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Tezos’ latest update (XTZ) cuts smart contract fees by 75% – Cryptocurrencies

Tezos cryptocurrency; Tezos XTZ golden coin on the background of the chart

Tezos (XTZ) recently supported local democracy in a French city through the Avosvotes electronic voting application running on its blockchain. It is also used to optimize covid aids in a Swiss city.

Tezos now wants to attract and support DeFi thanks to its latest update which optimizes gas.

Delphi to attract DeFi

The latest update of Tezos, Delphi, would reduce the costs of smart contracts by 75%.

With this upgrade, Tezos hopes to entice DeFi developers to operate on its blockchain.

The proposal of Delphi date of September 3, 2020; its development is the result of a collaboration between Nomadic Labs, Metastate and Marigold.

According to a joint developer statement, this is a critical update specifically tailored for DeFi applications, the NFT world and blockchain gaming.

Tezos is characterized by a particular governance system described by the team as “self-correcting” which makes it possible to propose, test and activate changes without necessarily resorting to a hard fork.

Reduce gas: competitor or reinforcement of ETH

Delphi includes an optimization of the gas calculation, in particular a reduction in the base cost of operations from 10,000 to 1,000 units of gas.

With this update, the blocks Tezos can include 3 times more simple transactions and 4 times more complex multi-asset transactions.

Storage costs are also divided by 4, from 1 XTZ to 0.25 XTZ per kilobyte. According to the team, the improvements will be more visible for complex contracts that require large calculations and the call for other contracts in-house.

Further updates should be offered by Nomadic Labs before December 2020. Tezos is often presented as one of the main competitors ofEthereum (ETH) although its market capitalization does not place it in the top 10 cryptocurrency. It is trading at $ 2.07 as of this writing.

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DeFi is slowing down as Bitcoin (BTC) hits local highs while waiting to cross the $ 20,000 mark. Ethereum suffered from the DeFi explosion during the summer with transaction fees setting record highs on the network. Thanks to Delphi, Tezos comes to support Ethereum in the field of DeFi. The Moonbeam project wants to bring Ethereum to Polkadot (DOT). Enough to prepare for DeFi’s next “comeback”, although there is no specific date for the resumption yet.

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