With Ethereum introducing real advances in the DeFi space, it’s clear that every developer wants to base their protocol on it. Surprisingly, however, most developers prefer a different thread for the same purpose.
Will Ethereum be knocked out of the lead? And can other blockchains deliver as expected?
Which Ethereum and which blockchain?
A recent report on digital assets by Bank of America made some interesting revelations. The survey assessed developers’ interest in building their products on specific blockchains.
As expected, Ethereum is the first choice. However, the second choice is not Cardano, Solana or Polkadot, but Tezos.
Tokens outside the top 15 by market capitalization are receiving significant developer interest | The source: Bank of America
Tezos receives the attention of more than 200 organizations who select the network for development purposes.
Tezos has grown significantly lately in terms of adoption, and it is happening across many different sectors too. Tezos was recently announced as one of the digital euro test series. This is not the first time Société Générale Forge selected Tezos to conduct its CBDC test in 2020.
In addition, there are various NFT projects on Tezos during the NFT season, such as DojaCat. In fact, one of them sold for over $ 188,000.
Not really a breakthrough yet
Tezos wasn’t much involved, however. In the DeFi space, Tezos only has 7 protocols in the chain with a total value of around $ 191 million.
Despite all the announcements about the Tezos blockchain, development activity does not represent optimistic confidence. Developer activity has decreased significantly since April 2019 and there has been no increase in activity in the last 2 years.
Development activity on Tezos | The source: mood
Even so, XTZ somehow managed to maintain a strong correlation with Bitcoin, which is currently at 0.73 at the time of going to press.
This is despite the fact that the price of XTZ has fallen by more than 6.2% in the past week.
XTZ price promotion | The source: TradingView
It’s hard to predict what Tezos will be. Despite the huge interest at the moment, Tezos still has more work to do. It will be crucial to make the network great by working on the development front so that that interest translates into more.
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