In Q1 of 2023, Hedera witnessed a remarkable growth, with transaction volumes multiplying by a whopping 40x and the value locked increasing by about 52%. A variety of factors have been pivotal in the success of Hedera and its native token, HBAR. Firstly, DEXs and other platforms on Hedera have contributed to the TVL and the general growth. Pangolin DEX has had a major role in increasing the value of locked funds, with the figure now resting at approximately $36 million. Besides these, Dell joining the Hedera Governing Council and the network’s commitment to a democracy roundtable to promote human rights, transparency and sustainability have been proved to be highly beneficial.
However, the growth has not been that smooth. Certain areas, including NFTs, have seen little progress with average daily users even declining by 33%. There have been very few NFT transactions as well. In addition to this, Hedera had to shut down network services because of “network irregularities” explored by attackers. While the team identified the vulnerability and dealt with the issue, the experience was still quite bumpy.
All in all, Hedera has had a groundbreaking quarter with immense potential for the years ahead. As the DEX space continues to grow, Pangolin DEX and other platforms will have an increasingly influential role in the network’s success. As long as the team can protect the network from issues such as attackers, there is no stopping Hedera.
Ivanna Patel
- 2023-05-01
Hedera's Q1 2023 - Remarkable Growth and Challenges Ahead
In the first quarter of 2023, Hedera networks has witnessed an unprecedented growth with TVL and value locked increasing by 40x and 52% respectively. But there have been certain issues like NFT and network irregularities that may cast an impact on the future of Hedera.
