It’s not that rare to hear about cryptos doubling these days. However, one lesser-known crypto has done it in just 30 days — and remained mostly under the radar. 📡
Tezos, a proof-of-stake chain, has risen 109% in the last month. Most of that can be ascribed to Grenada, the blockchain’s latest update.
The update was released on Aug. 6. It directly cut the costs and time required for transactions, while increasing benefits for investors who stake (authenticate) transactions. The first two parts are critical ingredients for scalability, but the latter might be one driving more price action.
Proof-of-stake blockchains give investors the opportunity to “stake” coins, which is the act of offering them up to the network to verify transactions. In exchange, they get punted rewards for doing so (mostly transaction fees.) Investors can now get a 10% annualized return for staking according to StakingRewards. 💰
The update and rewards boost coincided with more institutional adoption news, which supported the bull case for the blockchain. $XTZ is up 13.9% today.