- Hedera secures a new incubation partnership highlighting its growing focus in the African region.
- HBAR struggles to overcome the lower range as Hedera pursues long-term growth.
The Hedera blockchain recently demonstrated an eagerness to expand its operations in pursuit of growth opportunities. Its Hashgraph association just announced its latest collaboration aimed toward expansion.
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The Hashgraph Association reportedly struck a partnership with Dar Blockchain, a WEB3 company based in Tunisia. The collaboration will reportedly work towards accelerating network adoption via various initiatives.
This is one of Hedera’s first partnerships in the African region. Hedera stated that the collaboration will focus on onboarding and supporting projects from the Middle East and African region.
?️@The_Hashgraph Association has entered into a partnership with @DarBlockchain to nurture projects, facilitate growth, and shape the MENA #Web3 technology landscape – accelerating #DLT and #Hedera network adoption through a broad range of community and enterprise initiatives.… pic.twitter.com/h4KVTGp4rP
— Hedera (@hedera) October 3, 2023
Both Hedera and Dar Blockchain will reportedly create an incubation program that will host promising programs on the network. The announcement highlights Hedera’s expanding reach in the African continent. Earlier this year, the blockchain network teamed up with telecommunications giant Orange to create an accelerator program in Morocco.
Is Hedera headed for exponential growth?
The new program highlights a pattern that is part of Hedera’s ongoing efforts to capture robust network growth through expansion. These efforts are aimed at attracting more organic growth. But just how far has the network come so far in terms of growth?
Total value locked (TVL) is a great tool for a rough assessment of network growth. This is because it gives a rough assessment of the level of liquidity that exists within the ecosystem. Hedera’s TVL really took off in August 2022 and peaked at $45.64 million in February 2023. It has since pulled back to a press time level of $30.15 million.
Source: DeFiLlama
In an ideal scenario, the incubation programs aim to increase the number of projects running on Hedera, and in turn, raise the TVL. While the TVL has dipped slightly, its core developer count remains high, suggesting that development activity remains healthy.
How many are 1,10,100 HBARs worth today
A closer look at developer activity revealed that it tanked considerably in September. However, it saw a significant surge in developer activity since the start of October. The same observation aligns with a surge in investor confidence as revealed by the weighted sentiment metric.
Source: Santiment
Hedera’s HBAR cryptocurrency was still struggling to overcome its recent range as investors maintained focus on short-term profits. HBAR exchanged hands at $0.048 at press time after tanking by 7% in the last three days.
Source: TradingView
HBAR’s performance reflected the current state of the market. It is notably still trading above its current 12-month high as a result of the accumulation that has been taking place in its lower range.
