Hedera (HBAR) Transaction Volume Surges 46% in Q2 2024, Revenue Climbs as Network Activity Increases
- WBOYWBOYWBOYWBOYWBOYWBOYWBOYWBOYWBOYWBOYWBOYWBOYWBOriginal
- 2024-09-01 00:41:14758browse
According to a report from research firm Messari, Hedera (HBAR) experienced a notable surge in daily transactions during the second quarter of 2024
Hedera (CRYPTO: HBAR) experienced a surge in daily transactions during Q2, with a 46% increase quarter-over-quarter (QoQ) to 132.9 million transactions per day.
The network's total daily transactions increased from 90.9 million in Q1 to 132.9 million in Q2, reflecting the increasing usage of the Hedera network. Of the total activities on the network, 99% were attributed to the Hedera Consensus Service.
Revenue Climbs as Network Activity Increases
For Q2, network revenue, which is primarily derived from transaction fees, recorded a 26% growth in USD terms, rising from $1.1 million in Q1 to $1.4 million in Q2. In terms of HBAR, the revenue also rose by 19% QoQ to 14.6 million HBAR.
However, the circulating market capitalization of HBAR decreased by 29% during the quarter, standing at $2.7 billion. This decline came after three successive quarters of growth and was partially driven by a 33% decrease in the price of HBAR, which dropped from $0.11 to $0.08 during the same quarter.
Despite this, HBAR's market capitalization ranking rose, climbing six positions from 36th to 30th among all tokens, surpassing other tokens with comparable prices.
The Hedera network also experienced a rise in the number of users. The average daily number of newly created accounts increased by 31% QoQ from 8,400 in Q1 to 11,100 in Q2.
This growth in new accounts was not reflected by the active address activity. The total daily active addresses also declined by 37% QoQ from 16,800 to 10,600. This means fewer accounts were active in making transactions while more accounts were being opened.
Karate Combat League Drives Significant Network Activity
One of the major drivers of activity on the Hedera network in Q2 was the Karate Combat League, a full-contact karate league that integrates blockchain technology into its fan engagement strategy.
The KARATE token allows fans to vote on the outcomes of the matches, and the token is built on the Hedera and Ethereum networks.
In Q2, there were several Karate Combat events that took place and this helped in boosting Hedera's transaction volume. For example, the KC45 event on the 20th of April had 1.74 billion of KARATE tokens staked on Hedera with 65,300 contributors from Hedera and Ethereum.
The subsequent events like KC46 and KC47 also witnessed good voter turnout, with KC47 held on June 28 involving 117800 unique voters and 3.17 billion KARATE tokens voted on Hedera.
At the time of writing, HBAR has seen a 21% decline over the past month and is currently trading at $0.051. This can be attributed to the general market risk, which has been accelerated by the fluctuation of major cryptocurrencies such as Bitcoin and Ethereum.
The above is the detailed content of Hedera (HBAR) Transaction Volume Surges 46% in Q2 2024, Revenue Climbs as Network Activity Increases. For more information, please follow other related articles on the PHP Chinese website!