Tezos Q1 2023 Status Report: Market Value Increases, but Smart Contract Calls Decrease

On April 24th, Messari released Tezos’ first quarter 2023 status report, with the following key points: Tezos’ market value increased by 55% in the current quarter, outperforming the overall encryption market (market value growth of 46%). However, the total gas fee revenue decreased by 23% month on month (excluding storage costs). In addition, Tezos has implemented various destruction mechanisms. This includes creating new accounts or smart contracts, allocating additional smart contract storage, and deleting validator errors. Despite these destruction mechanisms, the destruction rate is very low, with an annual proportion of less than 1%. The circulation supply of XTZ increased by 1.1% month on month and 4.4% annually in the quarter. After strong performance in the fourth quarter, Tezos’ online activities showed mixed results in the first quarter of 2023. Although the total active accounts increased by 1.4% month on month, reaching the highest level since the first quarter of 2022, new accounts decreased by 40% month on month. The surge in new accounts in the fourth quarter of 2022 was due to the casting of Manchester United NFT. In terms of network usage, the daily average smart contract call decreased by 25% month on month, reaching the lowest level in a year. However, the trading volume slightly increased month on month, with an average of approximately 45000 transactions per day last year. The decline in smart contract calls comes from the NFT and gaming fields.

Messari: Q1 Tezos market value increased by 55%, gas fee revenue decreased by 23% month on month

Tezos, one of the leading blockchain projects in the market, recently released its Q1 2023 status report. According to the report, Tezos’ market value has increased by 55% in the current quarter, outperforming the overall encryption market, which has grown by only 46%. However, the total gas fee revenue decreased by 23% month on month (excluding storage costs). The report also highlighted some interesting insights about Tezos’ network usage, destruction mechanisms, and circulation supply.

Market Value Increase

Tezos’ market value has been on the rise this quarter, outperforming the overall encryption market. This growth is mainly due to the strong performance in the fourth quarter of 2022. The value has been propelled by the adoption of the Manchester United NFT, which gained traction towards the end of last year.

Smart Contract Calls Decrease

The report shows that the daily average smart contract call decreased by 25% month on month, reaching the lowest level in a year. This decrease in smart contract calls is mainly attributed to the drop in the NFT and gaming fields.

Destruction Mechanisms

Tezos has implemented various destruction mechanisms to optimize its network. These mechanisms include creating new accounts or smart contracts, allocating additional smart contract storage, and deleting validator errors. Despite these destruction mechanisms, the destruction rate is very low, with an annual proportion of less than 1%.

Circulation Supply

The circulation supply of XTZ, the cryptocurrency used in the Tezos network, has increased by 1.1% month on month and 4.4% annually in the quarter. This increase is attributed to the growing demand for XTZ in the market.

Online Activities

Tezos’ online activities showed mixed results in Q1 2023. The total active accounts increased by 1.4% month on month, reaching the highest level since Q1 2022. However, new accounts decreased by 40% month on month. This decrease is mainly due to the lack of high-profile NFT events in this quarter.

Conclusion

Tezos’ Q1 2023 status report shows that the blockchain network is growing steadily, with an increase in market value and circulation supply. However, the decrease in smart contract calls and the lack of high-profile NFT events have negatively impacted its network usage and new account creation. Despite these challenges, Tezos remains a promising blockchain project in the market.

FAQs

1. What is Tezos’ destruction rate?
Tezos’ destruction rate is less than 1% annually, despite the implementation of various destruction mechanisms.
2. Why did Tezos’ smart contract calls decrease in Q1 2023?
Tezos’ smart contract calls decreased mainly due to the drop in the NFT and gaming fields.
3. How has Tezos’ market value performed in Q1 2023?
Tezos’ market value has increased by 55% in Q1 2023, outperforming the overall encryption market.