- Hedera’s TVL reaches a resilient $35 million, even as the broader cryptocurrency market faces a downturn.
- The Hedera mainnet celebrates a significant milestone, crossing 18 billion transactions, backed by promising collaborations.
Hedera’s Counter-Trend Growth
In the unpredictable world of cryptocurrencies, while many high-profile ecosystems like Bitcoin and Ethereum have seen declines, pushing their values below $26,000 and $1,600 respectively, Hedera ($HBAR) shines as a beacon of resilience.
A Market Contrast: Hedera’s Rising TVL
Most blockchain ecosystems have experienced a drop in their Total Value Locked (TVL), a measure of assets committed to a blockchain system. Hedera, contrasting the broader trend, has not only maintained but expanded its TVL amidst market turbulence. In just a week, Hedera’s TVL has risen nearly 10%, marking an impressive 26% growth over the month, as per DefiLlama data.
February 2023 marked a pinnacle for Hedera, achieving an all-time high TVL of around $46 million. While a subsequent downturn brought the value down to under $22 million in the ensuing months, Hedera’s recent rebound is noteworthy, currently boasting a TVL of $35.18 million.
Collaborations Bolstering Hedera’s Growth
The month of August 2023 seems particularly favorable for Hedera. On August 14, Dropp, a payment application based on Hedera, was integrated into FedNow, an innovative instant payment platform curated by the US Federal Reserve. This integration is in addition to encouraging news that came earlier in the month. Automotive giants, Hyundai and Kia, threw their weight behind Hedera, initiating a CO2 emissions tracking system founded on Hedera’s technology.
Such advancements seem to be the driving force behind Hedera’s native token, $HBAR, which showcased resilience, especially when most of the cryptocurrency market faced a significant flash crash on August 17.
Milestone: Hedera’s 18 Billion Transactions
Another commendable achievement for Hedera has been the completion of 18 billion transactions on its network. This is no small feat, and the positive reception from Hedera’s vibrant community is a testament to its significance. Users like Coinman the HBARbarian expressed their enthusiasm with celebratory messages, acknowledging the monumental transaction count, emphasizing the platform’s immense transaction processing speed (TPS).
"18 BILLION TRANSACTIONS"
— Coinman the HBARbarian (@BarHBARian) August 20, 2023
The resilience displayed by Hedera, both in terms of its TVL and its rapid transaction growth, undoubtedly sets it apart in a time where the broader crypto market is grappling with challenges.