Hello, Tezos community! We’re kicking off this week with exciting updates and developments from across the ecosystem. But first, we have some major insights to share from the Q2 2024 Messari Report on the State of Tezos. Let’s dive into the key highlights that showcase Tezos' continued growth, adaptability, and evolution as a leading edge blockchain.
5 Key Insights from the Q2 2024 Messari Report
1. Tezos X Roadmap Unveiled In Q2, the Tezos team introduced Tezos X, a forward-looking roadmap that focuses on expanding scalability and composability. One of the standout innovations is the Canonical Rollup, designed to enhance the blockchain’s flexibility. The goal is to make Tezos more versatile, with support for mainstream programming languages and increased interoperability, offering developers the ability to create complex applications with ease.
2. Etherlink Mainnet Beta Launch Etherlink, a non-custodial, EVM-compatible Layer-2 blockchain powered by The State of Tezos, went live in its mainnet beta stage in May 2024. This is the last step before its full launch and represents a significant move toward offering fast, low-cost transaction solutions for developers using Ethereum-based tools.
3. Paris Upgrade: Boosting Performance The The State of Tezos was successfully implemented in June, bringing a host of new features to Tezos. These include reducing block times to 10 seconds, introducing the The State of Tezos to improve network scalability, and rolling out The State of Tezos, which dynamically adjusts token issuance to maintain a balanced staking ratio.
4. Developer Ecosystem & Community Growth Tezos continues to attract developers with its innovative platform, ranking 44th globally with 228 active developers as of July 2024. The blockchain's focus on scalability and composability, highlighted by the launch of Smart Rollups, has provided new avenues for developers to build sophisticated applications.
5. Total Value Locked (TVL) Tezos saw a decrease in TVL in USD terms, falling by 15% QoQ. However, TVL in XTZ terms surged by 42%, indicating that the decline was more about lower asset values rather than withdrawals from the network.
Key Metrics and Financial Overview
Despite the broader crypto market cooling down in Q2, Tezos maintained a solid market position. Transaction fees dropped to $11,000, down 51% QoQ, as activity shifted to Layer-2 solutions like Smart Rollups. The market cap fell to $800 million, reflecting a 44.9% drop, aligning with market trends post-March 2024 highs.
The circulating supply of XTZ reached 1 billion tokens by the end of Q2, while the annualized real yield for validators saw a slight QoQ increase to 1.6%. Adaptive Issuance continues to play a crucial role in maintaining security by dynamically adjusting staking rewards based on staked supply, ensuring that Tezos remains economically sustainable.
Network Performance and Upgrades
The launch of Etherlink in Q2 marked a significant step for Tezos, expanding its ecosystem with EVM compatibility and non-custodial Layer-2 scaling. This development paves the way for further integration with Ethereum-based dApps, enhancing transaction speeds and lowering costs.
The Paris upgrade brought significant improvements, including faster block times, better scalability through DAL, and further refinements to the PoS mechanism. While a critical bug initially caused issues with withdrawals from Etherlink to Layer-1, the swift response from Nomadic Labs and the implementation of the Paris C emergency bug fix showcased Tezos’ agility in addressing challenges.
Looking Ahead: What’s Next?
As we head into the next quarter, Tezos is set to build on the foundations laid in Q2 with the full launch of Etherlink, continued growth of Tezos X, and a focus on composability and interoperability. The report highlights the potential for Tezos to become a leader in blockchain scalability, offering developers more flexible environments for building complex applications.
The future of Tezos is bright, with exciting developments on the horizon, including the roll-out of additional rollup environments and broader use cases in DeFi, gaming, and NFTs.
For more detailed insights, you can check out the full Messari report here.
Tezos Takes Center Stage at TOKEN2049
Following the recent developments outlined in the Messari report, the Tezos ecosystem is making waves at TOKEN2049—and it's going to be a packed week of activities! Whether you’re new to Tezos or a long-time supporter, TOKEN2049 is the place to explore the latest innovations from Tezos, meet the Tezos Ecosystem teams, and dive into some hands-on experiences.
First up, make sure to visit the Tezos Booth located on Level 4, Booth M72 at the main conference. It's your chance to connect with the Tezos team, discover new projects, and learn more about Tezos.
Here’s what you can expect from the Tezos ecosystem at TOKEN2049:
Tezos Realm: An Immersive Experience
Get ready to dive deep into the Tezos universe at Tezos Realm, held at the iconic CHIJMES Hall in Singapore. Just minutes away from the main TOKEN2049 venue, Tezos Realm will provide an unforgettable experience with interactive exhibits, exclusive demos, and a chance to explore innovative projects in realms dedicated to Culture & Community, DeFi, Gaming, and Etherlink.
Some of the exciting projects featured include:
akaSwap and Objkt (Culture & Community Realm)
BattleRise and Ladder Protocol (Gaming Realm)
Hanji and Renora (DeFi Realm)
Kredete and Questflow (Etherlink Realm)
Whether you’re a Tezos enthusiast or just discovering the ecosystem, Tezos Realm offers a hands-on opportunity to engage with cutting-edge blockchain projects and even earn exclusive Tezos merchandise and rewards.
📍 Location: CHIJMES Hall, Singapore🗓️ Dates: September 18-19, 2024🔗 Register for Tezos Realm here.
Arthur Breitman Speaking at TOKEN2049
One of the highlights of TOKEN2049 is hearing from Arthur Breitman, the co-founder of Tezos. Don’t miss his insights on blockchain innovation and the future of the ecosystem during his speaking slot:
📅 Date: September 18, 2024🕑 Time: 10:45 AM - 11:00 AM (GMT+8)📍 Location: Zeebu Stage, Level 4, TOKEN2049
Zeeve The Rollup Day: Panel Discussion
On September 19, Tezos will be part of a panel discussion at The Rollup Day, diving into one of the most transformative innovations in blockchain technology—Rollups. Siddhart Singhal, Head of Business Development at Trilitech, will discuss the future of scaling and the role of Rollups in the evolving blockchain landscape.
📅 Date: September 19, 2024📍 Location: M Hotel Singapore
Register for The Rollup Day here
CryptoCarnival: A Festival of Blockchain Celebrations
On the evening of September 19, Tezos is sponsoring the CryptoCarnival, celebrating the anniversaries of Trust Wallet, CoinMarketCap, and 1inch. Expect exclusive fireside chats, limited edition merchandise, and an unforgettable party atmosphere as we cap off TOKEN2049 with a festival-themed event.
📅 Date: September 19, 2024🔗 Register for CryptoCarnival here.
This Week in the Tezos Ecosystem
Shifting gears from the headlines, let's dive into what's happening in the Tezos ecosystem this week. One of the exciting developments is the launch of VNX EUR (VEUR) and VNX CHF (VCHF) stablecoins on the Tezos blockchain, marking a significant step forward for both VNX and the Tezos DeFi landscape.
VNX Expands with Stablecoins on Tezos
VNX, a prominent European tokenization platform, has launched its two stablecoins, VEUR and VCHF, on the Tezos blockchain. This expansion allows VNX to tap into the secure, scalable, and energy-efficient infrastructure that Tezos is renowned for, broadening the accessibility of stablecoin options in decentralized finance.
Tezos’ focus on sustainability and seamless on-chain governance made it an ideal choice for VNX. These stablecoins are designed to support efficient cross-border payments, payment processing, and liquidity management, solidifying their role within the Tezos DeFi ecosystem.
A Strong Partnership for Growth
Alexander Tkachenko, CEO and Founder of VNX, emphasized how Tezos aligns with their mission: “Tezos’ focus on sustainability and upgradability aligns perfectly with our vision for the future of digital finance. By integrating our stablecoins on Tezos, we’re not only enhancing our offering but also contributing to the growing ecosystem of blockchain-powered financial solutions.”
Meanwhile, Cedric Roche, Business Development & Technical Support Director at Nomadic Labs, added: “We are delighted to welcome VNX and their stablecoin solutions to the Tezos community, meeting the growing demand for reliable stablecoin options within our DeFi ecosystem.”
Integration into Tezos DeFi
Shortly after their launch, VEUR and VCHF were integrated into the Plenty decentralized exchange, one of the largest DEXs on Tezos. The new VEUR/USDT and VCHF/USDT liquidity pools allow users to seamlessly trade and engage with these stablecoins, further driving DeFi participation on Tezos.
As VNX continues to grow within the Tezos ecosystem, its upcoming VNX Points Campaign will offer users rewards for adopting these stablecoins and participating in the DeFi space. With plans to launch the VNX Community Token, users will soon have voting power and influence over the future direction of the project.
🔴 Now Streaming: Inside Sugarverse with Nikolai Mitev
This week, we’re thrilled to welcome Nikolai Mitev, Co-Founder and CEO of Sugarverse, the Tezos-powered mobile gaming ecosystem that’s creating a self-sustaining play-and-earn economy. Get ready to hear all about the exciting developments happening in the Sugarverse and Tezos’ crucial role in bringing it to life.
🌟 Our special guest is Nikolai Mitev, a key figure behind the creation of Sugarverse.
🔍 In this episode, we'll explore:
What is Sugarverse? - Discover the Tezos-powered gaming ecosystem with a play-and-earn economy and a sweet candy theme.
The Origin Story: - Nikolai walks us through how Sugarverse was born and why Tezos was the perfect fit for their vision.
Play-and-Earn Dynamics: - Learn what players can earn in Sugarverse and how the self-sustaining economy works.
Tezos’ Role: - Explore how Tezos powers the Sugarverse experience and why it’s crucial to the project’s success.
🖥 Stream: YouTube | X
Events
Calling All Tezos Artists: Your Chance to Shine at Subjective NYC!
Attention, Tezos Art Community! Are you ready to make your mark in one of the biggest cultural hubs in the world? From September 27-29, your art could be featured at Subjective NYC organized by Victoria West, an exciting event showcasing the best of Tezos-based creativity. This is your opportunity to have your work displayed in the heart of New York City, thanks to the generous support of Tezos Commons.
How to Apply:
Share your best unminted artwork on X using the hashtag #vwsubjective.
Retweet the original event post to help spread the word.
Make sure you follow the event organizer (unless your DMs are already open) to stay updated.
Winning pieces will be minted on objkt.com before the event, so this is your chance to get your art in front of a new audience and be a part of the thriving Tezos art community.
Let’s show NYC the creative power of the Tezos ecosystem. Don’t miss this opportunity to showcase your work on a global stage!
🗽 Submit today and be part of something unforgettable!
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