{"id":35520,"date":"2024-01-27T01:52:44","date_gmt":"2024-01-27T05:52:44","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35520"},"modified":"2024-01-27T01:52:44","modified_gmt":"2024-01-27T05:52:44","slug":"hedera-hbar-shines-record-breaking-164-million-daily-transactions-market-cap-reaches-2-9-billion","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/27\/hedera-hbar-shines-record-breaking-164-million-daily-transactions-market-cap-reaches-2-9-billion\/","title":{"rendered":"Hedera (HBAR) Shines: Record-Breaking 164 Million Daily Transactions, Market Cap Reaches $2.9 Billion"},"content":{"rendered":"

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 <\/a>by Messari. The network\u2019s performance showcased notable growth in key metrics, outpacing the crypto market.<\/p>\n

Hedera Outpaces Crypto Market With 78% QoQ Increase<\/h2>\n

During Q4 2023, Hedera\u2019s circulating market cap experienced a 78% quarter-over-quarter (QoQ) increase, reaching $2.9 billion. This growth surpassed the overall crypto market\u2019s growth rate <\/a>of 54%, signifying Hedera\u2019s growing influence.\u00a0The year-on-year (YoY) change for HBAR stood at 211%, reflecting the network\u2019s progress and adoption.<\/p>\n

In the same line, Hedera Network\u2019s 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.\u00a0<\/p>\n

Furthermore, the revenue generated from Token and Smart Contract Services <\/a>contributed approximately 14% of the total revenue, exemplifying a healthy distribution in Hedera\u2019s revenue streams.<\/p>\n

With a fixed total supply of 50 billion HBAR, Q4 2023 saw 33.6 billion HBAR, or 67% of the total supply, in circulation.\u00a0<\/p>\n

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.<\/p>\n

While the number of addresses experienced a decline in Q4 2023, with average daily active addresses <\/a>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.<\/p>\n

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.<\/p>\n

DEX Trading Volume Skyrockets 164% QoQ<\/h2>\n

In Q4 2023, the Hedera network reported 28 billion HBAR staked, representing 85% of the circulating and 56% of the total supply.\u00a0<\/p>\n

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.\u00a0<\/p>\n

The Hedera network\u2019s 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\u2019s TVL ranked among the top 40 blockchain networks<\/a>.<\/p>\n

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.<\/p>\n

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\u2019s USDC stood as the sole stablecoin available on Hedera.\u00a0<\/p>\n

The network\u2019s rank in the stablecoin <\/a>market cap among blockchain networks improved by four spots QoQ, solidifying Hedera\u2019s position in the stablecoin market.<\/p>\n

Under current market conditions, the price of HBAR stands at $0.0736, showcasing substantial growth in the past 24 hours, with a 5% increase.\u00a0<\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

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 <\/a>by Messari. The network\u2019s performance showcased notable growth in key metrics, outpacing the crypto market.<\/p>\n

Hedera Outpaces Crypto Market With 78% QoQ Increase<\/h2>\n

During Q4 2023, Hedera\u2019s circulating market cap experienced a 78% quarter-over-quarter (QoQ) increase, reaching $2.9 billion. This growth surpassed the overall crypto market\u2019s growth rate <\/a>of 54%, signifying Hedera\u2019s growing influence.\u00a0The year-on-year (YoY) change for HBAR stood at 211%, reflecting the network\u2019s progress and adoption.<\/p>\n

In the same line, Hedera Network\u2019s 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.\u00a0<\/p>\n

Furthermore, the revenue generated from Token and Smart Contract Services <\/a>contributed approximately 14% of the total revenue, exemplifying a healthy distribution in Hedera\u2019s revenue streams.<\/p>\n

With a fixed total supply of 50 billion HBAR, Q4 2023 saw 33.6 billion HBAR, or 67% of the total supply, in circulation.\u00a0<\/p>\n

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.<\/p>\n

While the number of addresses experienced a decline in Q4 2023, with average daily active addresses <\/a>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.<\/p>\n

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.<\/p>\n

DEX Trading Volume Skyrockets 164% QoQ<\/h2>\n

In Q4 2023, the Hedera network reported 28 billion HBAR staked, representing 85% of the circulating and 56% of the total supply.\u00a0<\/p>\n

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.\u00a0<\/p>\n

The Hedera network\u2019s 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\u2019s TVL ranked among the top 40 blockchain networks<\/a>.<\/p>\n

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.<\/p>\n

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\u2019s USDC stood as the sole stablecoin available on Hedera.\u00a0<\/p>\n

The network\u2019s rank in the stablecoin <\/a>market cap among blockchain networks improved by four spots QoQ, solidifying Hedera\u2019s position in the stablecoin market.<\/p>\n

Under current market conditions, the price of HBAR stands at $0.0736, showcasing substantial growth in the past 24 hours, with a 5% increase.\u00a0<\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-35520","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35520","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=35520"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35520\/revisions"}],"predecessor-version":[{"id":35525,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35520\/revisions\/35525"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35520"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}