The decentralized ecosystem of Tezos is rapidly growing, forging new connections in the crypto landscape, particularly in NFT, infrastructure, staking, and node management. With an increasing number of applications and tools, Tezos provides both users and developers with a robust environment for exploration and innovation.
Tezos continues to evolve as a compelling option in the crypto space, actively developing decentralized applications (dApps) and innovative tools. This Layer 1 blockchain, operating on a Proof-of-Stake model, has significantly broadened its Web3 presence in recent months, particularly within NFTs, wallets, nodes, and governance sectors.
Originally conceived as an alternative to Ethereum, Tezos has recently embraced the Ethereum Virtual Machine (EVM) ecosystem through the launch of the smart rollup Etherlink. In the face of growing competition in the on-chain arena, Tezos is focusing on scalability and interoperability to attract a wider user base.
Tezos X aims to position itself as a strong, lightweight, and decentralized settlement layer while providing customized Layer 2 solutions. This strategy has attracted numerous developers who are actively contributing by launching tools for NFTs, dashboards for crypto nodes, and decentralized autonomous organization (DAO) platforms.
According to the project's official website, there are currently 77 applications available, along with various open-source tools developed by the community. Notably, the niches for artists and gamers are thriving, alongside a strong presence in decentralized finance (DeFi).
As of now, Tezos boasts a Total Value Locked (TVL) of $48 million, predominantly distributed across its five main dApps: Youves, Sirius, KordFi, Kolibri, and QuipuSwap. The native cryptocurrency, XTZ, is currently trading at $0.64, with a market capitalization of $640 million.
Among the lesser-known yet impactful tools in the Tezos ecosystem, several cater specifically to artists and NFT collections. Noteworthy mentions include Bandog and TzFlow.
Another valuable resource is TzSafe, an open-source tool that simplifies the creation of multisignature wallets. This type of wallet allows multiple individuals to manage a single wallet through a shared signature system, making it ideal for teams and small groups. TzSafe’s intuitive interface makes wallet creation and management accessible to all users.
Tezos also explores innovative applications in DeFi, focusing on staking and node management. XTZ Chad is a lesser-known but essential tool that provides users with blockchain data to manage their staking effectively. Built by community member DoctorChad, it allows users to compare potential returns across different pools, track wallet inflows and outflows, and monitor network emissions.
Other prominent tools include TezMoon, ChadStake, Tezcalm, The Eye of Chad, ChadMap, and ChadShots, all accessible from a user-friendly homepage.
Homebase is another noteworthy application, enabling the creation of decentralized autonomous organizations (DAOs) with ease. This tool simplifies participation in the Tezos community, allowing groups of NFT artists, stakers, node operators, and investors to collaborate on network governance without needing a governance token. With recent updates, Homebase also supports tez-based voting for DAOs, making group management straightforward and accessible.
To date, 71 DAOs have been established using Homebase, with notable examples including Tezos Domains, Tezos Ecosystem DAO, and Crunchy Network.
The Tezos ecosystem is a dynamic and growing hub for innovation in the crypto space, particularly within NFTs, staking, and governance. With its expanding suite of tools and applications, Tezos is poised to continue attracting developers and users alike, solidifying its position in the competitive blockchain landscape.
October 2024, Cryptoniteuae