Smart Contract Activity In The Tezos Ecosystem Skyrocketed Over The Past Year

The Tezos Network (XTZ) is showing solid growth in metrics such as smart contract addresses and total active addresses. By all appearances, the network has benefited from an influx of investors who are attracted by regular updates designed to push the blockchain into the mainstream.

According to the latest CoinMetrics "State of the Network" issue published on February 1, 2022, between January 2021 and January 2022, the number of Tezos smart contracts tripled from around 200 to over 600. The spike in smart contract addresses indicates continued activity in the Tezos ecosystem , which may be driven by the growing activity of non-fungible tokens (NFTs) and support for blockchain gaming.

The rise has also been reflected in active Tezos addresses, which have surpassed the 45,000 mark as of January 2022. The native XTZ token has gained 6.7% over the past 24 hours and is trading at $3.77, according to CoinGecko. XTZ is currently 58.6% below its October 4 all-time high of $9.12.

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