Ariva.World Amplifies Travel Experience with Over 2.2 Million Accommodation Choices

Summary:

• Hedera (HBAR) is gaining prominence, highlighting its unique features and functionalities, including low fees, high TPS, and instant transaction finality.
• The network offers diverse services, including APIs for account creation, smart contract execution, and ledger interaction, accessible via Hedera SDKs.
• Hedera fosters a thriving community of developers, witnessing a rise in monthly active developers and prioritizing the enhancement of developer tools and collaborations.
• Hedera’s mainnet has surpassed 25.12 billion transactions, with the Hedera Consensus Service driving significant transaction growth, marking an all-time high of 99 million daily transactions.
• Hedera experiences sustained growth in daily account creation, with fluctuations attributed to events such as the NFT sector’s activities and large-scale gaming events.
• Hedera’s revenue from network transaction fees has exhibited robust growth, surpassing $1 million in the third quarter of 2023, driven by a substantial increase in transaction volume independent of HBAR’s price fluctuations.
• Hedera’s total staked value has witnessed notable growth, with entities like the HBAR Foundation actively staking, representing a significant percentage of the circulating and total supply.
• Hedera’s DEX trading volume shows steady growth, dominated by SaucerSwap, contributing to a vibrant decentralized exchange ecosystem, increasing liquidity, and trading opportunities for participants.

‍

As the cryptocurrency space continues to evolve, Hedera (HBAR) emerges as a prominent player, boasting unique features and functionalities. With its open-source, public, proof-of-stake network, Hedera has garnered attention for its impressive capabilities, including low and fixed fees, the potential of 10k TPS, and instantaneous transaction finality. Hedera Hashgraph has different components. They are as follows: 

‍

Unraveling Hedera’s Unique Offerings

1. Hedera Network Services: Navigating the Depths

Hedera’s network services encompass a rich assortment of APIs, empowering users to create accounts, handle HBARs, execute smart contracts, store file hashes, and interact with the ledger, among numerous other functionalities. Each API call incurs a transaction cost dependent on the requisite processing and storage requirements, seamlessly accessible via Hedera SDKs supporting various programming languages.

2. Hashgraph Consensus

Hedera’s Hashgraph utilizes innovative mechanisms to build consensus, drawing on blockchain principles of gossip, gossip about gossip, and virtual voting to distinguish itself from standard consensus algorithms like proof of work (PoW). Its efficiency shines through in its ability to achieve consensus without sending votes or detailed information across the network, circumventing potential bottlenecks and delays.

3. Hedera Governing Council

At the core of Hedera’s development lies the Hedera Governing Council, comprising an eclectic, elected group of leading global organizations committed to steering the course of the public network. With 39 distinguished entities spanning 18 diverse industries and geographies, the Council plays a pivotal role in critical decision-making, including software updates, network audits, treasury management, and more, each member carrying equal voting rights and responsibilities.

4. Path to Decentralization

Hedera’s journey towards decentralization is rooted in its proof-of-stake public distributed ledger, blending a combination of permissionless and extensive coin diffusion strategies. Driven by a commitment to maintaining network security and achieving full decentralization, Hedera’s approach highlights its dedication to creating a robust, inclusive ecosystem.

How is Hedera performing with such an architecture? Here are a few metrics that describe the performance and impact of Hedera on the wider cryptocurrency ecosystem. 

‍

A Glimpse at Hedera’s Performance Metrics

1. Active Developers

Hedera has fostered a thriving developer community, witnessing a consistent rise in monthly active developers. The count stood at 156, comprising 62 full-time, 77 part-time, and 17 one-time developers as of October 1. Despite a slight decline in the number of commits, currently at 3000, the Hedera community continues to prioritize the enhancement of developer tools and collaborations. 

Notably, strategic initiatives by Arkhia in Q1 2023 introduced a suite of tools simplifying smart contract development and deployment on the network. Additionally, the integration of the JSON-RPC codebase has enabled developers to leverage popular EVM tools, enhancing the network’s compatibility with EVM networks. Integration efforts by Validation Cloud have further solidified the network’s developer-centric approach.

2. Transactions

The Hedera mainnet has marked a significant milestone, surpassing 25.12 billion transactions on Oct 25.

‍

Over the last month, Hedera has consistently processed an average of 120 million daily transactions. 

Notably, the network’s transaction volume witnessed a notable surge in Q3 2023, marking the fifth consecutive quarter of growth, according to a recent Messari report. With an all-time high of 99 million daily average transactions, the Hedera Consensus Service emerged as the primary driver, responsible for 99% of all transactions on the network.

3. Active Accounts

Hedera has been witnessing a steady influx of daily account creations, averaging around 1000 over the last 30 days. A recent peak of 27,683 accounts on Oct. 13 created in a single day marked a three-month high. 

As per the Messari report, the second quarter of 2023 saw a record high in both active and new addresses, primarily catalyzed by the NFT sector’s activities, particularly the Karateka game’s notable events. However, the subsequent quarter lacked similar large-scale events, leading to a 38% and 17% quarterly decline in daily active and new addresses, settling at 8,500 each. Despite these reductions, the figures surpassed historical averages, signifying continued growth in the network’s user base.

4. Revenue

In the third quarter of 2023, the Hedera Network’s revenue, primarily generated from network transaction fees, exhibited robust growth, achieving a remarkable 30% increase quarter over quarter and surpassing the $1.0 million threshold for the first time. 

This growth was propelled by a substantial 37% quarterly expansion in transactions. The Hedera Consensus Service remained the dominant contributor to this transaction activity, accounting for over 99% of the total transactions and, consequently, being the primary driver behind the network’s revenue surge. Notably, the revenue growth remained independent of HBAR’s price fluctuations, as HBAR transaction fees are fixed in USD terms.

5. Staking

The total staked value on the Hedera network has exhibited significant growth over recent months, currently amounting to $32.32 million, excluding liquid staking. This marks a substantial 48% increase since June 12. 

In the third quarter of 2023, the Hedera Network reported an impressive 28 billion HBAR staked, representing a staggering 85% of the circulating supply and 56% of the total supply. This notable staking percentage is relative to the circulating supply, primarily due to entities such as the HBAR Foundation, Swirlds, and Swirlds Labs, which all actively stake their HBAR allocations, in addition to the Hedera Treasury, which assists validators in meeting the minimum staking threshold. 

6. DEX Trading Volume

During the third quarter, the Hedera Network’s average daily DEX trading volume amounted to $500,000, signifying a 16% increase from the previous quarter. The distribution of this volume reflects the dominance of SaucerSwap in DEX trading activity, accounting for an overwhelming 90% of the total trading volume on the Hedera Network. Following closely is HeliSwap, which contributes to the network’s decentralized exchange ecosystem and fosters increased liquidity and trading opportunities.

Hedera (HBAR) is making progress in the cryptocurrency world, highlighted by a robust set of metrics and an array of unique offerings. With a comprehensive suite of network services, an innovative consensus mechanism, and a commitment to decentralization, Hedera continues to leave an indelible mark. Examining its performance metrics reveals a thriving community of active developers, soaring transaction volumes, and a notable increase in active accounts.