Hedera (HBAR) Shines: Record-Breaking 164 Million Daily Transactions, Market Cap Reaches $2.9 Billion
January 26 2024 - 8:00PM
NEWSBTC
Hedera (HBAR), the open-source Proof-of-Stake (PoS) blockchain
network, has made significant strides in the fourth quarter (Q4) of
2023, according to a recent report by Messari. The network’s
performance showcased notable growth in key metrics, outpacing the
crypto market. Hedera Outpaces Crypto Market With 78% QoQ Increase
During Q4 2023, Hedera’s circulating market cap experienced a 78%
quarter-over-quarter (QoQ) increase, reaching $2.9 billion. This
growth surpassed the overall crypto market’s growth rate of 54%,
signifying Hedera’s growing influence. The year-on-year (YoY)
change for HBAR stood at 211%, reflecting the network’s progress
and adoption. In the same line, Hedera Network’s revenue witnessed
a substantial 59% QoQ increase, amounting to $1.6 million in Q4
2023, primarily driven by a 66% QoQ surge in transactions, notably
propelled by the Hedera Consensus Service. Related Reading:
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Furthermore, the revenue generated from Token and Smart Contract
Services contributed approximately 14% of the total revenue,
exemplifying a healthy distribution in Hedera’s revenue streams.
With a fixed total supply of 50 billion HBAR, Q4 2023 saw 33.6
billion HBAR, or 67% of the total supply, in circulation. The
quarterly distribution of HBAR, reported through the Hedera
Treasury Management Report, anticipates an additional 10% of the
total supply to be unlocked in Q1 2024, including new ecosystem
grants. While the number of addresses experienced a decline in Q4
2023, with average daily active addresses decreasing by 22% QoQ to
6,600 and average daily new addresses dropping by 39% QoQ to 5,200,
there was still substantial YoY growth. Active addresses were up
90% YoY, and new addresses witnessed a 123% YoY increase. Hedera
Network achieved a new record in transaction volume for the sixth
consecutive quarter, with an impressive daily average of 164
million transactions in Q4 2023, marking a 66% QoQ surge. The
Hedera Consensus Service remained the primary driver of this
activity, accounting for 99% of all transactions on the network.
DEX Trading Volume Skyrockets 164% QoQ In Q4 2023, the Hedera
network reported 28 billion HBAR staked, representing 85% of the
circulating and 56% of the total supply. Entities such as
Swirlds and Swirlds Labs played a significant role in staking their
HBAR allocations, and the Hedera Treasury supported validators in
meeting the minimum staking threshold for network consensus.
The Hedera network’s Total Value Locked (TVL) demonstrated positive
growth, reaching $64 million by the end of 2023, reflecting a
significant YoY increase of 169%. The TVL denominated in HBAR
reached 733 million, indicating a 16% QoQ and YoY increase.
Interestingly, Hedera’s TVL ranked among the top 40 blockchain
networks. Related Reading: Algorand CEO’s X Account Hacked, Is
Justin Sun Involved? Moreover, Hedera Network experienced a 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 Hedera network, accounting for
most of the trading activity, as seen in the chart below. Lastly,
the stablecoin market cap on the Hedera network grew by an
impressive 73% QoQ, culminating in a year-end total of $6.3
million. Circle’s USDC stood as the sole stablecoin available on
Hedera. The network’s rank in the stablecoin market cap among
blockchain networks improved by four spots QoQ, solidifying
Hedera’s position in the stablecoin market. Under current market
conditions, the price of HBAR stands at $0.0736, showcasing
substantial growth in the past 24 hours, with a 5% increase.
Featured image from Shutterstock, chart from TradingView.com
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