Hedera (HBAR) Surpasses Crypto Market with Impressive Q4 Growth

Hedera (HBAR), the open-source Proof-of-Stake (PoS) blockchain network, has made great progress in the fourth quarter (Q4) of 2023.

Hedera (HBAR) is on fire! With a whopping 164 million daily transactions, it’s breaking records. And to add to the excitement, its market cap has reached a staggering $2.9 billion.

The open-source Proof-of-Stake (PoS) blockchain network, Hedera (HBAR), has made remarkable progress in the fourth quarter (Q4) of 2023, according to a recent report by Messari. Surpassing the overall growth rate of the crypto market, Hedera has demonstrated significant improvements in key metrics.

Hedera Outpaces Crypto Market With 78% QoQ Increase

During Q4 2023, Hedera’s circulating market cap soared by 78% quarter-over-quarter (QoQ), reaching an impressive $2.9 billion. This remarkable growth rate surpassed the crypto market’s overall growth rate of 54%, clearly indicating Hedera’s increasing influence. The year-on-year (YoY) change for HBAR reached an outstanding 211%, reflecting the network’s progress and widespread adoption.

Figure 1: Hedera’s circulating market cap grew by 78% during Q4. Source: Messari

Furthermore, Hedera Network’s revenue experienced a substantial 59% QoQ increase, amounting to $1.6 million in Q4 2023. This growth was primarily driven by a remarkable 66% QoQ surge in transactions, with the Hedera Consensus Service playing a significant role in fueling this growth.

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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 Hedera Treasury Management Report anticipates unlocking an additional 10% of the total supply 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 by a staggering 90%, and new addresses witnessed a remarkable 123% YoY increase.

Hedera Network achieved a new record in transaction volume for the sixth consecutive quarter, with a 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 supply and 56% of the total supply. Entities such as Swirlds and Swirlds Labs played a significant role in staking their HBAR allocations, with the Hedera Treasury supporting validators in meeting the minimum staking threshold for network consensus.

The Hedera network’s Total Value Locked (TVL) demonstrated positive growth, reaching an impressive $64 million by the end of 2023. This reflects a significant YoY increase of 169%. The TVL denominated in HBAR reached 733 million, indicating a 16% QoQ and YoY increase. Hedera’s TVL ranked among the top 40 blockchain networks in terms of value locked.

Moreover, Hedera Network experienced a phenomenal 164% QoQ increase in average daily decentralized exchange (DEX) trading volume, reaching an all-time high of $1.3 million. SaucerSwap dominated the DEX trading volume on the Hedera network, accounting for most of the trading activity.

Figure 2: Hedera’s DEX volume growth during Q4. Source: Messari

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 stands as the sole stablecoin available on Hedera, showcasing Hedera’s increasing prominence in the stablecoin market.

Under current market conditions, the price of HBAR stands at $0.0736, exhibiting substantial growth in the past 24 hours with a 5% increase.

🚀 In conclusion, Hedera (HBAR) has emerged as a force to be reckoned with, surpassing the crypto market’s growth rate and demonstrating exceptional performance in Q4 2023. With impressive increases in circulating market cap, revenue, transaction volume, and DEX trading, Hedera has positioned itself as a prominent player in the blockchain industry.

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Q&A

Q: What is Hedera’s Consensus Service?

A: Hedera’s Consensus Service is a key component of the network that facilitates fast and secure ordering and timestamping of transactions. It ensures consensus across all nodes, making the network reliable and efficient.

Q: What is the significance of the growth in DEX trading volume on the Hedera network?

A: The significant increase in DEX trading volume on Hedera indicates a growing interest in decentralized finance (DeFi) applications built on the network. It shows that users are actively engaging and trading digital assets in a decentralized manner.

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References:

1. Hedera Network Approves $408M HBAR for Ecosystem Growth
2. Chainlink Rises 17%: Is LINK Ready To Soar? Key Indicators To Monitor
3. Algorand CEO’s X Account Hacked, Is Justin Sun Involved?
4. Oasys and Pacific Meta Form Alliance to Propel Blockchain Gaming in the Chinese-Speaking Market
5. Stablecoin Inflows to Exchanges Spike as Traders Prepare for Spot Bitcoin ETF Decision

Featured image from Shutterstock, chart from TradingView.com

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