13 April 2022

Tezos Foundation Report ‘22: an Overview

Tezos Foundation publishes biannual reports on the state of the ecosystem, and we make their brief overviews. And so we did it again.

Somewhat unsurprisingly, NFTs became the juiciest topic of the report: artists, charity organisations, and companies keep on releasing tokens on Tezos. Still, there is much more to talk about: new partnerships, grants, the change of the consensus algorithm, and other achievements.

Top Events in 6 Past Months

Most events are related to NFT or promotional partnerships:

August: Tezos sponsored the NY Mets baseball team; Granada update activated;

September: digital bank EQIBank chose Tezos for DeFi products;
October: TriliTech opened a Tezos hub in London, the McLaren Racing team launched NFT on Tezos;
November: the community resurrected hic et nunc marketplace, Red Bull Racing launched NFT on Tezos, developers began testing Tenderbake;
December: Ubisoft created NFT items for Ghost Recon Breakpoint, NFT on Tezos showed at Art Basel Miami Beach, Granada update activated;
January: Tezos became the main technical partner of cybersports team Team Vitality, OneOf marketplace announced a partnership with Warner Music;
February: Tezos DeFi Hackathon 2022 was launched by Tezos Ukraine.

Moreover, January proved to be the most call-packed month as users have called smart contracts six million times!

Grants and Finance

As of January 31, 2022, the Tezos Foundation managed $1.163 billion.

Within six months, the organization received 180 grant applications and approved 67 of them. Teams in 33 countries received a total of $243 million: $179 million for tool and app development, $55 million for community development, and $9 million for core development.

We hope that Tezos DeFi Hackathon 2022 participants will be included in the next report as 34 teams want to continue developing on Tezos and have already applied.

Integration and Acceptance of Crypto

Tezos Foundation is trying to popularize Tezos and blockchain technology in general. To do this, the organization is entering into partnerships with popular media companies, sports teams, and most importantly, financial institutions. The Tezos logo on the Manchester United uniform will make Tezos more popular among soccer fans, but the introduction of Tezos as a means of payment will make Tezos popular among everyone.

Ten companies (Draper Goren Hom, Globacap, Taurus Group and Vertalo, among others) are exploring Tezos to issue blockchain-based digital securities. Such assets are either certificates of ownership of securities/real estate, or work similarly to stabelcoins, but with collateral in securities.

Baanx has launched mobile banking with access to cryptocurrency trading and payments. With support from the Tezos Foundation, Baanx has integrated Tezos into all products, including the VISA virtual card.

Bitcoin Suisse, Equisafe, Elevated Returns Exchange, Staker Dao and Securitize plan to issue digital assets on Tezos. These include tokenized securities, distributed registries to securely store ownership records, and DeFi solutions for everyday users.

More Events Are Afoot!

In April, the Tezos network activated the Ithaca update and changed its consensus algorithm. In other blockchains, developers have to do a hardfork and withstand criticism from the community to do roughly the same.

In addition to improving Tezos itself, the introduction of Tenderbake means one more thing: if the traditional finance industry develops a standard for interacting with cryptocurrency, Tezos will easily adjust to it. So in 2022, we’re not just expecting cool DeFi and NFT projects, but also serious institutional products.

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