Whereas main blockchain networks Bitcoin [BTC] and Ethereum [ETH] logged sickly progress of their respective key metrics in Q3, public-permissioned Proof-of-Stake community Hedera [HBAR] excelled throughout the identical 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.
Based on the report, whereas the remainder of the cryptocurrency market was stricken by a decline in Q3, Hedera registered vital progress throughout the 90-day interval.
Hedera for the win
The downturn within the common cryptocurrency market final quarter led to a decline within the rely of customers for many blockchain networks.
Nevertheless, the other was the case for Hedera, Messari discovered. Inside the 3-month interval below overview, the community logged a mean weekly person index of 14,601 addresses. This represented a 92% progress from the 7,598 recorded because the rely for common weekly customers on the chain in Q2.
Complete transactions processed on Hedera additionally surged by 40.1% between July and September, Messari discovered. Based on 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 complete transactions accomplished on Hedera in Q3 led to an enormous progress in complete charges paid to course of these transactions throughout that interval.
As discovered by Messari, complete 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.
Supply: Messari
Moreover, whereas the full worth locked (TVL) throughout all decentralized finance (DeFi) protocols declined on a number of networks, the TVL on Hedera rose 171.6% in Q3.
Based on knowledge 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.
Supply: Messari
As extra folks turned away from speculative asset lessons in Q3, the curiosity in PFP NFTs suffered significantly. Nevertheless, as reported by Messari,
“The Hedera NFT sector (a element of the Hedera Token Service) has been an engine of progress for the community. Throughout Q3, NFT lively customers (+90% QoQ) and transactions (+107% QoQ) every set all-time highs.”
Supply: Messari
Based on knowledge from CoinMarketCap, HBAR’s value rallied to a excessive of $0.08 on 13 August. After peaking at this value degree, HBAR trended downwards to shut the quarter at a value of $0.05, a 19% decline from the $0.062 it began the quarter at.
