New York-based tech company TQ Tezos has announced Homebase—a new project that allows Tezos (XTZ) users to easily set up and interact with decentralized autonomous organizations (DAOs) to establish a community governance structure.
The price of XTZ reacted quite positively to the news, surging by over 20% today on the heels of the announcement—up to $3.37, according to crypto metrics platform CoinGecko.
Included in today’s release are two initial DAO templates:
TreasuryDAO: create and manage a community treasury
RegistryDAO: govern arbitrary smart contracts, (e.g. parameter governance in a DeFi protocol)
And we hope to launch the initial version of Homebase in March!
— TQ Tezos (@TQTezos) January 21, 2021
As the name suggests, DAOs allow various decentralized projects’ users to take an active part in the process of decision making and vote for new proposals.
Per the announcement, Homebase is built on a new smart contracts framework called BaseDAO which allows users to create and finetune DAOs that will govern resources, registries, or rules.
“A proposal executed by a BaseDAO can be as simple as transferring some funds to an address or, like Tezos, as complex as updating the DAO to an entirely new set of rules,” the post explained.
For example, a template called TreasuryDAO allows communities to manage treasuries while RegistryDAO enables governance of arbitrary smart contracts, TQ Tezos explained. The governance process comprises two stages—a proposal period and a voting period.
“Initially, Homebase will support the core behavior requested by users and the community: parameter selection (e.g. similar to Compound) and treasury management DAOs,” said the announcement, adding, “Over the coming weeks and months, we’ll be enhancing and extending these templates for new exciting applications such as fractional ownership of NFTs and DAOs for simple off-chain vote signaling like Snapshot.”
As CryptoSlate reported, Tezos’ major upgrade “Delphi” went live last November, allowing to speed up transactions and reduce fees.
Currently, Tezos developers are also working on the next upgrade—dubbed “Edo”—which, among other things, will introduce Zcash-like privacy features to the blockchain.
A Grayscale Tezos Trust?
In addition to the DAO announcement, rumours have been circulating about a new Grayscale Trust for Tezos.
Grayscale Investments is the world’s largest crypto asset manager and investment platform. It holds over $25.5 billion worth of various cryptocurrencies (mainly Bitcoin) over nine “trusts.” Its products are some of the only regulated crypto-offerings to trade on public markets in the US.
A Tezos trust would work in a similar manner. Grayscale would hold a fixed amount of XTZ per share, and accredited investors would be able to purchase it via regulated OTC brokers in the US.
Tezos, currently ranked #19 by market cap, is up 9.09% over the past 24 hours. XTZ has a market cap of $2.43B with a 24 hour volume of $987.99M.
Tezos Price Analysis: XTZ continues to consolidate around $6.7, break lower to follow?
- Tezos price analysis is bearish today.
- XTZ/USD still holds $6.7 support.
- Next support at $6.
Tezos price analysis is bearish today as lower highs were continuously set despite the $6.7 mark holding. Therefore, we expect XTZ/USD to break lower and head towards setting another lower low.
The cryptocurrency market traded with mixed results over the last 24 hours. The market leader, Bitcoin, lost 1.26 percent, while Ethereum gained 0.74 percent. Meanwhile, Shiba Inu (SHIB) is the top performer for today, with a gain of 55 percent as it sets new all-time highs.
Tezos price movement in the last 24 hours: Tezos continued to trade around $6.7 support
XTZ/USD traded in a range of $6.65 – $6.80, indicating low volatility over the last 24 hours. Trading volume declined by 34.6 percent, totaling 124.5 million, while the total market cap trades around $5.76 billion, ranking the coin in 35th place overall.
XTZ/USD 4-hour chart: XTZ to break lower today?
On the 4-hour chart, we can see Tezos price action setting further lower highs, likely leading to a break below the $6.7 support today.
Tezos price action has seen a steady decline over the past weeks. After the strong first week of October, XTZ/USD moved from $5.50 swing low to $9 swing high, a failure to move higher followed.
Since then, Tezos has set several lower lows and highs, with the last one benign at $6.4. Earlier this week, a new lower high was set around the $7 mark, with further downside seen over the following days.
Currently, Tezos price action trades in a very narrow range around the $6.7 mark. Considering that lower highs are still set, we expect XTZ/USD to break lower and move to set further lows.
Tezos Price Analysis: Conclusion
Tezos price analysis is bearish today as further lower highs were set over the last 24 hours despite the $6.7 still holding. Therefore, we expect XTZ/USD to break lower and move to the $6 next support early next week.
While waiting for Tezos to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.
McLaren Racing Announced ‘McLaren Racing Collective’ NFT Platform on Tezos
McLaren Racing, the popular British motor racing team, has launched ‘McLaren Racing Collective’, a non-fungible tokens (NFTs) platform, on the Tezos blockchain platform.
McLaren announced the news in a press release on Wednesday, October 20. According to the announcement, ‘McLaren Racing Collective’ will be a global community of collectors and fans served through an innovative digital platform, where fans can buy McLaren Racing digital collectibles in the form of non-fungible tokens (NFTs).
The platform will serve as McLaren Racing’s official location for numerous opportunities to own a piece of McLaren Racing for the long term. The first series of McLaren Racing NFTs will be dropped on Sunday, October 24. According to the announcement, the first drop will feature “different digital components of the MCL35M 2021 Formula 1 race cars, originated from the McLaren Racing CAD system.”
Lindsey Eckhouse, director of Licensing, eCommerce, and esports at McLaren Racing, said:
“The first NFT drop heroes our papaya-liveried MCL35M F1 car. This will give our fans a fantastic opportunity to collect and see each component from every angle while allowing them to win incredible experiences and prizes.”
The first digital component will be gifted for free to the first 5,000 fans who join the collective platform. An MCL35M 2021 Formula 1 car will require 22 NFT components to complete that will be released in five releases. In the first drop on October 24, 4 components will be released. After this initial drop, fans can purchase one or multiple components as they release in an effort to collect all 22 to assemble the fully digital MCL35M race car. The first person to complete a full MCL35M will win a VIP trip to the 2022 Formula 1 Grand Prix.
The launch of McLaren Racing Collective doesn’t come as surprise as an NFT platform by McLaren Racing was announced much earlier in June 2021. As Crypto Economy reported, in June, McLaren Racing choose Tezos as its official technical partner to create an NFT platform across Formula1, INDYCAR, and esports.
McLaren Racing’s NFTs will be listed on Sweet, an NFT marketplace that has recently been integrated with Tezos. In an announcement on Thursday, October 21, Sweet said that McLaren Racing NFTs will be the first collection listed on its platform.
indsey Eckhouse commented:
“We are excited to launch the McLaren Racing Collective, which will help us engage our fans in an innovative new space. Collaborating with our partner Tezos, we are creating new ways to evolve our fan experience through a bespoke McLaren Racing digital collectible marketplace.”
Sweet NFT Platform Integrates Tezos, Welcomes McLaren Racing NFTs
- Sweet NFT platform integrates Tezos.
- Tezos brings McLaren Racing Collective NFT fan experience to Sweet.
- All three brands value sustainability through innovation.
The leading enterprise NFT solutions provider — Sweet, happily announces the integration of Tezos onto its platform. Tezos is a leading Proof-of-Stake (PoS) blockchain network known for its sustainability and simple upgrades.
This integration means that the Tezos collection enters the Sweet NFT Platform. In turn, this unveils the arrival of the highly-gamified McLaren Racing Collective NFT fan experience onto Sweet. Thus, McLaren Racing fans can now collect unique McLaren F1 car parts and begin building their unique NFT McLaren F1 car on Sweet, powered by Tezos.
Accordingly, Sweet is establishing exciting ways for brands to bring digital collectibles to their audiences. By adding support for Tezos, Sweet unlocks a whole new wave of growth. To elaborate, perks for the leading NFT marketplace include energy efficiency and scalability.
Not to mention, Sweet will open the doors to welcome the alive and active Tezos NFT community. Therefore, Sweet’s highly intuitive and user-friendly NFT Marketplace and wallet is set to boom.
Furthermore, the integration will allow all McLaren Racing fans to collect, sell, and create Tezos NFTs on Sweet. Fans can even reserve a complimentary McLaren Racing NFT right now on McLarenRacingCollective.com. However, they must do so before October 24th.
CEO of Sweet — Tom Mizzone says,
McLaren Racing is revolutionizing the digital collectibles space by providing fans with unprecedented views of the MCL35M car parts as true 3D NFTs that can be spun around, fidgeted with, and viewed from all angles. Additionally, McLaren Racing has gamified the entire collectors’ experience as their fans race to collect all the individual 3D car components to unlock the interactive 3D MCL35M Formula One car and access unique fan experiences.
More so, Mizzone says that the entire McLaren Racing Collective on Tezos is built for its eco-friendliness. In fact, its compatibility with NFTs is great with broad-scale use cases and applications. Lastly, Tezos allows Sweet to continue prioritizing and maintaining a seamless, user-friendly digital collecting experience. Thus, Sweet expects to see a large move into Tezos NFTs across many marketplaces and IP holder verticals.
As for McLaren F1 fans building their McLaren F1 car via the McLaren Racing’s immersive and gamified NFT experience, there is much to explore. In detail, each part will have its own scarcity. Thus, there will be enough parts available only to assemble 35 complete NFT cars.
Likewise, the first batch of collectible parts will include the right-wing mirror, the left-wing mirror, the FR wheel, and the FL wheel. These will be out on October 24, 2021, right during the time of the US Grand Prix in Austin, Texas on Sweet.