Hedera Skyrockets: Weekly Volume Soars 300% to All-Time Highs, Explosive Growth Continues

• Hedera (HBAR) records a 6 percent fall in the last 24 hours to trade at $0.07 despite having growth in all areas in 2023.

• The Hedera network processed over 30 billion transactions, a 1090 percent growth from all previous years. 

Hedera (HBAR) saw a 6.3% fall in the last 24 hours but still maintained a 3% return on investment in the last seven days. As of press time, the asset was trading at $0.074096.

In a report titled “2023: A Year in Review for The HBAR Foundation”, it was stated that the asset had its investment reaching an all-time high of $1.7B inflows from September till date amidst the high institutional interest. 

From the depths of the market of 2023, @Hedera broke records across every metric

That’s revenue, developer activity, account creation, and transactions spanning every network service.

One thing's for certain, we're not slowing down in 2024 https://t.co/47tlGef0Dt pic.twitter.com/Hv34PePnRV

— HBAR Foundation (@HBAR_foundation) December 16, 2023

The year 2023 is said to be a “Year of the build for Hedera” as 106 products and services went live. Out of the projects launched in the reporting year, 17 percent of them were infrastructure-related. The Hedera network also processed a little over 30 billion transactions with an average of 980 TPS. Compared to the cumulative network transactions of all previous years, this was 1090 percent greater. It is also 51 times higher than the previous year’s TPS. The network transactions had 99.7 percent of The Hedera Consensus Service (HCS) while the crypto service had 0.17 percent of the transaction volume. 

There was also information on new grants and projects. 

In addition to the new grants and projects that have launched, we are actively pursuing 148 opportunities. Of those, 108 potential opportunities are active, with a continued emphasis on infrastructure, sustainability, payments, DeFi, and tokenization. We anticipate project launches next year to follow these trends as well.

More on the Hedera 2023 Report

The Hedera network recorded impressive growth with more than 4M accounts. 2.7M accounts were created this year on the mainnet, a 195 percent increase from the accounts created last year. Also, the network generated $3.5M in revenues this year, a 986 percent year-over-year growth. Hedera Token Service (HTS), Smart Contract Service (HSCS), and Cryptocurrency transactions contributed more transactions this year than the entire network. 

Hedera’s goal was to “raise awareness, accelerate access, and increase commerce in the HBAR economy.” Based on its yearly performance, Hedera made several efforts towards raising awareness.

The launch of the ezine is one example of our fun and digestible way of communicating all of the network’s happenings. Staking Rewards’ integration of Hedera data for its 300k+ monthly users and CEO Shayne Higdon’s presentation on tokenization at The Tie’s NYSE event were two other examples. The second edition of Lumos’ Labs Hatch Web3 Accelerator and the HBAR Foundation’s participation in the Google Cloud Web3 Startup Program both accelerated the ability of developers and builders in the ecosystem.

Also, access to the HBAR ecosystem goal was triggered across different areas while commerce grew amidst the bear market. 

The launch of SaucerSwap V2 brought increased capital efficiency and precipitated an all-time high in trading volume and TVL. The launch of Tuum’s decentralized identity Snap on Metamask also laid the groundwork for self-sovereign identity in the future where on-chain is the new online.

According to a price prediction platform, HBAR could finish the year with a minimum price of $0.088915, and an average price of $0.111144. On a good time, the asset could trade as high as $0.133372 before the year ends.