State of Tezos Q2 2024 – Digital Currency Research

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Post published:September 12, 2024
Post category:Ethereum News

Key Insights

Financial Overview

Market Capitalization and Revenue

In Q2, Tezos saw a decrease in transaction fees, paid by users to transact on the network, which fell to $11,000—a 51% drop QoQ. This decrease was partly due to the introduction of Smart Rollups

Usage

In Q2 2024, the average monthly active addresses dropped to 38,700, a 45% decline QoQ. However, this is only a 19% decrease compared to the same period last year, with Q1 2024 reaching all-time highs. Notably, in May 2024, Layer-2 solution Etherlink

Tezos uses a Liquid Proof-of-Stake

Delegators stake XTZ on active validators and receive a portion of fees and rewards collected. Active delegators and stake from delegators decreased in Q2, by 2.6% and 4.5% QoQ, respectively.

Etherlink Adoption

Following the launch of Etherlink mainnet beta

The art marketplace Objkt dominated the Tezos NFT network, with an average of 3,500 weekly active addresses and capturing 35% of the market share of users. NFT sales dropped 43% QoQ in Q2 2024, totaling $912,000, while unique active users fell 24% to 26,000. This decline mirrors a broader trend across NFT markets, with Ethereum-based NFT sales

Total value locked (TVL) in USD fell by 15% QoQ in Q2 2024, closing at $66 million. This decline was driven by the drop in XTZ’s price, since TVL in XTZ increased by 42% QoQ. The dynamic indicates that the decrease was due to decrease in asset value, rather than withdrawals from protocols.

Youves

Tether’s USDT

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Tags: Ethereum News