Hedera (HBAR), the open-source Proof-of-Stake (PoS) blockchain community, has made important strides within the fourth quarter (This fall) of 2023, based on a current report by Messari. The community’s efficiency showcased notable development in key metrics, outpacing the crypto market.

Hedera Outpaces Crypto Market With 78% QoQ Enhance

Throughout This fall 2023, Hedera’s circulating market cap skilled a 78% quarter-over-quarter (QoQ) enhance, reaching $2.9 billion. This development surpassed the general crypto market’s development fee of 54%, signifying Hedera’s rising affect. The year-on-year (YoY) change for HBAR stood at 211%, reflecting the community’s progress and adoption.

In the identical line, Hedera Community’s income witnessed a considerable 59% QoQ enhance, amounting to $1.6 million in This fall 2023, primarily pushed by a 66% QoQ surge in transactions, notably propelled by the Hedera Consensus Service. 

Moreover, the income generated from Token and Good Contract Providers contributed roughly 14% of the overall income, exemplifying a wholesome distribution in Hedera’s income streams.

With a hard and fast complete provide of 50 billion HBAR, This fall 2023 noticed 33.6 billion HBAR, or 67% of the overall provide, in circulation. 

The quarterly distribution of HBAR, reported by way of the Hedera Treasury Administration Report, anticipates an extra 10% of the overall provide to be unlocked in Q1 2024, together with new ecosystem grants.

Whereas the variety of addresses skilled a decline in This fall 2023, with common every day energetic addresses lowering by 22% QoQ to six,600 and common every day new addresses dropping by 39% QoQ to five,200, there was nonetheless substantial YoY development. Energetic addresses have been up 90% YoY, and new addresses witnessed a 123% YoY enhance.

Hedera Community achieved a brand new file in transaction quantity for the sixth consecutive quarter, with a powerful every day common of 164 million transactions in This fall 2023, marking a 66% QoQ surge. The Hedera Consensus Service remained the first driver of this exercise, accounting for 99% of all transactions on the community.

DEX Buying and selling Quantity Skyrockets 164% QoQ

In This fall 2023, the Hedera community reported 28 billion HBAR staked, representing 85% of the circulating and 56% of the overall provide. 

Entities comparable to Swirlds and Swirlds Labs performed a big function in staking their HBAR allocations, and the Hedera Treasury supported validators in assembly the minimal staking threshold for community consensus. 

The Hedera community’s Complete Worth Locked (TVL) demonstrated constructive development, reaching $64 million by the top of 2023, reflecting a big YoY enhance of 169%. The TVL denominated in HBAR reached 733 million, indicating a 16% QoQ and YoY enhance. Curiously, Hedera’s TVL ranked among the many prime 40 blockchain networks.

Furthermore, Hedera Community skilled a 164% QoQ enhance in common every day decentralized alternate (DEX) buying and selling quantity, reaching $1.three million, an all-time excessive. SaucerSwap dominated DEX buying and selling quantity on the Hedera community, accounting for a lot of the buying and selling exercise, as seen within the chart beneath.

Lastly, the stablecoin market cap on the Hedera community grew by a powerful 73% QoQ, culminating in a year-end complete of $6.three million. Circle’s USDC stood as the only real stablecoin accessible on Hedera. 

The community’s rank within the stablecoin market cap amongst blockchain networks improved by 4 spots QoQ, solidifying Hedera’s place within the stablecoin market.

Underneath present market circumstances, the worth of HBAR stands at $0.0736, showcasing substantial development up to now 24 hours, with a 5% enhance. 

Featured picture from Shutterstock, chart from TradingView.com