In Q3, the Hedera network saw significant growth in its DeFi ecosystem, which became the dominant sector on the network.
According to a recent report from DappRadar, the DeFi sector accounted for 83,2% of interactions on the Hedera network in Q62, with the SaucerSwap protocol contributing to 86,5% of the network’s Total Value Locked (TVL) of $XNUMX million.
This data highlights the growing importance of DeFi in the Hedera ecosystem, which has established itself as a key player in the cryptocurrency space.
As the Hedera network continues to evolve, the blockchain data analytics platform has seen notable interest in complementary areas such as non-fungible tokens (NFTs) and digital payments, as well as steady growth in the Web3 gaming sector.
Source: DappRadar
DeFi becomes the pillar of activity in Hedera
Despite the challenges the network has faced over the past three months related to the cryptocurrency market, Hedera’s DeFi sector has maintained robust activity. With total value locked or TVL reaching $86,5 million in Q3, the DeFi sector is not only leading the network’s activity in terms of engagement, but is also showing its resilience in a mixed market.
The SaucerSwap platform, a decentralized exchange (DEX) built on Hedera, has been instrumental in this growth, accounting for 62% of the network’s TVL.
The implementation of SaucerSwap V2, which introduced advanced trading mechanisms, has allowed liquidity providers to set price ranges for their token pairs. This innovation has improved capital efficiency, reducing slippage in transactions. All of this has resulted in a smoother trading experience for users of the protocol.
NFT activity on Hedera is also growing
The NFT token sector follows DeFi as the second most active on the network. While NFT trading volume on Hedera stood at $142.000, with 2.389 sales in Q3, this segment has also felt the pressure of market conditions. Despite the decline, NFT activity on the network remains significant, with platforms such as the SentX marketplace standing out, which has attracted an active community of collectors.
El report DappRadar highlighted that the NFT token market on Hedera grew by 9,8% during the third quarter.
Source: DappRadar
On the other hand, the HBAR Foundation has been working on connecting brands with their audiences through NFTs, which has led to notable collaborations such as the collectible card game Doctor Who: Worlds ApartThis focus on the intersection of NFTs and popular culture could be a long-term growth driver for the sector and the network as a whole.
Expansion in the payments sector
In addition to DeFi and NFTs, Hedera has also begun to position itself in the digital payments sector, working on a stablecoin remittance platform in collaboration with financial institutions in South Korea, Thailand, and Taiwan. This initiative has served both to demonstrate the versatility of the network, and to place it in a more competitive position compared to other blockchain networks that intervene in the global payments sector.
Hedera’s ability to handle over 71.000 billion real-world transactions highlights its robust infrastructure and focus on efficiency. The network benefits from a favorable regulatory framework, which has allowed it to integrate more seamlessly with traditional financial systems.
Growth in Web3 games
The Web3 gaming sector on Hedera has also shown significant development. Decentralized applications such as karate fighting have expanded their presence in this sector, launching a Layer 2 blockchain platform that allows users to participate in governance decisions through the use of KARATE tokens. This governance model empowers users and encourages greater community engagement.
Through a play-and-earn approach, Karate Combat has managed to attract a loyal user base, who actively participate in decision-making, reflecting a growing trend towards gamification in the cryptocurrency space.
Hedera, an example of resilience and evolution
Overall, DappRadar concluded its Q3 State of the Hedera Network report by highlighting how it has proven to be resilient in a challenging market environment.
The focus on DeFi, NFTs, Web3 payments and gaming has allowed the network to continue innovating and adapting to the needs of its users. Furthermore, its favorable regulation and a framework that supports the growth of the cryptocurrency have been key factors that have allowed Hedera to not only survive, but thrive in a competitive environment.
As the world of cryptocurrencies continues to evolve, Hedera is positioning itself as a notable leader in the Web3 space, driving the adoption of decentralized technologies and offering effective solutions in critical areas such as payments and community engagement.
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
