Tezos Rallies by 4% in 24 Hours as Network Reaches New Milestone

Holders of Tezos’s XTZ have a reason to smile as the token rallied by more than 4% in the past 24 hours to reach $3.58. 

Tezos Reaches 6 Million Contract Calls

The rally was primarily due to the increased usage of the blockchain network last month. Tezos announced yesterday that it had over 6 million contract calls in January to reach a new monthly record high.

New Monthly All-Time High for @Tezos!

Over 6,000,000 contract calls this month — Every day, more and more people are utilizing Tezos.

Check out the #Tezos Ecosystem Map to explore the growing Tezos community of #dApps and projects.https://t.co/DiKUPEKFOD

— Tezos (@tezos) January 31, 2022

With this rally, Tezos is gaining more traction among altcoins. The decentralized open-source blockchain has finally found its footing after faltering in its initial days. Launched with an ICO in 2017, legal disputes prevented it from launching until June 2018.

Its Proof of stake consensus mechanism makes it an environment-friendly blockchain network and a viable alternative to Ethereum. Moreover, its 6 million contract calls last month shows that it is now enjoying more patronage.

Tezos NFT Feature Enjoy Brands Patronage

Major brands have leveraged the blockchain for NFTs in recent months. Such brands include Gap and Ubisoft. The clothing brand recently released an NFT collection on Tezos, which sold out almost instantly.

The gaming development company Ubisoft also hosted its Quartz NFT project on the network.

Another notable project on the network is the audio NFT platform, OneOf. The platform is based on Tezos and has made major moves in the audio NFT scene. It has partnerships with several top brands and just announced that it is partnering with Warner Music Group.

With all these activities happening within the Tezos ecosystem, it’s not surprising that it has reached a new milestone. Already, there are all kinds of dApps on it, ranging from decentralized finance applications to NFTs. 

In terms of performance, XTZ has enjoyed positive price action in recent days. The token has witnessed an over 20% rise in the last seven days, making it one of the best performing altcoins at the moment despite still being miles away from its record ATH of $9.175.