Hedera (HBAR) Surges Ahead: Q4 2023 Highlights Significant Growth and Adoption

Hedera (HBAR), the Proof-of-Stake (PoS) blockchain network, demonstrated significant growth in the fourth quarter of 2023, surpassing the broader crypto market, as reported by Messari.

During Q4, Hedera’s circulating market cap soared by 78% quarter-over-quarter (QoQ), reaching $2.9 billion, outpacing the overall crypto market’s 54% growth. The year-on-year (YoY) change for HBAR was an impressive 211%, highlighting the network’s advancement and adoption.

Additionally, Hedera Network’s revenue experienced a substantial 59% QoQ increase, reaching $1.6 million in Q4 2023. This growth was primarily driven by a 66% QoQ surge in transactions, notably propelled by the Hedera Consensus Service. Token and Smart Contract Services contributed approximately 14% to the total revenue, showcasing a balanced distribution in Hedera’s revenue streams.

Despite a decline in the number of addresses in Q4 2023, with average daily active addresses and new addresses decreasing by 22% and 39% QoQ, respectively, there was substantial YoY growth. Active addresses were up 90% YoY, and new addresses witnessed a 123% YoY increase.

Hedera Network set 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.

In Q4 2023, the Hedera network reported 28 billion HBAR staked, representing 85% of the circulating and 56% of the total supply. The Total Value Locked (TVL) demonstrated positive growth, reaching $64 million by the end of 2023, reflecting a significant YoY increase of 169%. Hedera’s TVL ranked among the top 40 blockchain networks.

Decentralized exchange (DEX) trading volume experienced a remarkable 164% QoQ increase, reaching $1.3 million, an all-time high. SaucerSwap dominated DEX trading volume on the Hedera network.

The stablecoin market cap on the Hedera network grew by an impressive 73% QoQ, reaching $6.3 million. Circle’s USDC was the sole stablecoin available on Hedera.

Under current market conditions, HBAR is priced at $0.0736, showing substantial growth in the past 24 hours with a 5% increase. Please note that the article is provided for educational purposes and does not constitute financial advice. Conduct your own research before making any investment decisions.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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