Hedera (HBAR) Q3 Triumph: Transaction Volume Soars, Network Revenue Crosses 1M Milestone
October 19 2023 - 4:00PM
NEWSBTC
According to a recent report by the online database platform
Messari, the Hedera (HBAR) Network, an open-source, public
blockchain governed by the Hedera Governing Council, has showcased
significant growth in the face of a challenging crypto market
during Q3 2023. Hedera Network Hits New Record With 99
Million Daily Transactions Per the report, Hedera Network’s
transaction volume continued its upward trajectory, achieving a new
record of 99 million daily average transactions in Q3 2023.
This milestone marks the fifth consecutive quarterly increase in
transaction activity, with the Hedera Consensus Service responsible
for 99% of all transactions on the network. Related Reading:
Bitcoin Maximalist Calls Ethereum ‘Garbage’, Here’s Why Notably,
the network’s revenue derived from transaction fees surpassed $1
million for the first time, experiencing a remarkable 30%
quarter-on-quarter growth. According to Messari, the Hedera
Consensus Service largely drove the revenue growth and remained
independent of HBAR’s price fluctuations, as transaction fees are
fixed in USD terms. While the overall crypto market experienced a
moderate downturn during Q3 2023, HBAR’s circulating market
capitalization grew by 7.6% quarter-on-quarter, reaching $1.7
billion by the end of September. HBAR’s fully diluted market
capitalization also increased by 2.5%, settling at $2.5 billion. As
a result, the Hedera Network emerged as the 31st-largest crypto
protocol by market capitalization, demonstrating its growing
prominence in the industry. Hedera’s TVL Skyrockets By 29% The
protocol’s Total Value Locked (TVL) reached $31 million in Q3 2023,
a 29% increase from the previous quarter. While the broader market
witnessed a reduction in TVL, Hedera’s year-over-year (YoY) TVL
growth stood at an impressive 75%. SaucerSwap, the leading
protocol within the Hedera ecosystem, accounted for most of the
TVL, with $27 million locked, comprising 87% of the Hedera
Network’s total TVL. According to Messari, this growth in TVL can
be attributed to the launch of new protocols within the ecosystem.
On the flip side, the Hedera community has strongly emphasized
enhancing developer tools and collaborations. In Q3 2023,
significant progress was made toward achieving Ethereum Virtual
Machine (EVM) equivalence. The community introduced
developer-focused features, integrated the JSON-RPC codebase, and
refined contract creation transactions through HIP-729. These
efforts have increased compatibility with EVM networks and expanded
the capabilities of smart contract development on the Hedera
Network. High Staking Percentage And Strategic Partnerships The
Hedera Network reported a high staking percentage, with 85% of the
circulating supply and 56% of the total supply staked. Core
entities such as the HBAR Foundation, Swirlds, and Swirlds Labs
have staked their HBAR allocations and the Hedera Treasury to
support validators in meeting the minimum staking threshold for
network consensus. Notably, these entities have chosen not to
collect staking rewards. Related Reading: This Bullish
Divergence Is Once Again Forming For Bitcoin, Rally Soon? Per the
report, the Hedera Governing Council modified the staking rewards
structure during Q3, adjusting the reward rate to 2.5% and setting
a maximum staked quantity to ensure proportional reward rates.
Despite the challenging crypto market conditions in Q3 2023, the
Hedera Network has showcased significant growth. The expansion of
TVL and the dominance of SaucerSwap further solidified the
ecosystem’s position. Despite the growth of Hedera Network’s
ecosystem, the native token, HBAR, is currently trading at $0.0460,
reflecting a 4.5% decrease in value over the past 24 hours. This
trend has persisted throughout the year, resulting in a
year-to-date decline of 24%. Featured image from Shutterstock,
chart from TradingView.com
Mina (COIN:MINAUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024