2024

Hedera

Daily

<ul> 
 <li>The latest report on Hedera’s (HBAR) second quarter of 2024 (Q2 2024) performance estimates a 26% surge in revenue from $1.1 million in Q1 to $1.4 million in Q2.&nbsp;</li> 
</ul> 
<ul> 
 <li>Despite the V0.49 upgrade, the report discloses that NFT activities saw a 56% decline in QoQ.&nbsp;</li> 
</ul> 
A Messari report titled “State of Hedera Q2 2024” has comprehensively presented various crucial performances across <a href="https://www.crypto-news-flash.com/hedera-hashgraph-arrives-at-a-key-price-amid-ecosystem-woes-heres-the-best-crypto-presale-in-august-2024/" target="_blank" rel="noopener">Hedera’s (HBAR)</a> ecosystem in the quarter, specifically focusing on market cap, revenue, daily transactions, etc. According to our report analysis, Messari captured the general performance of non-fungible tokens (NFTs) and gaming under a “Ecosystem Overview” section and highlighted some of the key partnership deals sealed within the period. 
<h3 id="the-q2-performance-of-hbar">The Q2 Performance of HBAR</h3> 
In Q2 2024, HBAR’s circulating market cap, which had rallied for three consecutive quarters, finally ended with a 29% decline to $2.7 billion. Regardless, this was enough to move the asset six spots up&nbsp;the market cap ranking from 36 to 30.&nbsp; 
Also, the Hedera Network’s USD revenue recorded its second-highest quarterly mark, rising by 26% Quarter-on-Quarter (QoQ) from $1.1 million to $1.4 million. In terms of revenue in HBAR, there was an increment of 19% QoQ to $14.6 million. Specifically, Hedera Consensus Service generated the highest revenue,&nbsp;85% of the total. This was followed by Hedera Token Service and Hedera Smart Contract Service, which had 5% of each of the Q2 revenue.&nbsp; 
The Messari report also estimates that out of the 50 billion HBAR tokens recorded as the total number of fixed supply, 35.8 billion HBAR (72%) was in circulation. According to reports, the HBAR distribution occurs quarterly with 1.5 billion HBAR expected to be unlocked this quarter.&nbsp; 
In terms of usage, the average daily created account saw an impressive increase of 31% QoQ from 8,400 to 11,100. This aligns with our July <a href="https://www.crypto-news-flash.com/400000-new-hedera-accounts-in-one-week-blade-wallet-and-karate-combats-breakthrough-integration/" target="_blank" rel="noopener">publication</a> of the network recording a massive 400,000 new accounts in just a week. 
<figure id="attachment_808624" aria-describedby="caption-attachment-808624" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-808624 size-full" src="https://www.crypto-news-flash.com/wp-content/uploads/2024/08/7fb84747b69e4b2df6f3420442020b95e81595c6-6400x3472-1.png" alt="Hbar" width="3072" height="1667" srcset="//www.crypto-news-flash.com/wp-content/uploads/2024/08/7fb84747b69e4b2df6f3420442020b95e81595c6-6400x3472-1.png 3072w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/7fb84747b69e4b2df6f3420442020b95e81595c6-6400x3472-1-300x163.png 300w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/7fb84747b69e4b2df6f3420442020b95e81595c6-6400x3472-1-1200x651.png 1200w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/7fb84747b69e4b2df6f3420442020b95e81595c6-6400x3472-1-768x417.png 768w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/7fb84747b69e4b2df6f3420442020b95e81595c6-6400x3472-1-1536x834.png 1536w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/7fb84747b69e4b2df6f3420442020b95e81595c6-6400x3472-1-2048x1111.png 2048w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/7fb84747b69e4b2df6f3420442020b95e81595c6-6400x3472-1-150x81.png 150w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/7fb84747b69e4b2df6f3420442020b95e81595c6-6400x3472-1-450x244.png 450w" sizes="(max-width: 3072px) 100vw, 3072px">
 <figcaption id="caption-attachment-808624" class="wp-caption-text">
 Source: Messari
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However, most of these accounts remained dormant as the daily active addresses decreased by 37% QoQ from 16,800 to 10,600.&nbsp; 
State of <a href="https://twitter.com/hedera?ref_src=twsrc%5Etfw">@hedera</a> Q2. Key update: HBAR’s market cap amongst all tokens rose 6 spots from 36 to 30, outperforming similarly priced cryptoassets. QoQ Metrics <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> • Revenue in USD <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2b06.png" alt="⬆" class="wp-smiley" style="height: 1em; max-height: 1em;"> 26% • Avg. Daily Txns <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2b06.png" alt="⬆" class="wp-smiley" style="height: 1em; max-height: 1em;"> 46% • Avg. Daily Created Accounts <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2b06.png" alt="⬆" class="wp-smiley" style="height: 1em; max-height: 1em;"> 31% Access the FREE report <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;">… <a href="https://t.co/mpYkJmTSlL">pic.twitter.com/mpYkJmTSlL</a>— Messari (@MessariCrypto) <a href="https://twitter.com/MessariCrypto/status/1828847560825385340?ref_src=twsrc%5Etfw">August 28, 2024</a> 
<h3 id="more-on-the-report">More on the Report</h3> 
One notable highlight of the report is the sudden surge of average daily transactions from 90.9 million in Q1 to 132.9 million in Q2. This 46% increment was said to have been 99% triggered by the Hedera Consensus Service.&nbsp; 
The DeFi space saw a total value lock (TVL) of $119.3 million and 1.1 billion HBAR, representing an all-time high in Q1. However, the TVL in USD declined by 41% in Q2 to reach $70.5 million, while the TVL in HBAR also fell by 12% to reach 927.5 million within the same period. According to the report, this considerable decline was largely linked to the decline in the price of HBAR rather than capital outflow.&nbsp; 
Technically, the period saw the implementation of the V0.49 upgrade, where dynamic NFT features were unlocked through multiple Hederal Improvement Proposals (HPIs). However, NFT activities declined by 56% QoQ as the network averaged 2,100 daily NFT transactions in Q2. Average daily NFT active addresses also fell by 46% to 800.&nbsp; 
The Messari report further estimates that the Hedera Crypto Service recorded a third straight quarterly growth as transaction activities in this category surged by 9% QoQ from 227,300 to 248,700.&nbsp; 
At press time, HBAR was <a href="https://www.crypto-news-flash.com/hedera-hbar-stellar-xlm-cardano-ada-iso-20022-and-the-trillion-dollar-aspiration/" target="_blank" rel="noopener">trading</a> at $0.051 after declining by 5% in the last 24 hours.&nbsp; 
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Hedera Q2 Report: HBAR Climbs Market Cap Ranks, Transactions and Revenue Spike

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