Hedera

Million

Billion

Daily

Hedera (HBAR), the open-source Proof-of-Stake (PoS) blockchain network, has made significant strides in the fourth quarter (Q4) of 2023, according to a recent <a href="https://messari.io/report/state-of-hedera-q4-2023" target="_blank" rel="noopener nofollow">report </a>by Messari. The network’s performance showcased notable growth in key metrics, outpacing the crypto market. 
<h2 id="hedera-outpaces-crypto-market-with-78-qoq-increase">Hedera Outpaces Crypto Market With 78% QoQ Increase</h2> 
During Q4 2023, Hedera’s circulating market cap experienced a 78% quarter-over-quarter (QoQ) increase, reaching $2.9 billion. This growth surpassed the overall<a href="https://www.newsbtc.com/news/hedera-hbar-q3-triumph-transaction-volume-soars-network-revenue-crosses-1m-milestone/" target="_blank" rel="noopener "> crypto market’s growth rate </a>of 54%, signifying Hedera’s growing influence.&nbsp;The year-on-year (YoY) change for HBAR stood at 211%, reflecting the network’s progress and adoption. 
<img loading="lazy" decoding="async" class="size-large wp-image-571923" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_36.jpg?w=860&amp;resize=860%2C422" alt="Hedera " width="860" height="422" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_36.jpg?w=912 912w, https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_36.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_36.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_36.jpg?w=860&amp;resize=860%2C422 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_36.jpg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
In the same line, Hedera Network’s revenue witnessed a substantial 59% QoQ increase, amounting to $1.6 million in Q4 2023, primarily driven by a 66% QoQ surge in transactions, notably propelled by the Hedera Consensus Service.&nbsp; 
Furthermore, the revenue generated from Token and <a href="https://www.newsbtc.com/news/hedera-falls-to-critical-support-level-can-hbar-rebound-this-september/" target="_blank" rel="noopener ">Smart Contract Services </a>contributed approximately 14% of the total revenue, exemplifying a healthy distribution in Hedera’s revenue streams. 
With a fixed total supply of 50 billion HBAR, Q4 2023 saw 33.6 billion HBAR, or 67% of the total supply, in circulation.&nbsp; 
The quarterly distribution of HBAR, reported through the Hedera Treasury Management Report, anticipates an additional 10% of the total supply to be unlocked in Q1 2024, including new ecosystem grants. 
While the number of addresses experienced a decline in Q4 2023, with average daily <a href="https://www.newsbtc.com/news/hedera-hbar-rises-as-weekends-top-50-sole-gainer-with-14-rally/" target="_blank" rel="noopener ">active addresses </a>decreasing by 22% QoQ to 6,600 and average daily new addresses dropping by 39% QoQ to 5,200, there was still substantial YoY growth. Active addresses were up 90% YoY, and new addresses witnessed a 123% YoY increase. 
Hedera Network achieved a new record in transaction volume for the sixth consecutive quarter, with an impressive daily average of 164 million transactions in Q4 2023, marking a 66% QoQ surge. The Hedera Consensus Service remained the primary driver of this activity, accounting for 99% of all transactions on the network. 
<h2 id="dex-trading-volume-skyrockets-164-qoq">DEX Trading Volume Skyrockets 164% QoQ</h2> 
In Q4 2023, the Hedera network reported 28 billion HBAR staked, representing 85% of the circulating and 56% of the total supply.&nbsp; 
Entities such as Swirlds and Swirlds Labs played a significant role in staking their HBAR allocations, and the Hedera Treasury supported validators in meeting the minimum staking threshold for network consensus.&nbsp; 
The Hedera network’s Total Value Locked (TVL) demonstrated positive growth, reaching $64 million by the end of 2023, reflecting a significant YoY increase of 169%. The TVL denominated in HBAR reached 733 million, indicating a 16% QoQ and YoY increase. Interestingly, Hedera’s TVL ranked among the top 40<a href="https://www.newsbtc.com/news/hedera-hbar-soars-17-uncloaking-the-catch-behind-the-rise/" target="_blank" rel="noopener "> blockchain networks</a>. 
Moreover, Hedera Network experienced a 164% QoQ increase in average daily decentralized exchange (DEX) trading volume, reaching $1.3 million, an all-time high. SaucerSwap dominated DEX trading volume on the Hedera network, accounting for most of the trading activity, as seen in the chart below. 
<img loading="lazy" decoding="async" class="size-large wp-image-571924" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_35.jpg?w=860&amp;resize=860%2C424" alt="Hedera" width="860" height="424" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_35.jpg?w=908 908w, https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_35.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_35.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_35.jpg?w=860&amp;resize=860%2C424 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_35.jpg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Lastly, the stablecoin market cap on the Hedera network grew by an impressive 73% QoQ, culminating in a year-end total of $6.3 million. Circle’s USDC stood as the sole stablecoin available on Hedera.&nbsp; 
The network’s rank in the <a href="https://www.newsbtc.com/altcoin/heres-why-this-analyst-foresees-hedera-hbar/" target="_blank" rel="noopener ">stablecoin </a>market cap among blockchain networks improved by four spots QoQ, solidifying Hedera’s position in the stablecoin market. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/lT67qUo7/" alt="Hedera" width="1815" height="858"> 
Under current market conditions, the price of HBAR stands at $0.0736, showcasing substantial growth in the past 24 hours, with a 5% increase.&nbsp; 
Featured image from Shutterstock, chart from TradingView.com&nbsp;

Hedera (HBAR) Shines: Record-Breaking 164 Million Daily Transactions, Market Cap Reaches $2.9 Billion

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