honor [HBAR]: Q3 Network Rating You Need To Know

While Bitcoin leads the blockchain network [BTC] and Ethereum [ETH] Reported disgusting growth in their respective metrics in the third quarter, publicly authorized by Hedera Proof of Stake Network [HBAR] excelled in the same period.

In a new report titled “The State of Hedera Q3 2022,” cryptocurrency research platform Messari evaluates the performance of the network between July and September.

According to the report, while the rest of the cryptocurrency market suffered a dip in the third quarter, Hedera recorded significant growth over the 90-day period.

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The downturn in the general cryptocurrency market in the last quarter has led to a decline in the number of users of most blockchain networks.

However, the opposite was the case for Hydra, Al-Masari noted. During the three-month period reviewed, the network recorded an average weekly user index of 14,601 addresses. This represents a growth of 92% from the 7,598 recorded as the chain’s average weekly number of users in the second quarter.

Al-Masari noted that the total number of transactions processed on Hedera also increased by 40.1% between July and September. According to the report, all transactions made on the network amounted to 78.40 million. During the second quarter, 55.95 million transactions were processed in the network.

The increase in the number of transactions completed on Hedera in the third quarter led to a massive increase in the total fees paid to process these transactions during that period.

According to Al-Masari, the total transaction fees on the network in the third quarter amounted to 1.82 million hectares. This represents a whopping 543.8% increase from the 282,887 HBARs paid for processing transactions on the network in the second quarter.

Source: messari

Additionally, while total value locked (TVL) across all decentralized finance (DeFi) protocols declined across multiple networks, TVL on Hedera was up 171.6% in the third quarter.

According to data from DefiLlama, Hedera increased TVL by more than 100% in three months with only four protocols, namely Stader, SaucerSwap, Bubbleswap, and Tangent.

Source: messari

As more people moved away from speculative asset classes in the third quarter, interest in PFP NFTs suffered significantly. But as Masari reported,

“The Hedera NFT segment (a component of the Hedera Token Service) was a growth driver for the network. In the third quarter, active NFT users (+90% quarterly) and transactions (+107% quarterly) set all-time highs.”

Source: messari

According to data from CoinMarketCap, the price of HBAR rose to $0.08 on August 13. After peaking at that price level, HBAR headed lower to close the quarter at $0.05, down 19% from the $0.062 it started the quarter with.

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