Tezos (XTZ) is a Layer 1 blockchain that launched in 2018, known for two things: on-chain governance and 'self-amendment'. Instead of contentious hard forks, Tezos token-holders vote on protocol upgrades, and the network upgrades itself automatically — a smooth, democratic way to evolve that many consider elegant engineering. It uses energy-efficient proof-of-stake ('baking'), where holders stake XTZ to secure the network and earn rewards. XTZ is used for fees, staking and governance. Historically it found a niche in NFTs and institutional/enterprise pilots. Its identity is a technically thoughtful, self-governing chain that has nonetheless struggled to attract developers and users versus flashier rivals.
Where it stands today: Tezos has lost significant ground — XTZ trades roughly 94% below past highs, reflecting years of weak adoption. Its big bet to stay relevant is 'Etherlink', an EVM-compatible Layer 2 (so Ethereum developers can build on Tezos with familiar tools), plus 'Tezos X', an upgrade launching in testnet in 2026 aiming to unify Ethereum-compatible and native execution on one ledger. Ledger (the hardware wallet) added native support for Etherlink. These are real attempts to make Tezos EVM-friendly and pull in the much larger Ethereum developer base. So today it's a well-designed, self-governing chain making a serious EVM-compatibility push to overcome a long adoption drought.