Bank announced a new partnership with Swiss IT consulting company Inacta and Crypto Finance AG for the launch of new digital financial products based on Tezos, a decentralized, open-source, proof-of-stake blockchain network.
Moreover, InCore Bank also plans to launch staking, trading, and institutional-grade storage services for Tezos (XTZ) for customers to earn rewards.