- The company’s Q3 transfer volume climbed by 25%.
- The quarter’s major success for Hedera was hitting $100 million in TVL.
After the horrific aftermath of the FTX exchange’s failure, the cryptocurrency market plummeted to lows not seen since the bear market of 2018. The Hedera project, which operates on the company’s patented Hashgraph technology, has continued to thrive despite this.
After a rough second quarter, the Hedera Network rebounded with strong growth across the board. Hedera’s market value remained relatively unchanged from Q2 to Q3, but the company’s Q3 transfer volume climbed by 25%, and its DeFi and NFT statistics hit all-time highs.
Many factors, both internal and external, have contributed to the recent surges in activity. Now that SaucerSwap, Hedera’s first native decentralized exchange, is live, the market share of the top NFT markets has been rapidly growing.
The quarter’s major success for Hedera was hitting $100 million in TVL, an increase of 171% compared to the previous quarter. The key reason for the increase in Hedera’s TVL was the introduction of SaucerSwap, the network’s first decentralized exchange.
Saucer has seen $30 million worth of transactions and $17 million worth of TVL in the two months since its launch. Stader Labs, the liquid staking platform, has contributed significantly to the growth of the TVL, generating $80 million of the total $100 million as Q3 draws to a close.
With a total of $360M allocated to ecosystem projects and 167 grants previously authorized, the HBAR foundation is doing its part to strengthen the network’s ecosystem. The network was greatly aided not just by DeFi efforts, but also by the NFT and gaming industries. Hash Axi and Zuse Market are only two of the NFT marketplaces that have enabled over 74 million HBAR-valued trades.
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