News for the Tezos wallet: ‘Tezos X’ arrives, a new horizon for the blockchain

Important news from the wallet Tezos: ‘Tezos X’ has recently been presented, the new vision that offers diversified solutions for the blockchain. But what are the changes made? Let’s see all the details below. 

Wallet Tezos X: innovation, scalability, and news in the blockchain world

As anticipated, Tezos X was recently introduced, a project that represents a significant evolution compared to the original design of Tezos.

This new vision addresses some of the most fundamental issues of the blockchain world, proposing solutions that go beyond mere speed.

In particular, focusing on usability and utility, without sacrificing the fundamental properties of a noteworthy blockchain. 

Tezos X indeed combines the best of monolithic and modular blockchain projects, offering an integrated experience defined as “modu-litica”. 

This approach allows for massive scalability, preserves composability, and improves interoperability both within and outside the blockchain space. 

The final objective of Tezos X is to maintain level 1 as a strong, lightweight, and decentralized settlement level. 

On the other hand, an extremely powerful “canonical” L2 rollup provides significant vertical scaling, inheriting security and censorship resistance from the L1 level.

The canonical L2 rollup proposed by Tezos X serves as a one-stop shop for builders and users, becoming the main layer for application activities. 

This system supports multiple execution environments with atomic transactions between smart contracts written in different programming languages, including mainstream languages like JavaScript and Python. 

This means that a smart contract written in Solidity can call a smart contract written in Python and pass the result to a third contract written in JavaScript, all within the same transaction and the same rollup.

What do the recent price movements of Tezos (XTZ) mean?

Tezos (XTZ) is experiencing a difficult period, with a bear extension that has led the asset along the price curve while the bulls struggle to regain control. 

According to market data, XTZ has experienced a decline of 4% in the last seven days, extending its loss since the beginning of the year to 29%. Currently, the asset is trading at around $0.77, after seeing a 55% drop in trading volume in the last 24 hours.

Despite the negative trend, investors continue to accumulate XTZ. The Chaikin Money Flow (CMF) indicator signals a significant increase in inflows, suggesting growing confidence in the market. 

The analysts believe that the increase in buying pressure has a direct correlation with price movements. However, the funding rate of the asset continues to fluctuate between positive and negative territories.

Indicating therefore a lack of consensus among investors regarding the short-term direction of the asset.

In general, positive funding rates suggest the predominance of long contracts, while negative rates indicate a prevalence of short contracts. 

With mixed signals for XTZ, the market is going through a consolidation phase, with the price confined within the range of $0.76 and $0.87.

A breakout or a breakdown could drastically change the situation. Analysts predict that XTZ could reach $0.94 if the bull manage to take control. 

On the other hand, a failure in this attempt could lead the price to drop to $0.60.

Technological updates and impacts on the network

At the same time, the developers of Tezos are actively working to position the blockchain among the main ones in the sector. 

Recently, the 16th update of Tezos was published on the mainnet, reducing block finalization times to just 10 seconds. 

This update has been implemented to keep transaction fees low on the Ethereum Virtual Machine-compatible L2 network, Etherlink. After the update, Etherlink has become cheaper than Arbitrum and Optimism.

Arthur Breitman, co-founder of Tezos, commented on the matter as follows: 

“Thanks to the Paris update, Etherlink users will enjoy an improved UX: the L2 finalization time will be on par with that of Arbitrum One and Optimism, but the L1 publication latency will be (even) better.”

Currently, Etherlink has a transaction finalization time of 500 milliseconds, with data published on the main layer 1 in about 10 seconds. Comparatively, on 

Optimism and Arbitrum One, it would have taken respectively two minutes and seven minutes. 

Despite this, Arbitrum One and Optimism remain among the largest L2 solutions of Ethereum in terms of total value locked, with TVL of 19.2 billion dollars and 7.8 billion dollars respectively.

One of the main innovations of the Tezos update is the introduction of the Data Availability Layer (DAL), designed to enable Tezos Smart Rollup to scale to support millions of transactions per second (TPS) in the future. 

In July 2023, the Tezos rollup reached one million TPS, leveraging horizontal scalability with 1,000 rollup nodes running in parallel at 1,000 TPS each. Breitman confirmed the significant impact of this achievement: 

“The Paris update activates the Data Availability Layer (DAL) on the mainnet, increasing by several orders of magnitude the capacity of Tezos L1 to attest the publication of rollup data.”