- Hedera achieved significant success in the third quarter.
- The value of its own coin, its DeFi TVL and NFT trading activity have all increased.
Publicly approved Proof-of-Stake (PoS) blockchain network Hedera Network [HBAR] witnessed significant ecosystem growth in the third quarter of the year, on-chain analytics firm Messari found in a new report.
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Hedera’s success story
A significant growth recorded within the Hedera ecosystem during the quarter under review was an increase in the market capitalization of the native coin.
In the third quarter, the broader crypto market recorded a modest decline, despite positive legal results from the Ripple and Grayscale cases. The overall crypto market shrank by 5.8%, with Bitcoin as the leading currency [BTC] and ether [ETH] witness a decrease of 7.5% and 10.0% respectively.
HBAR, on the other hand, diverged, posting 8% growth in its circulating market capitalization. Similarly, its fully diluted market cap rose 3% to $2.5 billion at the end of September.
Source: Messari
According to data from CoinMarketCapAt the time of writing, Hedera was ranked as the 31st largest crypto protocol based on the market capitalization of its native token.
In addition, Hedera’s revenue exceeded $1 million for the first time since launch in the quarter under review. Notably, the protocol’s revenue from transaction fees increased by 30% between July and September.
According to Messari:
“This revenue increase was attributed to a 37% quarterly growth in transactions. This transaction activity dominated the Hedera Consensus Service, which accounted for more than 99% of total transactions and was therefore the main source of Hedera Network revenue growth.”
Source: Messari
Additionally, Hedera’s DeFi ecosystem saw total value captured (TVL) increase by 29% in the third quarter. At the time of writing, the network’s TVL was $30 million, up 30% year-over-year (YTD), according to data from DefiLlama.
Messari added:
“The increase in TVL during a bear market is attributed to the debut of new protocols. SaucerSwap, the first to launch, has maintained its lead in the Hedera ecosystem. By the end of the third quarter, SaucerSwap’s TVL was $27 million, accounting for 87% of Hedera Network’s total TVL. After SaucerSwap, HeliSwap had a TVL of $4 million, and Pangolin registered for $110,000.”
Read Hedera’s [HBAR] Price forecast 2023-24
While the general disinterest in digital collectibles led to a decline in NFT trading activity on other chains, Hedera saw an increase in NFT transactions in the third quarter.
The average daily number of active addresses trading NFTs on Hedera grew by over 150% between July and September. However, over the same period, the volume of NFT transactions fell by 33%.
Source: Messari
