Hedera Ecosystem Grows 171%

After the horrific process caused by the collapse of the FTX stock market, the cryptocurrency market has regressed to levels last seen in the 2018 bear market. However, this did not affect the growth of the Hedera (HBAR) altcoin project working on the proprietary Hashgraph technology. Hedera Network recovered with solid growth overall after a turbulent second quarter. Hedera’s market cap remained almost flat compared to the previous quarter, but transfer volume increased by 25% in Q3, while DeFi and NFT statistics reached record highs. Increases in activities are attributed to several different reasons. SaucerSwap, Hedera’s first local decentralized exchange, is now operational and growing its share among the leading NFT marketplaces.

Hedera’s biggest achievement this quarter was reaching the TVL milestone of $100 million, up 171% from the previous quarter. The launch of SaucerSwap, Hedera’s first decentralized exchange, was the primary driver of the increase in Hedera’s TVL. In the two months since its debut, the trading volume on Saucer has reached $30 million, and TVL’s total value has exceeded $17 million. As the third quarter draws to a close, liquid staking platform Stader Labs has also generated $80 million of the $100 million total TVL for the network, playing a key role in TVL’s growth.

Analytics company Messari also announced the growth of the HBAR ecosystem on Twitter. To further strengthen the network’s ecosystem, the HBAR foundation has committed a total of $360 million to ecosystem initiatives and has already approved 167 grants. The network continued to evolve and expand during the bear market, which added to the overall strength of its performance in the third quarter.