Transaction Volume Soars, Network Revenue Crosses 1M Milestone
The post Transaction Volume Soars, Network Revenue Crosses 1M Milestone appeared on BitcoinEthereumNews.com. According to a recent report by the online database platform Messari, the Hedera (HBAR) Network, an open-source, public blockchain governed by the Hedera Governing Council, has showcased significant growth in the face of a challenging crypto market during Q3 2023. Hedera Network Hits New Record With 99 Million Daily Transactions Per the report, Hedera Network’s transaction volume continued its upward trajectory, achieving a new record of 99 million daily average transactions in Q3 2023. This milestone marks the fifth consecutive quarterly increase in transaction activity, with the Hedera Consensus Service responsible for 99% of all transactions on the network. Notably, the network’s revenue derived from transaction fees surpassed $1 million for the first time, experiencing a remarkable 30% quarter-on-quarter growth. Hedera’s Q3 2023 revenue milestone. Source: Messari According to Messari, the Hedera Consensus Service largely drove the revenue growth and remained independent of HBAR’s price fluctuations, as transaction fees are fixed in USD terms. While the overall crypto market experienced a moderate downturn during Q3 2023, HBAR’s circulating market capitalization grew by 7.6% quarter-on-quarter, reaching $1.7 billion by the end of September. HBAR’s fully diluted market capitalization also increased by 2.5%, settling at $2.5 billion. As a result, the Hedera Network emerged as the 31st-largest crypto protocol by market capitalization, demonstrating its growing prominence in the industry. Hedera’s TVL Skyrockets By 29% The protocol’s Total Value Locked (TVL) reached $31 million in Q3 2023, a 29% increase from the previous quarter. While the broader market witnessed a reduction in TVL, Hedera’s year-over-year (YoY) TVL growth stood at an impressive 75%. Hedera’s TVL growth in Q3 2023. Source: Messari SaucerSwap, the leading protocol within the Hedera ecosystem, accounted for most of the TVL, with $27 million locked, comprising 87% of the Hedera Network’s total TVL. According to Messari, this growth in…
The post Transaction Volume Soars, Network Revenue Crosses 1M Milestone appeared on BitcoinEthereumNews.com.
According to a recent report by the online database platform Messari, the Hedera (HBAR) Network, an open-source, public blockchain governed by the Hedera Governing Council, has showcased significant growth in the face of a challenging crypto market during Q3 2023. Hedera Network Hits New Record With 99 Million Daily Transactions Per the report, Hedera Network’s transaction volume continued its upward trajectory, achieving a new record of 99 million daily average transactions in Q3 2023. This milestone marks the fifth consecutive quarterly increase in transaction activity, with the Hedera Consensus Service responsible for 99% of all transactions on the network. Notably, the network’s revenue derived from transaction fees surpassed $1 million for the first time, experiencing a remarkable 30% quarter-on-quarter growth. Hedera’s Q3 2023 revenue milestone. Source: Messari According to Messari, the Hedera Consensus Service largely drove the revenue growth and remained independent of HBAR’s price fluctuations, as transaction fees are fixed in USD terms. While the overall crypto market experienced a moderate downturn during Q3 2023, HBAR’s circulating market capitalization grew by 7.6% quarter-on-quarter, reaching $1.7 billion by the end of September. HBAR’s fully diluted market capitalization also increased by 2.5%, settling at $2.5 billion. As a result, the Hedera Network emerged as the 31st-largest crypto protocol by market capitalization, demonstrating its growing prominence in the industry. Hedera’s TVL Skyrockets By 29% The protocol’s Total Value Locked (TVL) reached $31 million in Q3 2023, a 29% increase from the previous quarter. While the broader market witnessed a reduction in TVL, Hedera’s year-over-year (YoY) TVL growth stood at an impressive 75%. Hedera’s TVL growth in Q3 2023. Source: Messari SaucerSwap, the leading protocol within the Hedera ecosystem, accounted for most of the TVL, with $27 million locked, comprising 87% of the Hedera Network’s total TVL. According to Messari, this growth in…
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