Tezos(XTZ) Ecosystem Overview
What arrays are there on Tezos? What stage is the Tezos ecosystem at? Find investment opportunities and project Tezos ecosystem here!!!
In recent times, ecosystems have continuously grown strongly. Moreover, while NFT projects are growing rapidly and are relatively hot, finding investment opportunities in NFT-specific blockchains is an option worth considering.
In this article, I will walk with you through the Tezos ecosystem and answer the following questions:
- What arrays are there on Tezos?
- What stage is the Tezos ecosystem at?
- Looking for investment opportunities and projecting the Tezos ecosystem.
We will find out through the next article!
Tezos Blockchain overview
What is Tezos?
Tezos is an open source platform for self-enhancing assets and applications without hardfork. Tezos’ goal is to solve problems that remain in current popular blockchains like Ethereum or Bitcoin.
Tezos guarantees security, correct verification, and governance that allows users to vote on improving the protocol to the deepest possible extent. A network that is both decentralized but still able to unify changes without a hard-fork is what differentiates and improves Tezos from other blockchains.
Learn more: What is Tezos Exchange (TEZEX)?
Outstanding parameters of the Tezos blockchain (October 12, 2021):
- Number of active nodes: 376.
- Number of delegators: 148,261.
- Amount of XTZ staked: 75.28%.
- Average 24h transaction volume in the last 30 days: 269,801.
- Wallet address number: 1,957,218.
- Block Height: 1,855,150.
- Total platform transactions: 106,568,128.
- Marketcap: 5.1 billion dollars.
- Status: Mainnet from September 2018.
History, current situation and roadmap
Tezos has gone through the following stages of development in the past:
- Betanet Launch (June 2018): Tezos genesis block is launched.
- Mainnet Launch (September 2018): Mainnet launches and continues the operation of Tezos Betanet.
- Athens (May 2019): An on-chain upgrade from a proposal from Nomic Labs, to increase the gas limit and reduce the roll size of the network.
- Babylon (October 2019): Introducing the Emmy+ algorithm, making it easier to develop smart contracts on the network, and simplifying the delegate process on the network.
- Carthage (March 3, 2020): Increase the gas limit per block by 30%, to allow developers to run more complex algorithms on the network. This upgrade also has a few additions to make the network more secure, avoiding the possibility of hacker attacks.
Investor and project development team
Tezos has many big investors involved in project investment including: Enabling Future, 01 Capital, ExoticTokens Capital, Blockpower, Ledger.vc, Tenzor Capital, Du Capital, Winklevoss Capital, Starchain Capital, Moonchain Capital, Draper Associates, Limitless Crypto Investments, Cyber Fund, ChainFunder, Continue Capital, CMT Capital.
With the investment participation of many large funds in the market, this will certainly be a huge factor participating in the development of the Tezos ecosystem.
Pieces of the Tezos ecosystem
An overview of the puzzle pieces on Tezos was collected by me from many different sources, including the Tezos Project page – a site that summarizes the Tezos ecosystem. Let’s start learning about this ecosystem with me!
Tezos has the following DEX applications on the ecosystem:
- Plenty DeFi: A DEX in beta, developed by Tezsure and DGH Labs. The application has more than 22 million dollars of TVL. In addition, Plenty DeFi also provides a solution to wrap tez assets into ctez so that users can both stake and use this token in applications in the ecosystem;
- QuipuSwap: DEX on Tezos operates under the AMM mechanism, developed by Madfish Solutions. Currently, the TVL volume of this AMM DEX is at $20 million, but the TVL volume and volume on this exchange has been decreasing in recent months. However, the Volume 24h/TVL index is still quite impressive (15-25%, compared to only about 10-15% of other DEXs).
- Crunchy Network: DEX on Tezos works under the AMM mechanism, there are other protocols besides AMM DEX such as IFO, Farming,… but the project is currently only in beta. TVL project is at about 6 million dollars.
- Vortex AMM: DEX on Tezos works under the AMM mechanism, with accompanying functions like loterry. TVL is at 500K dollars.
- FlameDEX: The DEX project on Tezos is currently Mainnet, but there is no way to track the project’s performance so I can’t do a deep analysis.
- Tezex: P2P DEX for value-matching assets, such as USDT and USDtz; USDC to USDtz, BTC to BTCtz, ETH to ETHtz… The project has been audited by Apriorit. Because the project operates under the P2P mechanism, there is no TVL.
However, it seems that the project has found that the P2P solution is not effective due to lack of transactions and low liquidity, so it takes a long time to complete a transaction, so they decided to develop and prepare to launch. Convert Finance – a DEX for assets commensurate with the algorithm like how Curve Finance works.
Currently, DEXs on Tezos mainly operate under the AMM mechanism, and the liquidity on these DEXs is not high, the difference between the leading DEX and the following DEXs is not too large (respectively 22, 20, 15 million dollars for the top 3 exchanges).
The projects are also forks of familiar DEX such as Uniswap V2, PancakeSwap, QuickSwap and do not have any special innovative functions. So at the moment, it is not clear who is the leader in the DEX array on this ecosystem.
The number of users and TVLs on the DEX is not large, although the puzzle pieces are ready and complete to accelerate. Maybe next time, to attract attention and users about the ecosystem.
Tezos will also release development stimulus packages on the system to attract users to the system with a large yield source – like how other ecosystems have been doing relatively successfully.
Tezos has the following lending applications on the ecosystem:
- Tezfin: Protocol lending money market on Tezos. The project has not started yet.
- Kolibri: Debt lending protocol on Tezos, allowing to mint stablecoin kUSD as collateral in XTZ token, and the app uses price oracle Harbinger;
- Yupana Finance: A new lending protocol started development in June, and the project has not yet run the product.
With this data, you can also see that lending on Tezos has very few users. This may be because Tezos has not launched liquidity mining programs yet, and has not yet attracted cash flow from other ecosystems.
Tezos has the following stablecoins on the ecosystem:
- Lugh: Mint stablecoin EURL in Euro fiat currency, and keep the price of 1 EURL = 1 Euro. The project is developed by By Coinhouse, Groupe Casino & Nomadic Labs.
- kUSD: Stablecoin minted from Kolibri app. Currently, the total amount of these stablecoins on the system is more than $3 million.
- USDtz: Another stablecoin on the system has $3 million on the system.
- wUSDC: Wrapped USDC from Ethereum migrated to Tezos, with over 2 million stablecoins on the system.
- wBUSD: Wrapped USDC from Ethereum migrated to Tezos, with over 2 million stablecoins on the system.
- wDAI, wUSDT: Wrapped stablecoin from Ethereum to Tezos, for only $200k each.
- uUSD: Synthetic asset issued by Youves, with $2 million issued stablecoin.
⇒ Comment: The total amount of stablecoins on the system is around 12 million dollars. This is an extremely modest number for an ecosystem that has grown for a long time and has many projects like Tezos.
With a relatively large number of applications for creating stablecoins, and the infrastructure to bring money from Ethereum to Tezos ready to go, this reflects that Tezos is an ecosystem with very few users.
Asset Management and Launchpad
Tezos has the following pieces of the Asset Management segment:
- Youves: TVL’s top 1 asset management app in the ecosystem according to DefiLlama. You can provide liquidity for some DEXs right on this app, as well as mint synthetic assets like uUSD and uDEFI (a price-based index of 5 tokens AAVE, CAKE, LINK, LUNA and UNI) by collateralizing your assets. products in the ecosystem. Currently, the app TVL is at $35 million.
- StakerDAO: A project about staking pool, allowing deposit of XTZ to stake and receive wXTZ back and use them in applications in the ecosystem (similar to Lido and Metapool).
- Rocket: An IDO launchpad on Tezos. Currently the project has not been put into operation and has not launched any projects on this platform.
⇒ Comment: Although there are not many pieces in the asset management segment, the ecosystem also has some main applications in each segment, such as Youves in the synthetic asset segment, StakerDAO in the staking pool segment, and also has The first launchpad on the system.
However, the amount of TVL in these applications is not large – Youves TVL, the largest TVL system in the system, only has $36 million in TVL.
Tezos has the following infrastructure pieces across the ecosystem:
- Harbinger: Oracle “encloses” the Tezos ecosystem.Most of the lending applications or applications that need to use oracle on this ecosystem use Harbinger as oracle.
- Temple Wallet: Wallet built by Madfish Solutions team. Currently, this wallet application has more than 90,000 downloads and uses.
- Galleon, Magma, Spire, Kukai: Native wallet apps on Tezos. In particular, Magma Wallet integrates the swap function provided by Dexter DEX, and can trade in-app tokens including kUSD, tzBTC, ETHtz, USDtz, wXTZ.
- Teztool: A dashboard of token statistics and token value on Tezos.
- Wrap Protocol: Acts as a bridge to help bring assets from Ethereum to Tezos and vice versa.
- Tezos Domains: An ENS-like domain generator on Ethereum that works natively on the Tezos network.
Learn more: What is Ethereum Name Service (ENS)
⇒ Comments: Tezos already has enough infrastructure applications on the system, with oracle and other tools on the ecosystem. This is relatively understandable with an already relatively old ecosystem like Tezos.
This amount of infrastructure is enough for new users to comfortably use the applications and start with the Tezos system if the system attracts users to the platform.
Comments and projections on the Tezos ecosystem
As you can see, the Tezos ecosystem has many pieces and has a relatively complete infrastructure and applications to promote development, but there are no users and TVL on the system. This demonstrates two possibilities:
Tezos ecosystem will launch ecosystem stimulus packages in the near future. With the system fully developed and ready to stimulate growth, they can do the same as other ecosystems.
The Tezos ecosystem does not focus on developing DeFi applications but focuses on the development of traditional applications and enterprise applications on blockchain.
With Tezos having many parties running the node, which are large companies and large corporations in the traditional world such as RedBull, Ubisoft, Exaion, Societe Generale Group (a large bank in France),…
You can make your own speculations to bet on whether Tezos will offer stimulus packages to develop the system.
With the pieces of the puzzle already extremely complete and ready to unfold, as long as the Tezos Foundation makes a stimulus move, the Tezos ecosystem will surely grow in all the areas I mentioned above.
Hopefully, through the above article, you have had a better overview of the Tezos ecosystem, understand the situation of the arrays and start looking for investment opportunities on the Tezos ecosystem.