Tezos smartcontract usage shows continuing growth: XTZ gas consumption for this month already surpassed last months total

Tezos smartcontract usage shows continuing growth: XTZ gas consumption for this month already surpassed last months total

By Allen Walters | Publish0x posts | 19 Sep 2020


Last months growth in smartcontract related transactions, was a whopping 807% compared to July. Smartcontract related transactions are so called "contract calls" where smartcontracts exchange information with other applications or users. This is an interesting metric, because these contract calls are obviously transactions, which cost fees and gas. These costs form the cost of transactions in XTZ. This is similar (although not entirely) to how ETH functions in the Ethereum ecosystem. The fact that transactions cost XTZ, is interesting from an investment perspective, because an increasing number of transactions, means more XTZ is used, which increases scarcity.

0267766eff653b89e90cdfafe7cae4d00099c913496944e39bd3969fa60a4c79.pngSource: www.better-call.dev

So transaction numbers are increasing, but how about the amount of gas spent? August gas usage growth was a 600% increase compared to the month before. And for the current month, while we're just slightly past half way, we already passed the total amount of gas used last month with a 30% increase. So another 100% growth is on the horizon for this month.

0267766eff653b89e90cdfafe7cae4d00099c913496944e39bd3969fa60a4c79.png

Source: www.better-call.dev

Sustainable growth?
If we look at this months contract calls, we see that we are at 89% of last months amount of contract calls, while a little over halfway through the month. This indicates that the 807% growth of last month is sustainable and the growth trend continues to go upwards.

This growth is only expected to increase, as some interesting applications will go live in the near future. As announced, 2 DEXes and two centralized digital exchanges will launch on Tezos in Q4 2020 - Q1 2021. But another interesting development is about to settle on Tezos: DeFi, and it will bring a fifth exchange to Tezos. This will be "a purpose-built minimal DEX". More info about that in a couple of weeks.

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Allen Walters
Allen Walters

Fascinated by blockchain and future proofing cryptocurrency. Discover the tech before it gets relevant.


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