What Will Lead To Hedera’s Massive Growth In Q3 Of 2022? – Crypto News – Crypto News
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What Will Lead To Hedera’s Massive Growth In Q3 Of 2022? – Crypto News

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3 years ago

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Following the dire aftermath caused by the collapse of the FTX exchange, the crypto market has since spiraled down to levels last seen in the bear market of 2018. However, this has not impacted the growth of the Hadera project which runs on its proprietary Hashgraph technology.

Hedera’s Strong DeFi Initiative

The Hedera Network recovered with solid growth across the board after a turbulent second quarter. Hedera’s market capitalization was almost flat QoQ but in Q3, the transfer volume increased by 25% whereas its DeFi and NFT statistics reached record highs.

The increases in activity can be traced back to a number of different reasons. SaucerSwap, Hedera’s first native decentralized exchange, is now operational and the leading NFT marketplaces have been steadily expanding their respective shares of the NFT market.

Read More: Hedera Hashgraph Processes ATH Transactions, HBAR Surges by 200%

Hedera’s biggest achievement this quarter has been to reach the $100 million in TVL milestone, which is a 171% increase quarter on quarter. The launch of SaucerSwap, Hedera’s first decentralized exchange, was the primary factor for the rise in Hedera’s TVL,

In the two months since its debut, the transaction volume on Saucer has hit $30 million, and the total value of its TVL has surpassed $17 million. As Q3 comes to an end, liquid staking platform Stader Labs has also generated $80 million of the total $100 million in TVL for the network and has played a key role in growing the TVL.

Millions In Grant Programs

To further bolster the network’s ecosystem, the HBAR foundation has pledged a total of 360 million dollars to ecosystem initiatives and has already approved 167 grants.

The network continued to build and expand during the bear market, which contributed to the overall strength of its performance during the third quarter.

NFT & Gaming Paving The Way

Apart from DeFi initiatives, the NFT and gaming sectors also helped the network to a great extent. NFT marketplaces like Hash Axi & Zuse Market have facilitated over 74 million in total trading volume in terms of HBAR.

Games like “Ashfall”, a post-apocalyptic survival adventure game and “Slime World”, a popular play-to-earn game on Hedera, led to 100,000+ unique users getting registered and creating new hedera accounts, during the quarter.

Unfazed By FTX Saga

Furthermore, Hedera having zero association with ftx or its founder SBF has helped them from getting any heat, unlike projects which have ties to the now bankrupt FTX empire viz. Solana, Nexo and others.

Hedera has had a successful third quarter as it continues to build and expand despite the ongoing bearish sentiment in the market.

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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