Review of Hedera’s Progress in Q2 2024
Despite challenges, Hedera has been making significant progress in enhancing its ecosystem in Q2 2024. Analysts have highlighted several improvements made by the platform in this period, showcasing its performance relative to Q1 2024 and the broader crypto industry.
Thriving Developer Community
Analysts noted that despite fluctuations in user activity, Hedera’s developer community has continued to thrive. With over 75 full-time developers and more than 190 monthly active contributors, Hedera ranks among the top 40 projects in terms of developer count.
- The developer community is crucial for supporting Hedera’s activities and fortifying the base code of the platform.
- Users can contribute to the open-source code through the platform’s active public GitHub repository, fostering collaboration and innovation.
DeFi Landscape and Emerging Sectors
Although the DeFi landscape of Hedera was not as robust in Q2 2024, with a total value locked (TVL) of around $64 million, the platform is actively exploring emerging sectors to differentiate itself from competitors.
- Hedera is looking to power the Decentralized Physical Infrastructure Network (DePIN) sector, aiming to pioneer data transmission and service delivery through decentralized rails.
- The platform has already made progress in Australia by deploying its first sensor, a significant step towards expanding its data-sharing nodes.
Enhancing Token Security with HIP-540
To improve token security further, Hedera is implementing HIP-540, allowing developers to remove and modify administrative keys. This move is expected to enhance security and trust within the ecosystem, especially as Hedera focuses on building its NFT ecosystem.
The native token of Hedera, HBAR, has faced challenges, dropping by 66% from its April highs. However, efforts are being made to improve its performance and turn the situation around. Traders are closely monitoring key support levels and potential bullish movements that could lead to a price rally.
Hot Take: Hedera’s Continued Progress in Q2 2024
Hedera’s dedication to enhancing its ecosystem and exploring new sectors like DePIN demonstrates its commitment to innovation and growth. The implementation of HIP-540 to improve token security is a positive step towards building trust and security within the platform. Despite challenges in the DeFi landscape, Hedera’s vibrant developer community and focus on emerging sectors highlight its potential for future success in the crypto space.
Sources:
– Reflexivityres: https://x.com/reflexivityres/status/1825550696529236414
– DeFiLlama Data: https://defillama.com/chain/Ethereum
– TradingView: https://www.tradingview.com/x/wDAlEIdS/
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