Hedera [HBAR] is a proof-of-stake (PoS) public community powered by a hashgraph consensus algorithm. In a brand new report by Messari, the blockchain knowledge analytics agency famous that whereas registering some declines, the Hedera blockchain additionally made important strides final quarter as in comparison with its efficiency within the first quarter of the yr.
A decline in market capitalization
It is not uncommon data that the final quarter was dangerous for the cryptocurrency market. The market capitalization of the complete market suffered a 58% decline.
The Hedera community was not shielded from the losses because it additionally posted a 71% decline in its market capitalization. Messari discovered that the chain ended the quarter with a market capitalization of $1.4 billion after seeing a market capitalization of $3.3 billion within the yr’s first quarter.
Supply: Messari
A decline in whole transactions
In line with Messari, Hedera additionally suffered a major decline within the whole transactions processed on the community final quarter. With a 76% month-to-month decline, it processed a median of 19 million transactions each month between April to June.
Within the first quarter, the chain noticed a complete transaction of 76 million per thirty days.
Apparently, regardless of the decline in accomplished transactions on the community, Messari discovered that the community noticed a development in its lively consumer base within the final quarter. In line with the report,
“Regardless of the drop in transactions, lively customers elevated for the second consecutive quarter. Throughout Q2 2022, Hedera averaged 33,000 lively customers per thirty days, a 51% improve quarter over quarter and a 110% improve in comparison with This fall 2021.”
Supply: Messari
With 258,000 NFT transactions processed on the community solely within the final quarter, Messari discovered that the NFT ecosystem inside Hedera was on the rise. The 258,000 NFT transactions got here from 8,260 customers.
The HBAR coin
In line with knowledge from CoinMarketCap, the worth of the HBAR coin suffered a major decline within the final quarter. Pegged at $0.24 initially of the quarter, the worth per HBAR coin went on to drop by 75% within the three-month interval.
Because of this, the coin closed the quarter at an index worth of $0.060 per HBAR coin. Throughout the interval below evaluate, the coin’s market capitalization additionally dropped from $4.61 billion to $1.29 billion.
Moreover, as per on-chain knowledge from Santiment, within the final quarter, the HBAR coin registered a 15% decline within the proportion provide of the HBAR coin held by its whales.
However, growth exercise on the community rallied by 13%.
Supply: Santiment
Messari additionally revealed that Hedera averaged 6,000 developer exercise occasions per thirty days within the final quarter.
Supply: Messari