Tezos Up 22% For The Week As $XTZ Staking Increases

XTZ, Tezos’ native token, is hotter than ever, mainly driven by an increment in XTZ staking and developer activity reaching new highs on the network.

The XTZ token is up more than 22 percent for the week, currently trading at US$5.54 per coin as per data from TradingView. The price increase is followed by the growing number of stakers on the Tezos platform, which is currently up 14 percent in the past three months.

Over 260k Contracts Deployed Daily

Another important positive price driver is the number of contract calls deployed on all of Tezos’ three testnets and mainnet combined. An average of 9,635 contracts were deployed daily, totalling 269,785 over the past 28 days.

This highlights the rapid growing developer activity on the network as Tezos-based applications are being used globally. In August, Crypto News Australia reported how XTZ surged soon after a Swiss banking consortium choose the Tezos protocol to develop regulatory-compliant digital financial products.

The soon-to-be-released NFTs on Tezos are also calling the attention of investors. The 64th Grammy Awards, set to take place in January 2022, will use NFT collectibles issued on the Tezos network.

Tim Draper Bullish on Bitcoin and Tezos

Well-known billionaire Tim Draper is not only bullish on Bitcoin but also on Tezos, saying the protocol is everything he wants to see in a crypto project:

What I look for is who are the entrepreneurs and who are the engineers behind a given token. I love some of the tokens. I love Tezos because it’s got a great engineering team, and they’ve redefined how to operate a token. They do it as proof-of-stake. They use less energy, and they have a new form of governance and that’s exciting.
Tim Draper, VC investor