Tezos (XTZ), as a veteran Layer 1 smart contract platform, has been since 2018, with its core competitiveness rooted in its "self-amendment" on-chain governance mechanism and formal verification technology. In the current highly competitive public chain landscape, this project is seeking its own development positioning.

**Technologically interesting**

Tezos's most unique feature is its ability to upgrade without hard forks. This self-amendment mechanism significantly reduces the risk of community splits and has always been its core narrative. Additionally, the technology of formal verification should not be underestimated — it allows direct verification of smart contract code security through mathematical methods, which is a relatively hard requirement for financial applications. Recent upgrades have reduced block time to 8 seconds, and staking mechanisms have also been optimized, with the network continuously evolving.

**Supply side is healthy**

Currently, the circulating supply is about 10.69 billion tokens, accounting for over 98% of the total supply. This means almost no unlocking pressure, minimal new selling pressure, and the price mainly depends on market supply and demand.

**Valuation is indeed low**

Compared to the high point near $9 in 2021, there is considerable room for rebound at the current price.

**Trading strategy reference**

• Key buy zone: 0.38-0.48
• Target 1: 0.66
• Target 2: 0.75
• Target 3: 1.55 (optimistic prediction for the 2030 high)
• Stop loss: below 0.35