DeFi
97,000 unique addresses interacted with games on Tezos in Q1 2024 | CryptoTvplus
In the first quarter of 2024, decentralized gaming on Tezos increased significantly, with the number of active addresses participating in gaming on the Tezos blockchain increasing by 557% compared to the previous quarter.
Around 97,000 unique addresses played games on the Tezos blockchain during this period. Messari observed that the significant increase in gaming activity was mainly due to Coin Blast.
Coin Blast is a social gaming platform on the Tezos blockchain that allows users to participate in various arcade games and compete against friends in action-based quizzes and challenges.
The game is designed with a multiplayer strategy, allowing for real-time competition between players. Coin Blast also incorporates a social betting element, where users can test their knowledge on various topics and have the chance to win real money prizes.
It has become the protocol with the most active addresses on Tezos, with over 7,000 unique addresses per week. Additionally, the number of contract calls for games on Tezos jumped 1,815% quarter-over-quarter, totaling 1.7 million interactions.
Other notable developments in the Tezos gaming sector include Triumph Games’ Battlerise, a turn-based role-playing game that received funding from the Tezos Foundation in February.
TZ APAC, a Tezos development organization in the Asia-Pacific region, has partnered with Farquhar Venture Capital and Fibo Partners to fund games built on Tezos. X World Games, a gaming platform with over 1 million users, has also partnered with TZ APAC.
Metapals, an AI companion game, has collaborated with Sanrio and the creators of Teletubbies to make NFT companions available for purchase in Q2 2024. Auto Hero, a Web2 game with over 5 million downloads, has begun integrating game elements as NFTs on the Tezos Blockchain. Several leading launchpads, including GameFi and OpenPad, have integrated Tezos to support token launches for upcoming games like Battlerise.
NFT had a downside on Tezos
In early 2024, Tezos saw a 28% quarter-over-quarter decline in NFT sales, amounting to $1.6 million. One report also noted a 63% drop in the number of new addresses interacting with NFTs, bringing that number down to 3,000. Despite these drops, the platform maintained a stable number of 35,000 unique active users, demonstrating strong user loyalty. users.
Tezos has continued to thrive in the NFT ecosystem. fx(hash) launched “Spellbound,” an innovative voice-to-image generator for fashion, while Objkt introduced fee sharing, allowing community curators to have personalized storefronts.
Other notable developments include the WAC Museums initiative exploring Web3 technology in cultural institutions, the Stellar New York art experience at NFT NYC, Glenfiddich’s partnership with Obvious for 300 NFT releases, and the ongoing NFT engagement of Manchester United.
DeFi and stablecoins
The Tezos DeFi sector saw a 28% quarterly increase in USD total value locked (TVL), surpassing $78 million. This increase is partly explained by the appreciation in the value of XTZ. Although most DeFi TVL in the crypto market resides on EVM-compatible networks, the introduction of Etherlink has allowed developers to implement EVM-compatible protocols on Tezos.
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Etherlink is a protocol designed to facilitate interactions and transactions on the Ethereum blockchain. It aims to improve connectivity between decentralized applications (dApps), smart contracts and blockchain networks.
Youvès had the largest TVL on Tezos with $36 million, Sirius with $23 million and Kord.Fi with $10 million. Youves is a decentralized, autonomous, non-custodial platform built on the Tezos blockchain that allows users to create and manage synthetic assets.
The platform allows users to become “minters,” where they can lock in eligible collateral, such as Tezos (XTZ) or wrapped Bitcoin (tzBTC), to create new synthetic assets like uUSD, uBTC, and uXTZ.
Sirius is a token built on the Tezos blockchain that allows users to automatically participate in Liquidity Baking, a decentralized liquidity pool between the native Tezos token (tez) and the wrapped Bitcoin token (tzBTC). Before Sirius, users had to complete a multi-step transaction to deposit tez and tzBTC into the Liquidity Baking pool.
Kord.Fi is a decentralized finance (DeFi) protocol built on the Tezos blockchain that allows users to leverage trading between Tezos (XTZ) and Bitcoin (tzBTC) on-chain.
It is designed to provide liquidity providers with additional leverage, allowing them to achieve higher investment returns. The protocol achieves this by connecting borrowers with liquidity lenders via smart contracts embedded in the Tezos blockchain.
According to Messari, by the end of the first quarter of 2024, more than $39 million in USDT had been issued on Tezos. The largest stablecoins issued exclusively on Tezos were Kolibri’s kUSDwith over a million dollars issued, and USDTez USDtzwith over $250,000 issued.