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Tezos Sees Rising Revenue but Declining Activity as Users Shift to Layer 2

Tezos Layer 1 saw a 30.4% quarter-over-quarter (QoQ) rise in transaction fee revenue, reaching 11,100 XTZ in Q4 2024. Meanwhile, Etherlink, Tezos’ first EVM-compatible smart roll-up, grew even faster, with a 44% quarterly increase, hitting 6,669 XTZ. Despite this, the overall network activity on Tezos dropped by 5% during the same period, with monthly transactions and contract calls averaging 3.2 million. According to Messari’s latest report , this decline is consistent with the ongoing shift toward Layer 2 solutions like Etherlink, which offers faster, lower-cost transactions to support Tezos’ scaling strategy. While total transactions were less, the daily active addresses (DAA), however, rose by 37% from the previous quarter, averaging 1,800 unique addresses per day. This increase in unique wallets suggests that while transaction volume decreased, the network’s user base continues to grow, reflecting a broader adoption trend. Web 3 And NFT on Tezos Q4 2024 saw a major boost in Web3 gaming and NFT activity on Tezos, driven by Etherlink, an EVM Layer 2 offering fast transaction finality and low fees. The gaming sector thrived with key integrations, such as Rarible’s launch of the BattleRise Founder Pass, the first gaming NFT on Etherlink. This pass granted in-game perks, staking rewards, and rental opportunities. Sugarverse further expanded the gaming scene with Sugar Match, a match-3 puzzle game featuring tradable NFTs. Additionally, Etherlink saw successful NFT drops like MDCL and Chapter 00, both selling out quickly. Etherlink’s gaming-friendly infrastructure enables developers to deploy Ethereum-based smart contracts seamlessly on Tezos. With high throughput and cost efficiency, the ecosystem continues to attract new projects. Currently, over 100 projects are developing on Etherlink, solidifying its position as a prime destination for Web3 gaming, NFT marketplaces, and blockchain-powered digital experiences. DeFi on Tezos Expands The total value locked (TVL) in USD rose by 6% QoQ in Q4 2024, closing at $53 million. However, this growth stemmed from XTZ’s rising price, as TVL in XTZ terms actually fell by 37% compared to last quarter. At the same time, Etherlink’s TVL surged past $1.5 million, nearly doubling from Q3 levels. This suggests that liquidity is migrating from Tezos to Etherlink amidst a growing adoption of Layer 2 solutions. Youves, a decentralized synthetic assets application, topped in terms of TVL among Tezos protocols and holds over $32 million, which marked a 28% growth from Q3. Sirius, an XTZ/tzBTC liquidity-baking protocol, ranked second with $9.8 million, followed by Kord.Fi, another liquidity-baking platform, with $5.91 million in TVL. The post Tezos Sees Rising Revenue but Declining Activity as Users Shift to Layer 2 appeared first on CryptoPotato . Decrypt

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Elon Musk’s Dad Joins the Meme Coin Craze with "Musk It"

Elon Musk’s father Errol Musk has become the latest figure to hop on the meme coin bandwagon, announcing his involvement with a meme coin project called “Musk It.” Musk It is a meme coin built on the Solana blockchain. Errol aims to raise between $150 million and $200 million to fund a think tank known as the Musk Institute. Errol Musk Backs a New Meme Coin Errol Musk has revealed his participation with the Solana-based meme coin, Musk It (MUSKIT). He is targeting a fundraising goal of $150 to $200 million to establish a profit-driven think tank called the Musk Institute. When asked about leveraging his son Elon Musk`s reputation, Errol expressed indifference, declaring, “I’m the head of the family. It really started with me in our family—I’ve been ‘Musking It’ for years.” The coin, Musk It, was initially introduced by a Middle Eastern firm in December 2024 as a pump-and-dump token, leading to a sharp decline in its value post-launch. But with backing from Errol and his associate, technology consultant Nathan Browne, its price skyrocketed to an unprecedented $0.09. Browne emphasized their commitment to preventing the project from being merely a pump-and-dump scheme. Nonetheless, the financial details and token distribution of Musk It remain somewhat ambiguous, lacking a transparent plan or breakdown. Meme coins are notorious for their unpredictability and sudden price fluctuations, but Errol asserts that this token has a meaningful mission: to support the Musk Institute. He envisions the institute as a center for cutting-edge engineering projects, including flying cars. While Elon Musk has dedicated years to advancing rocket technology with the aim of making humans a multi-planetary species, Errol believes there are frontiers beyond rockets. “We need to go beyond rockets.” A Tense Family Dynamic Despite the Musk name being used for the meme token, Elon Musk has no ties to the project. Errol Musk has been described by his biographer as a "charismatic fantasist" who complicates Elon’s life. The relationship between Errol and Elon has deteriorated over time, with Elon accusing his father of being a terrible person, claiming, “almost every possible crime you can possibly think of, he has done.” Errol, however, disputes these allegations and mentioned that Elon recently showed interest in Musk It after learning about it through the media. Elon Musk and the World of Meme Coins Elon Musk is well-acquainted with meme coins, though he has yet to launch his own. His name is frequently linked with Dogecoin (DOGE), and he has even enabled DOGE payments at Tesla’s online store. Despite his long-standing connection to DOGE, Musk has resisted the temptation to release a token named after himself, a route taken by other celebrities and even former President Donald Trump. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. Decrypt