One Ethereum Competitor Is Surging in Price Despite Crypto Market Doldrums

An Ethereum (ETH) competitor is defying the crypto market doldrums and surging this week in the wake of blooming network activity.

According to a new Twitter announcement, smart contract platform and self-amending blockchain Tezos (XTZ) set a new monthly all-time high with more than six million contract calls, a measure of network activity, in January.

XTZ is trading at $3.77 at time of writing, up more than 28% in the past seven days.

High-profile investors like billionaire venture capitalist Tim Draper are taking notice. Draper told Fortune this week that he’s optimistic about the project.

“Tezos requires less energy and is proof-of-stake, which ETH keeps promising to deliver but can’t… All the gamers are using Tezos for smart contracts, and longer-term they’ll be the real contracts, so I would guess that will do very well.”

Tezos has also landed a multi-year sponsorship with the British soccer team Manchester United, according to a new report from The Athletic.

The deal is reportedly worth more than $22 million per year. News of the sponsorship broke after the smart contract platform’s price surge.

It’s not Tezos’ first venture into the sports world: The project has previously sponsored the New York Mets baseball team and partnered with Red Bull Racing Honda.

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