Hedera Breaks Past $35 Million TVL and 18 Billion Transactions, Despite Crypto Rout

Summary

• Cryptocurrency total value locked (TVL) falls across the board.
• Hedera and $HBAR defy market headwinds and reach $35 million in TVL.
• Hedera mainnet surpasses 18 billion transactions, following promising announcements from FedNow, Kia, and Hyundai.

Bitcoin and Ethereum’s recent dip below the $26,000 and $1,600 levels respectively, amidst a wider market downturn, has seen capital exiting most-all high-profile ecosystems in the space. 

However, one blockchain that appears to be fighting against the tide is Hedera ($HBAR), whose TVL has increased by nearly 10% on the week, according to data from DefiLlama. What’s more, said TVL has increased by almost 26% in the last month.

Hedera saw its all-time high total value locked in February 2023 when levels of around $46 million were reached. 

Though the network slumped to below $22 million in the months following, Hedera has now seen its TVL break past the $35 million level, to sit at $35.18 million, at time of writing.

A Promising Period for Hedera?

Hedera has been one of very few parties to so far enjoy the month of August 2023.

On August 14, a Hedera-based payments application, Dropp, was added to FedNow - an instant payments platform developed by the US Federal Reserve.

This news only served to compound exciting updates from earlier in the month that involved Hyundai and Kia supporting the network by introducing a CO2 emissions tracking system which was also based on Hedera.

The above developments appear to have provided the platform for Hedera’s native token, $HBAR, to outperform the wider cryptocurrency market, which quickly recovered from the apparent flash crash that hit nearly all tokens on August 17. 

Hedera Hits 18 Billion Transactions

One further milestone achieved in recent days by the Hedera network is the surpassing of 18 billion transactions on its network. 

Hedera’s community reacted positively to the news and is likely excited and encouraged by Hedera and $HBAR’s apparent ability to resist negative market sentiment in the wider cryptocurrency landscape.