Top 20 Crypto Assets By Market Cap Tezos (XTZ) is successful completed the latest upgrade, ‘Delphi’, which aims to reduce smart contract gas costs by 75% to attract decentralized financing (DeFi) developers to build on top of its blockchain.

Delphi was suggested Sept 3. It is a joint venture between Nomadic Labs, Metastatic and Gabriel Algour, intended to “help individuals develop smart contracts on Tezos.”

According to a joint notice from Delphi’s developers, the upgrade is “critical to enabling new applications on Tezos targeting areas such as DeFi, collectibles and gaming.”

“The size and complexity of smart contracts is limited by gas constraints, so people trying to build contracts with rich functionality have needed improvements to those constraints for some time.”

Tezos is a fourth-generation blockchain platform that leverages proof-of-stake and facilitates smart contracts and decentralized applications.

Tezos’ core value proposition is that it is a “self-modifying blockchain” that formally uses on-chain mechanisms to propose, test and activate protocol upgrades without hard forking the network.

The Delphi upgrade included gas calculation optimizations, including a reduction in the base cost of manager operations from 10,000 to 1,000 gas units, and the implementation of new cost models for type control and IOs.

With the update, Tezos blocks can now hold three and a half times easier XTZ transactions and four times more transfers of multiple assets, while contracts can make 10 times as many internal calls as was possible before the implementation of Delphi.

Delphi is also cutting Tezos’ storage costs fourfold, from 1 XTZ to 0.25 XTZ per kilobyte. XTZ is currently trading at $ 2.06 each.

“The benefits will be most visible in large and complex contracts with multiple calls to other contracts and significant calculations.”

Further upgrades that build on Delphi’s new features are expected to be proposed by Nomadic Labs before early December.

Tezos made an initial coin offering in July 2017 – Raise $ 232 million in what was then the largest ICO to date – before launches its mainnet in beta a year later.