The Baking Sheet - Issue #39

March 12, 2021

Tezos breaks it's monthly record of usage 12 days into March and the NFTs continue to gain momentum.

Welcome to this week’s edition of ‘The Baking Sheet.' As the publication continues to grow, we would like to start featuring more Tezos ecosystem contributors to showcase a wider variety of insights. This week we are excited to have our first guest writer, Charlie Wiser from TQ Tezos.

Tezos Ecosystem Insights

Tezos on-chain activity and adoption

The Tezos ecosystem has experienced tremendous growth in the first 2.5 months of 2021. After a lot of hard work from a wide variety of Tezos teams developing tools and standards that facilitate end-user applications, a number of products have launched this year and gained strong traction.

The chart above shows the number of interactions with Tezos smart contracts each month over the past 12 months. This is an important metric to follow as it tracks real activity with Tezos-based products. On-chain activity is a significant contributor to a cryptocurrency’s network effect. And as I outline in this blog post, cryptocurrencies derive their value from network effects.

February was a stellar month for Tezos on-chain activity with the network experiencing just over 100,000 smart contract interactions. Even more impressive, 12 days into March and that number has already been surpassed. Tezos is currently on-track to crack over 300,000 smart contract interactions in March, which would smash February’s number by over 3x. If we continue on this trajectory, April could see over 1,000,000 smart contract interactions, which would be a terrific milestone for the Tezos community.

This adoption can largely be attributed to the recent wave of Tezos-based products that have launched. Most notably, hic et nunc (which is Latin for “Here and Now”), absolutely blew up over the past two weeks. As the first NFT marketplace on Tezos, hic et nunc facilitated over 20,000 sales in its first 10 days and has gained adoption by a number of high-profile artists and creators. Additionally, The Alchememist’s NFT auctions, which are powered by OpenMinter, and tzcolors saw significant engagement. These sorts of early experiments are made possible by maturing community standards and wallets such as Kukai, which allows users to easily store, transact, and view their NFTs.

In addition to the NFT explosion so far this month, on-chain activity has also significantly increased in other areas like DeFi. In particular, Kolibri, the first algorithmic stablecoin on Tezos which launched on 17 February 2021, was a community favorite in early March. By 7 March, Kolibri had passed 500 “ovens” (collateralized debt positions), securing over $6.2m worth of tez and minting over 1.1m kUSD.

It’s incredibly exciting to see new Tezos-based products and experiences emerging each week. With upcoming launches like QuipuSwap, Wrap Protocol, Tezos Domains, Kalamint, Synthetic Exchange Project (SEXP), Mewn Fish, Homebase, TEZEX Bridge, and more, the growth in on-chain activity and adoption of Tezos is just getting started. 🚀

This Week in the Tezos Ecosystem

This week we hosted a global Tezos AMA on /r/CryptoCurrency, the most popular crypto community in the world with 1.9 million subscribers. We received an overwhelming response with over 450 comments and a mass amount of high quality questions from people who are interested in learning about Tezos. A special thank you to all the community members that helped answer questions alongside with Arthur and Corey!

A closer look into Non-Fungible Tokens (NFT’s) and how popular experiments such as tzcolors are showcasing NFT’s on Tezos.

Learn about the new BITE Token and 'Chefs Club Collective' restaurant incentive application that is to be deployed on Tezos.

February was packed with events, though Edo remained on top throughout the month.

Check out the hicetnunc.xyz community on Discord - hang out with 523 other members

16 issues are up for auction with the first ever issue selling for ~$4500

This Week in Tezos Development

At Spruce, we’re building a product suite to manage all aspects of the data supply chain. Here’s the latest from our development efforts: The Tezos DID Method is a DID Method geared for privacy.

The TezQuery Team is pleased to announce that the Graph Explorer is available: tzquery.io

The graph of the Tezos blockchain is a huge data structure representing accounts linked by transactions.

Its exploration all…

this contains everything for both SmartPy.io and CLI, including new Michelson instructions and test networks access for the Florence proposal.

Summary Governance proposal #5 was voted on to raise the stability fee from 2% to 2.5% in order to gauge the market reaction, and gather data, while hopefully driving kUSD at least marginally towards the peg target.

Now Streaming

Trending on Tezos Agora

As we described in this post, several development organizations in the Tezos ecosystem are now collaborating to submit protocol upgrade proposals every few months, which is the interval permitted by the Tezos on-chain governance process.

Summary Ongoing testing and review of baking accounts has uncovered some important and previously undocumented breaking changes (see the section on breaking changes in the TZIP for Baking Accounts) in the baking account.

Summary: If the Florence proposal is adopted, we recommend you do not deploy new Michelson contracts that are dependent on the BFS calling convention.

Tezos NFT Gallery