After the terrible process caused by the collapse of the FTX stock market, cryptocurrency market declined to levels last seen in the 2018 bear market. However, this does not work on the proprietary Hashgraph technology. Hedera (HBAR) altcoin did not affect the growth of the project.
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 hit 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 (HBAR) Altcoin Ecosystem Grows 171 percent in Total Locked Value (TVL)
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 exceeds $17 million. As the third quarter draws to a close, liquid staking platform Stader Labs has also generated $80 million of the total $100 million TVL for the network, playing a key role in TVL’s growth.
.@Hedera ended Q3 with $100M in TVL (171% increase QoQ).
The increase in TVL was primarily driven by the launch of Hedera’s first decentralized exchange, @SaucerSwapLabs. pic.twitter.com/VZBzfJnPzt
— Messari (@MessariCrypto) November 26, 2022
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.
*Not investment advice.
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