• Tezos blockchain adoption in Asia is being pushed by TZ APAC

  • TZ APAC, a company that supports the Tezos blockchain ecosystem in Asia-Pacific, announced this week a “strategic commitment” to the region as part of its efforts to expand the Tezos ecosystem.

    TZ APAC intends to deploy capital and resources across the region to drive Tezos blockchain adoption through business development, marketing, and project management, as well as to launch a partnership with Tezos India for developer education and recruitment. An ecosystem growth grant program has also been launched, with funding of up to $5,000 available for blockchain-related projects linked to the Tezos ecosystem.

    According to TZ APAC, the Tezos Foundation, based in Switzerland, has committed more than US$50 million in grants since August 2020, and more than US$2.5 million in funding for over 200 projects in at least eight countries has been granted in Asia-Pacific since Q2 2021.

    Tezos, which debuted in 2018, drew a lot of attention due to its US$232 million initial coin offering, which was one of the largest at the time. Tezos has since been integrated into BSN, China’s state-owned blockchain-based service network, and ShuttleOne, a multi-chain lending platform that is developing a tokenization platform for real-world assets. According to TZ APAC data, network activity on Tezos has increased 1,200% this year, with more than 5 million contract calls in the last eight weeks.

    Tezos distinguishes itself from other blockchains by employing a liquid proof-of-stake design that does not necessitate the massive computing power required by Bitcoin to solve complex algorithmic puzzles. The amount of Tez — the native cryptocurrency of the Tezos blockchain — staked to it secures the network. According to TZ APAC, the network is 2 million times more energy-efficient than proof-of-work Ethereum, with significantly lower transaction (gas) fees.

    The blockchain has been particularly popular among developers and creators of non-fungible tokens, with music NFT platforms such as the Quincy Jones-backed OneOf and AmplifyX, as well as art NFT marketplace Hic et Nunc, among many others built on it. Tezos is also working with Formula One teams Red Bull Honda Racing and McLaren Racing to build and create NFTs for fan engagement.

    In an interview, Julian Low, TZ APAC’s director of business development for Southeast Asia, told Forkast.News that NFTs thrived on the Tezos network due to the blockchain’s energy-efficient design and lower gas fees. “NFTs are very hot right now, and we’re doing everything we can to support our community and grow the NFT ecosystem,” he explained.

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