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.
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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.
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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.
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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.