Hedera saw massive growth in Q1 2023, with transaction volumes growing 40 times. TVL also saw a sizable increase of 52%.
The Hedera network experienced a massive increase of 40x quarter-over-quarter in the first quarter of 2023, according to a Messari report published on April 30.
Hedera Gathering Momentum
The total number of transactions actually grew by a factor of 40, with average daily transactions amounting to roughly 40 million.
The transaction volume growth was the standout metric in the report, though Hedera also showed impressive performance in other areas of growth. The number of average daily users grew by about 350% quarter-over-quarter, and the number of new accounts created increased by 170%.
There are several reasons why Hedera has been experiencing such substantial growth. The general ecosystem has been growing, with new DEXs and existing ones contributing to the network’s expansion.
TVL Also Sees Sizable Growth in Q1
The DeFi platforms on Hedera have also helped increase the total value locked into the network. This figure grew by 52% in the last quarter, with the launch of Pangolin DEX significantly contributing to the success. The TVL currently stands at about $36 million.
However, NFTs and the web3 gaming niche on Hedera have not been experiencing the same level of growth. The average number of daily NFT users dropped by 33%, while NFT transactions saw little change either way.
Making Headlines in Q1 2023
The interest in Hedera could also stem from the fact that the network has seen improvements in other regards. The most notable is the fact that technology company Dell joined the Hedera Governing Council, adding to its stellar list of members.
Hedera was also recognized by the United States government for supporting human rights. It made a commitment to convene a democracy roundtable on how blockchain technology could support human rights, transparency, and sustainability. These developments have helped the HBAR token be one of the standout gainers in Q1 2023.
It’s not all been roses for the network, as it recently had to shut down network services as it was experiencing “network irregularities.” The team noted that attackers exploited a smart contract service code. The team identified the vulnerability and issued a patch.
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