Tezos Adds Support for Private Transactions and DeFi Contracts
Tezos has introduced its most significant protocol upgrade to date with the latst Edo update.
Key Takeaways
- The fifth protocol upgrade for Tezos, Edo, has gone live adding multiple new features to the project.
- The update introduces support for the privacy feature used by Zcash as well as development options for DeFi applications.
- The platforms' native token recently broke above an all-time high of $4.50.
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Tezos’s new upgrade supports private transactions while building a niche for DeFi applications.
Tezos Promotes Privacy and Composable Contracts
Nomadic Labs, Marigold, DaiLambda, and Metastate announced the new protocol upgrade named “Edo,” which introduces Sapling and Tickets feature on the blockchain platform.
The Tezos development team has added support for private transactions with “Sapling.” First adopted by Zcash, the feature allows for efficient and shielded transactions. On Tezos, Sapling will allow “voting or supporting asset transactions with selective disclosures.”
The upgrade also includes Tickets, which makes it easier to “write secure and composable contracts.” This is an important aspect for building decentralized finance (DeFi) applications which often interact with one another for high yields.
The utility and development of applications, especially DeFi-related, will help improve its native token market value.
The fifth protocol update has also added an “adoption period to the Tezos upgrade process,” to ensure a smooth transition to the latest software clients for bakers (stakers), indexers, and other users of the network.
The developing team is now working on the ‘Florence’ upgrade which will roll out in a few months. The last upgrade, called Delphi, occurred three months ago.
Tezos’s native token XTZ has gained 190% since the beginning of the year. The token broke above its all-time highs of $4.5 Friday with a strong surge of 22% on a daily scale.
The area around the previous peak at $3.80 has flipped from resistance to support; the technical view project more upside. Nevertheless, the growth requires echoing on the on-chain front, which the recent upgrades may boost.
Disclosure: The author held Bitcoin at the time of press.
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