Smart contracts platform Tezos (XTZ) is about to reach a major milestone since the project launched in 2014. The Tezos Foundation announced yesterday that the mainnet will be unveiled on Monday, Sept. 17, 2018. The Tezos coin has responded very positively to the development, gaining more than 25% over the past 24 hours.
However, the road to the mainnet launch was anything but easy for Tezos. In July 2017, the project, which was founded by Arthur and Kathleen Breitman, raised a record amount at the time for an initial coin offering (ICO), at $232 million. The funds went to a Swiss foundation, the Tezos Foundation, which, however, was run by Johann Gevers, whom the couple named as president of the foundation.
The decision to hand the reins over to Gevers, however, turned out to be a mistake for the project, as Gevers argued with the Breitmans, ultimately locking up the funds from the ICO.
As a result, ICO investors received their XTZ late and the Breitmans were forced to push the development of the project because of the lack of financial resources. It wasn’t until February 2018 that Gevers left the Tezos Foundation.
Finally, on June 30, 2018, the beta version of the Tezos network was released. Less than three months later, the beta test phase will end and the mainnet will be activated.
Have a great weekend, everyone, because mainnet arrives Monday!
— Tezos Foundation (@TezosFoundation) September 14, 2018
All transactions that exist on the betanet will be transferred to mainnet, according to the Tezos website, which states:
“All betanet transactions will remain in mainnet, so there will be no interruptions or changes to the ledger until then.”
The two-and-a-half-month beta helped the company bring more activity to the network and test it under real-world conditions. Within the betanet, there was also a brief disclaimer asking people to avoid high dollar transactions.
Tezo’s price rises by Nearly 30%
On the heels of the announcement with a date for the mainnet launch, a rush of buyers came in, buoying the XTZ price by nearly 30%. While the crypto market has retreated after the recent rally, with BTC currently posting modest gains, Tezos is taking the spotlight.
Tezos has surpassed NEM and Binance Coin in market capitalization, putting the latter two in the No. 17 and No. 18 spots on by market capitalization, respectively. The XTZ price is hovering at $1.67 and the coin boasts a market cap of more than $1 billion.
Strong gains like the ones in the Tezos price could be followed by an overbought correction. On Monday, when the mainnet is launched, we’ll see whether profits were driven solely by speculation and hype and what percentage of the gains will be maintained.