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Tezos Erases $170 Million From Market Cap One Hour After Mainnet Launches

Georgi Georgiev
by Georgi Georgiev
7 years ago
·
Posted in News, Altcoin News, Altcoins, Blockchain, Companies, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Tezos (XTZ) has officially launched their main network, putting an end to the ongoing beta phase. Contrary to what one might expect, the project saw $170 million erased from its market capitalization.


 “Beta Period Concluded”

It’s safe to say that the road in front of the Tezos Foundation was a fairly bumpy one. The project’s ICO raised $232 million and confirmed the beta release in May, 2018.

Shortly after that, Bitcoinist reported on some of the hurdles the project was facing along the way, including disagreements among senior management, consumer lawsuits over delays, as well as problems related to lost passwords.

Nevertheless, the official announcement of the mainnet launch holds that the current state of the network is operating efficiently and smoothly. In an official statement, the Tezos Foundation announced that their main network is now live:

…we now consider the beta period concluded, and while active development still continues, we are pleased to regard the Tezos network as the mainnet.

Almost immediately after the news broke out Bitfinex announced that trading for XTZ [coin_price coin=tezos] will be available against the USD and BTC on their platform.

Trading has been enabled for Tezos (XTZ) against USD & BTC. @tezos https://t.co/jFbmSjNpXF pic.twitter.com/wI9z4FlWpc

— Bitfinex (@bitfinex) September 17, 2018

Price Reacts…Negatively

What was supposed to be a celebratory moment for the project and its investors quickly went downhill, as the price collapsed by almost 20 percent, erasing $170 million from its total market cap a little less than an hour after the announcement. This amounts to almost as much as the Tezos Foundation managed to raise in its July 2017 ICO.

Controversially, the drop also erased a lot of the gains XTZ managed to accumulate in anticipation of its mainnet launch.

What do you think of Tezos’ mainnet launch? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock, coinmarketcap.com, twitter.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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