Tezos Sees Record-Breaking Number of Smart Contract Calls In February

Popular blockchain project Tezos has set a new all-time high (ATH) for the number of smart contracts-related transactions on its platform over a month period.

According to data on Better Call Dev (BCD) today, the number of smart contract calls made on the Tezos blockchain for February 2021 surpassed 100,000 for the first time. The total number stands at 100,422 and represents an over 25% increase compared to the previous month.

Tezos Contract Calls Graph (Source: Better Call Dev)

The current milestone also coincides with the highest number of smart contracts deployed on the network in a month with 480 deployments in the said period.

Basically, a smart contract is a self-executing contract with the terms of the agreement between a buyer and a seller written into lines of code, which exists on a decentralized network like Tezos. 

The last time Tezos saw more than 300 new smart contracts deployed on its blockchain was in August 2020. During that period, a total of 402 smart contracts were deployed on the Tezos blockchain, while subsequent months, including September, October, November, and December saw declining new smart contract activities of 134, 79, 110, and 119, respectively. 

However, since January 2021, the number of new smart contracts deployed on Tezos has seen a significant increase, with each new month suggesting widespread usage of the blockchain. 

What’s Boosting Tezos Adoption?

Interestingly, with the launch of new decentralized applications (dApps) on Tezos alongside the rollout of the Tezos Edo upgrade, the number of smart contract calls surpassed has been on the rise since. DApp developers seem to be flocking to Tezos, as competitor blockchain networks like Ethereum continues to face network congestion issues and increased gas fees. 

There has also been positive news on the adoption front with Tezos selected among other blockchains as a test platform for two central bank digital currency (CBDC) projects.

Tezos (XTZ) at press time trades at a $3.58 price with a $2.7 billion market cap.

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Author: Lele Jima

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Author: Lele Jima