Tezos (XTZ) has successfully completed the new update, “Delphi,” which seeks to reduce smart contract gas fees by 75 percent to encourage decentralized finance developers to build on its blockchain. According to a joint post from Delphi’s developers, the upgrade is “crucial to enable novel applications on Tezos that target areas like DeFi, collectibles, and gaming.”
Tezos is a fourth-generation blockchain platform that utilizes proof-of-stake and facilitates smart contracts and decentralized applications. The key value proposition of Tezos is that it is a “self-amending blockchain,” which formally uses on-chain mechanisms to propose, validate and activate protocol updates without needing a hard fork to be sent to the network. Tezos blocks can now include three and a half times easier XTZ transactions and four times more multi-asset transfers with the upgrade, while contracts can perform 10 times as many internal calls as possible prior to the implementation of Delphi.
Delphi also decreases storage costs for Tezos by a factor of four, from 1 XTZ per kilobyte to 0.25 XTZ.XTZ is selling for $2.06 each at the moment. Further upgrades building on Delphi’s new features are expected to be proposed by Nomadic Labs before early December.