Hedera’s Blockchain Brilliance: 164 Million Daily Transactions Set the Bar at $2.9 Billion

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In Q4 2023, Hedera (HBAR) achieved remarkable growth, outpacing the broader crypto market with a 78% quarter-over-quarter increase in its circulating market cap, reaching $2.9 billion.

The network set a new record with 164 million daily transactions, primarily driven by the Hedera Consensus Service, and demonstrated positive trends in decentralized exchange trading, staking, and stablecoin market cap, solidifying its position in the cryptocurrency landscape.

Hedera (HBAR), the open-source Proof-of-Stake (PoS) blockchain network, has emerged as a standout performer in the crypto space during the fourth quarter of 2023. According to a recent report by Messari, Hedera has not only demonstrated remarkable growth but has also outpaced the broader cryptocurrency market.

Hedera Outpaces Crypto Market With 78% QoQ Increase

In Q4 2023, Hedera’s circulating market cap surged by an impressive 78% quarter-over-quarter (QoQ), reaching a milestone of $2.9 billion. This growth surpassed the overall crypto market’s QoQ rate of 54%, highlighting Hedera’s expanding influence. The year-on-year (YoY) change for HBAR stood at an astonishing 211%, showcasing the network’s progress and increasing adoption.

Hedera Network’s Diverse Revenue Streams and Circulation Metrics

Furthermore, Hedera Network’s revenue experienced a substantial 59% QoQ increase, reaching $1.6 million in Q4 2023. This growth was primarily fueled by a remarkable 66% QoQ surge in transactions, driven notably by the Hedera Consensus Service. The revenue from Token and Smart Contract Services contributed approximately 14% of the total revenue, exemplifying a healthy distribution in Hedera’s revenue streams.

With a fixed total supply of 50 billion HBAR, Q4 2023 witnessed 67% of the total supply, or 33.6 billion HBAR, in circulation. The quarterly distribution report anticipates an additional 10% of the total supply to be unlocked in Q1 2024, including new ecosystem grants.

While Q4 2023 saw a decline in the number of addresses, there was substantial YoY growth. Active addresses were up 90% YoY, and new addresses witnessed a remarkable 123% YoY increase.

Record-Breaking Transaction Volume and DEX Trading Surge

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.

In Q4 2023, the Hedera network reported a staggering 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.

Hedera’s Growing Influence in Stablecoin Market

The stablecoin market cap on the Hedera network grew by an impressive 73% QoQ, totaling $6.3 million by year-end. Circle’s USDC stood as the sole stablecoin available on Hedera. The network’s rank in the stablecoin market cap among blockchain networks improved by four spots QoQ, solidifying Hedera’s position in the stablecoin market.

Under current market conditions, HBAR’s price stands at $0.0736, showcasing substantial growth in the past 24 hours with a 5% increase. As Hedera continues to break records and outperform the market, it remains a cryptocurrency to watch in the evolving landscape.

The post Hedera’s Blockchain Brilliance: 164 Million Daily Transactions Set the Bar at $2.9 Billion appeared first on Crypto News Focus.

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