Tezos, a Liquid Proof-of-Stake (LPoS) blockchain network focused on smart contracts and dApps, has slumped below the 100th cryptocurrency by market capitalization for the first time.
Amid its struggles to regain prominence in crypto, the network has dropped below previous ranks, gradually falling off top crypto categories, primarily by market capitalization.
According to data provided by CoinGecko, Tezos has fallen significantly from its previous rank as the 88th largest cryptocurrency by market capitalization. It now ranks 102 on the list of top cryptos by market cap.
Although the reason behind this notable drop in ranks is still yet ti be determined, it is no surprise to many enthusiasts, as social media posts revealed that the fall-off has been predicted for years. While the network has depreciated over the past 2 years, trading activities and social engagements have also slowed, signifying a gradual crash for the blockchain.
The network’s market capitalization rose to its highest in October 2021, when it amassed over $6 billion. Since then, it has continued to fall, bringing its market capitalization to as low as $928.2 million as of this writing.
Image source: DefiLlama
The Tezos blockchain has made several developments in recent months following efforts to improve its network further. Although these developments have addressed several concerns on the blockchain, Tezos has yet to tackle the challenge fuelling its persisting fall.
Reports from CryptoMode show that Tezos has made moves to improve its finality speed by proposing a 5-second reduction in its block time. While this aims to boost the number of transactions carried out on the blockchain, the impact of this development still needs to be reflected in the performance of its coin XTZ.
Another notable development from the network includes its recent moves to ease dApp onboarding following a collaboration with Magic.
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