Tezos

Tezos is a layer-1 smart-contract blockchain designed for developers who want to build decentralized applications and issue digital assets on a platform that emphasizes code security and formal verification. Its central claim is that smart contracts written on Tezos can be mathematically checked for correctness before deployment, reducing the risk of bugs in applications where accuracy is critical. The network also targets users and developers frustrated by blockchain governance disputes, offering a built-in system for proposing and ratifying protocol changes without splitting the chain.

Tezos uses a Liquid Proof-of-Stake consensus mechanism, meaning any holder of XTZ can either validate blocks directly or delegate their stake to another validator, with both parties eligible to receive rewards for helping secure the network. XTZ is the native token used to pay transaction fees, to stake or delegate in the consensus process, and to vote on protocol upgrade proposals through on-chain governance. The circulating supply stands at roughly 1,094,540,890 XTZ, and approximately 98.21 percent of the total issued supply is already in circulation, leaving a dilution overhang of about 1.83 percent.

Tezos generates fees paid by users submitting transactions and interacting with smart contracts on the network. Over the trailing 30 days the protocol collected 8,478 USD in total fees, of which 7,419 USD was retained as protocol revenue and 1,059 USD went to supply-side participants such as validators and delegators, implying a take rate of roughly 87.51 percent over that period. Annualizing the trailing 30-day figures produces fees of 103,149 USD and protocol revenue of 90,264.50 USD, which set the market-cap-to-fees ratio at 2,393.05 and the market-cap-to-revenue ratio at 2,734.64. Over the most recent 24-hour window, fees were 86 USD and revenue was 58 USD, reflecting a low-volume fee environment at this point in time.