According to the latest weekly newsletter (Issue #20 of the "State of the Network" report) of blockchain analytics firm Coin Metrics, which was published earlier today (October 8), although Tezos's market cap has grown by 119% in 2019 (as of October 6), Tezos (XTZ) "still has a long way to go in terms of gaining real adoption."
Coin Metrics' research report starts by pointing out that in 2019 (as of October 6) the growth of XTZ's market cap (119%) has been even greater than the growth of BTC's market cap (112%).
Next, the report notes that XTZ's "realized market cap" (which is "a metric created by Coin Metrics that is calculated by valuing each unit of supply at the price it last moved") has gone up by over 10% since the start of this year, while that of BTC has increased by over 28%. In contrast, the realized market caps of ETH, ADA, and DCR have all gone down in 2019.
Then, the report goes on to look at network activity, and makes the following interesting observations:
- Over the past 30 days, Tezos has had an average of 4,803 daily active addresses (in contrast, during the same period, ETH has had 286,467).
- Tezos's transaction count is much higher than its transfer count, which implies that "a majority of Tezos operations are non-monetary."
- As of October 6, there were only 108 Tezos contracts that contained code (versus over 11 million such contracts for Ethereum).
The authors of the report conclude that Tezos is not showing much real-world usage despite its growing market cap.