Since Ethereum introduced the real-world advantages of the DeFi space, obviously, every developer would want to build their protocol on it. Alas, in a surprising turn of events, most developers are preferring some other chain for the same purpose.
Ergo, is there a chance that Ethereum could be knocked off its spot? And, can these “other” blockchains deliver as per expectations?
Ethereum and who?
A recent report published by the Bank of America, one which discussed digital assets, made some interesting revelations. The survey in question assessed developers’ interest in building their products on certain blockchains.
Ethereum, as expected, was the first choice. The second choice, however, was not Cardano, Solana, or Polkadot.
It was Tezos.
Tezos has the interest of more than 200 organizations that are interested in choosing the network for development purposes.
Talking about the chain itself, Tezos has seen a significant rise in adoption lately, and that too in varying arenas. Just recently, Tezos was announced as one of the chains selected for the Digital Euro experiment. This wasn’t the first time either as back in 2020, Société Générale Forge had picked Tezos to run their CBDC experiments.
Additionally, the various NFT projects that popped up on Tezos during the NFT season had names like DojaCat attached to them. In fact, one of them was sold for over $188k.
Here’s the caveat to it all
However, Tezos does not have much participation going for it. In the DeFi space, Tezos only has 7 protocols on the chain, with their combined value locked at around $191 million.
Plus, for all the announcements made about the Tezos blockchain, its development activity does not project that same bullish confidence. Development activity has been pretty much dead since April 2019 and barely any spikes have been seen throughout the last 2 years.
Even so, the token XTZ has somehow managed to maintain a strong correlation with Bitcoin. The same had a reading of 0.73, at press time.
This, despite the fact that XTZ’s price has dropped by over 23.1% over the past week.
It’s difficult to call where things are with Tezos. While, yes, there is a lot of interest around it right now, Tezos will have to do more. Amping up the network by working on the development front will be crucial to this interest translating into something more.