One Ethereum Competitor Is Surging in Price Despite Crypto Market Doldrums
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An Ethereum (ETH) competitor is defying the crypto market doldrums and surging this week in the wake of blooming network activity.
According to a new Twitter announcement, smart contract platform and self-amending blockchain Tezos (XTZ) set a new monthly all-time high with more than six million contract calls, a measure of network activity, in January.
XTZ is trading at $3.77 at time of writing, up more than 28% in the past seven days.
High-profile investors like billionaire venture capitalist Tim Draper are taking notice. Draper told Fortune this week that he’s optimistic about the project.
“Tezos requires less energy and is proof-of-stake, which ETH keeps promising to deliver but can’t… All the gamers are using Tezos for smart contracts, and longer-term they’ll be the real contracts, so I would guess that will do very well.”
Tezos has also landed a multi-year sponsorship with the British soccer team Manchester United, according to a new report from The Athletic.
The deal is reportedly worth more than $22 million per year. News of the sponsorship broke after the smart contract platform’s price surge.
It’s not Tezos’ first venture into the sports world: The project has previously sponsored the New York Mets baseball team and partnered with Red Bull Racing Honda.
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Featured Image: Shutterstock/GrandeDuc/Nikelser Kate
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