The open-source public network Hedera has set a new record for the number of transactions it is processing per day.
According to a report Published by Messari, a leading analytics platform for the cryptocurrency market, Hedera has been experiencing strong growth since Q2023 XNUMX, driven primarily by the constant development and innovation of its digital ecosystem.
Over the past few months, the Hedera Council, which is responsible for governing the development of the network, has allocated significant resources to support various projects and initiatives within its ecosystem. In addition, its developers continue to invest heavily in its EVM capabilities, thereby optimizing smart contract functionalities within the network. Late last year, the network also collaborated with Algorand to optimize its wallet and facilitate a more fluid interaction for users.
All of this has been driving the growth of Hedera and in turn its usage and adoption in the crypto industry, leading the network to record a new record of 164 million daily transactions, on average.
Source: Messari
According to Messari, the public network has seen a quarter-on-quarter increase of 66% in the number of transactions processed per day.
Hashgraph, a superior DLT technology
Messari’s report notes that in addition to the exponential growth in the number of transactions per day, Hedera has also seen its market capitalization grow significantly. At the time of writing, the market capitalization of the Hedera ecosystem is over $2.500 billion, while the HBAR token is trading at around $0,075 per unit.
According to Messari, the market cap of HBAR’s circulating supply has increased by 78% QoQ, outperforming the overall cryptocurrency market growth of 54% over the same period.
Source: Messari
On the other hand, a separate report published by Al Zayed University in the United Arab Emirates highlighted that the technology underpinning the Hedera network, Hashgraph, is a DLT (distributed ledger) technology that is superior even to blockchain.
In the report, researchers from the university emphasized the scalability capabilities that Hashgraph enables, as well as faster consensus, which translates into high performance for transactions on the network.
New Hedera-secured DePIN launched
Decentralized Physical Infrastructure Networks or DePINs are a powerful use case for blockchain and DLT technology, which are set to revolutionize a large number of industries that rely on technological solutions.
These networks optimize data management, transfer value without intermediaries, improve incentives and, in general, guarantee transparency and security, empowering users in the new open and collaborative economy of the Internet.
Now Hedera has welcomed a new DePIN network into its ecosystem. It is Kwik Pik, which was presented by the HBAR Foundation on January 25.
This DePIN, as explained by the foundation in a release, will optimize package delivery in Africa, aiming to overcome the obstacles facing the traditional slow and unreliable package shipping process on the continent, with the innovative technology of Hedera Hashgraph.
“Leveraging Hedera’s highly scalable network and Google Maps, Kwik Pik records all driver trips as immutable records in the Hedera Consensus Service (HCS) to help ensure that both customers and drivers are protected from allegations of fraud, theft, and lost items,” the HBAR Foundation noted.
In addition to recording package deliveries and receipts, Kwik Pik also records all carbon emissions from trips made by drivers delivering packages in the HCS, with the aim of maintaining transparent accounting of emissions and reducing concerns related to environmental impact.
Continue reading: Helium and Telefónica partner to offer blockchain mobile hotspots in Mexico
