• Hedera recorded significant success in Q3.
• The value of its native coin, its DeFi TVL, and NFT trading activity all increased. 

Public-permissioned Proof-of-Stake (PoS) blockchain network Hedera Network [HBAR] witnessed significant ecosystem growth in the third quarter of the year, on-chain analytics firm Messari found in a new report.

How much are 1,10,100 HBARs worth today?

Hedera’s tale of success

A significant growth recorded within the Hedera ecosystem during the quarter under review was an uptick in its native coin’s market capitalization. 

In Q3, the broader crypto market recorded a modest decline despite the positive legal outcomes from the Ripple and Grayscale cases. The overall crypto market shrunk by 5.8%, with leading coins Bitcoin [BTC] and Ethereum [ETH] witnessing respective drops of 7.5% and 10.0%, respectively.

HBAR, on the other hand, diverged and recorded an 8% growth in its circulating market capitalization. Likewise, its fully diluted market capitalization rose by 3% to reach $2.5 billion by the close of September. 

According to data sourced from CoinMarketCap, at press time, Hedera ranked as the 31st largest crypto protocol based on the market capitalization of its native token.

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Author: Abiodun Oladokun

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