Whereas main blockchain networks Bitcoin [BTC] and Ethereum [ETH] logged sickly development of their respective key metrics in Q3, public-permissioned Proof-of-Stake community Hedera [HBAR] excelled inside the similar interval.
In a brand new report titled “State of Hedera Q3 2022,” cryptocurrency analysis platform Messari assessed the community’s efficiency between July and September.
In accordance with the report, whereas the remainder of the cryptocurrency market was suffering from a decline in Q3, Hedera registered vital development inside the 90-day interval.
Hedera for the win
The downturn within the normal cryptocurrency market final quarter led to a decline within the rely of customers for many blockchain networks.
Nonetheless, the alternative was the case for Hedera, Messari discovered. Throughout the 3-month interval below evaluate, the community logged a median weekly consumer index of 14,601 addresses. This represented a 92% development from the 7,598 recorded because the rely for common weekly customers on the chain in Q2.
Whole transactions processed on Hedera additionally surged by 40.1% between July and September, Messari discovered. In accordance with the report, all transactions processed on the community totaled 78.40 million. In Q2, 55.95 million transactions had been processed on the community.
The uptick within the rely of whole transactions accomplished on Hedera in Q3 led to an enormous development in whole charges paid to course of these transactions throughout that interval.
As discovered by Messari, whole transaction charges on the community in Q3 had been 1.82 million HBAR. This represented a whopping 543.8% increment from the 282,887 HBAR paid to course of transactions on the community in Q2.
Moreover, whereas the whole worth locked (TVL) throughout all decentralized finance (DeFi) protocols declined on a number of networks, the TVL on Hedera rose 171.6% in Q3.
In accordance with information from DefiLlama, Hedera grew its TVL by over 100% in three months with simply 4 protocols housed inside it, particularly Stader, SaucerSwap, Bubbleswap, and Tangent.
As extra individuals turned away from speculative asset lessons in Q3, the curiosity in PFP NFTs suffered significantly. Nonetheless, as reported by Messari,
“The Hedera NFT sector (a element of the Hedera Token Service) has been an engine of development for the community. Throughout Q3, NFT energetic customers (+90% QoQ) and transactions (+107% QoQ) every set all-time highs.”
In accordance with information from CoinMarketCap, HBAR’s worth rallied to a excessive of $0.08 on 13 August. After peaking at this worth stage, HBAR trended downwards to shut the quarter at a worth of $0.05, a 19% decline from the $0.062 it began the quarter at.