See More

Hedera Transaction Volume Blasts Off by 40x in Q1, Boosted by Pangolin DEX

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • Messari’s report showcased Hedera’s growth across several metrics throughout Q1 2023.
  • Transaction volume on Hedera increased by a factor of 40 in Q1 2023.
  • TVL also increased by 52% during the quarter.
  • promo

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%.

Active and New Users on Hedera: Messari
Active and New Users on Hedera: Messari

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.

Hedera TVL Growth: Messari
Hedera TVL Growth: Messari

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.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Rahul-Nambiampurath.jpg
Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his...
READ FULL BIO
Sponsored
Sponsored