Hedera Network Achieves Record-Breaking Transaction Volume
A recent report by Messari reveals that the Hedera (HBAR) Network experienced significant growth in Q3 2023, despite a challenging crypto market. The network achieved a new record of 99 million daily average transactions, marking the fifth consecutive quarterly increase in transaction activity. The Hedera Consensus Service was responsible for 99% of all transactions and played a crucial role in driving revenue growth. Transaction fees surpassed $1 million for the first time, experiencing a remarkable 30% quarter-on-quarter growth. The network’s circulating market capitalization also grew by 7.6% quarter-on-quarter, reaching $1.7 billion.
Hedera’s Total Value Locked Soars
In Q3 2023, Hedera’s Total Value Locked (TVL) reached $31 million, representing a 29% increase from the previous quarter. SaucerSwap, the leading protocol within the ecosystem, accounted for $27 million of the TVL. The Hedera community focused on enhancing developer tools and collaborations during this period, making progress towards achieving Ethereum Virtual Machine (EVM) equivalence. These efforts increased compatibility with EVM networks and expanded smart contract development capabilities on the Hedera Network.
High Staking Percentage and Strategic Partnerships
The report also highlights that 85% of the circulating supply and 56% of the total supply of HBAR were staked during Q3 2023. Core entities like the HBAR Foundation and Swirlds staked their allocations to support validators. The Hedera Governing Council modified the staking rewards structure during this period, setting a maximum staked quantity and adjusting the reward rate to ensure proportional rewards.
Hot Take: Hedera Network Shows Remarkable Growth Despite Market Challenges
Despite the challenging crypto market conditions in Q3 2023, the Hedera Network demonstrated significant growth. The increase in transaction volume, TVL, and strategic partnerships solidified the network’s position in the industry. However, the native token HBAR has experienced a decline in value over the past 24 hours and throughout the year.
Source: Messari
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