Tezos Sees Rapid Gains as Granada Update Boosts Price

Tezos (XTZ), has recorded the largest gains on ACCOINTING.com today, with the multi-purpose blockchain up 12.88%. These gains come as the Granada network improvements were initiated on the 31st of May. Since the Granada update, prices have seen the longest positive movement since April.

Tezos has been busy recently, launching the Tezos Domains initiative in April. Domains allow registering user-friendly domain names that can be converted into Tezos addresses. The initiative saw 8,029 second-level domains being registered.

On the 31st of May, Tezos announced the launch of Plenty Defi on the 31st of May. Plenty Defi was created through a collaboration between Tezsure and DGH Labs, with the goal of providing a low fee, decentralized and sustainable alternative to Ethereum’s gas. Within the week over $7mil dollars were locked into the new project.

On the same day, Tezos announced the release of its Granada protocol proposal. The proposal would include updates to finality improvements (Emmy), liquidity baking, and gas improvements.

Tezo’s global director of communications told ACCOINTING.com:

“Granada will be the seventh full protocol upgrade by Tezos. The Tezos network has surged recently with over a million contract calls each month this spring and it is currently on pace for over two million in June. Tezos is home to the largest and fastest growing NFT community, attracting many artists because of its energy efficient design and low gas fees. In Granada, Tezos will further build on these milestones to support the wave of developers coming to Tezos to build powerful, secure, and eco-friendly applications.”

Price Chart

Since the Granada update, trading volume (OBV) has taken a strong upward movement, allowing candlesticks to trade in the green for the subsequent days. The growth in price is reflective of Yager’s comments that Tezos user growth has been rapidly expanding in the early months of June.

As price has increased, the RSI has moved from a score close to 35 towards 45, indicating that XTZ is trading in the neutral territory following a period of being relatively oversold.

The large green candlestick on the 6th of June notes the current price movement, with XTZ soaring 12.88% on the day.

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