The design is for self-correcting governance where “the network itself can propose, vote, adopt, and activate protocol upgrades”. From an economic system perspective, this is not a simple technology upgrade structure, but a mechanism that adjusts protocol parameters, fees, consensus, and staking policies to the on-chain political economy. The Tezos official document also explains that anyone can participate in proposals and voting through XTZ, and that it uses a PoS system where bakers receive block creation and verification rewards. (Tezos Documentation) 1. Tez / XTZ on-chain state mapping: Existence.
Investment View
Bakers maximize rewards by staying online, block production, attestation, and DAL participation. Stakers manage compensation and slashing risk through reliable delegate selection. The delegate participates indirectly by delegating voting/baking power to the baker. Developers expand the ecosystem through protocol upgrade, TZIP, Smart Rollup, and FA2 token standard. Governance participants directly influence protocol evolution. [Inference] Tezos’ reward system is not simply “paying tokens to validators,” but is evolving to gradually integrate L1 security, governance, L2 scalability, and development standards into one reward system. XTZ or tez is the native token of Tezos and is a common unit of fee payment, staking...
Tezos presented “self-amending crypto-ledger” as its core identity in its 2014 white paper, and took the fact that the protocol itself can be upgraded through on-chain governance as its initial differentiation axis. The white paper specified pure proof-of-stake, Turing-complete smart contract, OCaml-based implementation, and formal verification-friendly design, and currently Tezos is expanding the design with Tenderbake consensus, Liquid Proof-of-Stake, protocol upgrade, Smart Rollups, DAL, and Etherlink. Tezos' official documentation also describes Tezos as an open source platform supported by a community of validators, researchers, and builders.
Investment View
To prevent investment advice, the price range is not presented and is replaced with a scenario centered on network and ecosystem indicators. It is lower than L1, and ecosystem growth is still greatly influenced by Tezos Foundation assets and subsidies and incentives. Therefore, the current overall score is 69.1/100, and the stage is evaluated as late in the development narrative.