Hedera Network Shows Impressive Growth in Q4 2023
Hedera (HBAR), the open-source Proof-of-Stake (PoS) blockchain network, has achieved significant progress in the fourth quarter of 2023, outpacing the overall crypto market. According to a recent report by Messari, Hedera’s circulating market cap experienced a 78% quarter-over-quarter (QoQ) increase, reaching $2.9 billion. This growth surpassed the crypto market’s growth rate of 54%. The network also saw a substantial 59% QoQ increase in revenue, primarily driven by a surge in transactions. Token and Smart Contract Services contributed approximately 14% of the total revenue, indicating a healthy distribution in revenue streams.
Record-Breaking Transaction Volume and Staking Activity
Hedera Network achieved a new record in transaction volume for the sixth consecutive quarter, with an impressive daily average of 164 million transactions. The Hedera Consensus Service played a significant role, accounting for 99% of all transactions on the network. In terms of staking activity, the network reported that 85% of the circulating supply and 56% of the total supply were staked. Entities like Swirlds and Swirlds Labs contributed to this staking activity, supported by the Hedera Treasury.
DEX Trading Volume and Stablecoin Market Cap Soar
The Hedera network witnessed a remarkable 164% QoQ increase in average daily decentralized exchange (DEX) trading volume, reaching $1.3 million, an all-time high. SaucerSwap dominated DEX trading volume on the network. Additionally, the stablecoin market cap on Hedera grew by 73% QoQ, reaching $6.3 million by the end of 2023. Circle’s USDC stood as the sole stablecoin available on Hedera, solidifying the network’s position in the stablecoin market.
Conclusion: Hedera Network Demonstrates Strong Growth and Influence
Hedera Network’s performance in Q4 2023 showcased significant growth and influence, surpassing the overall crypto market. With impressive increases in market cap, revenue, transaction volume, staking activity, DEX trading volume, and stablecoin market cap, Hedera is making its mark in the blockchain industry. The network’s progress and adoption reflect its potential for continued success in the future.
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