While leading blockchain networks Bitcoin [BTC] and Ethereum [ETH] logged sickly growth in their respective key metrics in Q3, public-permissioned Proof-of-Stake network Hedera [HBAR] excelled within the same period.
In a new report titled “State of Hedera Q3 2022,” cryptocurrency research platform Messari assessed the network’s performance between July and September.
According to the report, while the rest of the cryptocurrency market was plagued by a decline in Q3, Hedera registered significant growth within the 90-day period.
Hedera for the win
The downturn in the general cryptocurrency market last quarter led to a decline in the count of users for most blockchain networks.
However, the opposite was the case for Hedera, Messari found. Within the 3-month period under review, the network logged an average weekly user index of 14,601 addresses. This represented a 92% growth from the 7,598 recorded as the count for average weekly users on the chain in Q2.
Total transactions processed on Hedera also surged by 40.1% between July and September, Messari found. According to the report, all transactions processed on the network totaled 78.40 million. In Q2, 55.95 million transactions were processed on the network.
The uptick in the count of total transactions completed on Hedera in Q3 led to a massive growth in total fees paid to process those transactions during that period.
As found by Messari, total transaction fees on the network in Q3 were 1.82 million HBAR. This represented a whopping 543.8% increment from the 282,887 HBAR paid to process transactions on the network in Q2.
Furthermore, while the total value locked (TVL) across all decentralized finance (DeFi) protocols declined on several networks, the TVL on Hedera rose 171.6% in Q3.
According to data from DefiLlama, Hedera grew its TVL by over 100% in three months with just four protocols housed within it, namely Stader, SaucerSwap, Bubbleswap, and Tangent.
As more people turned away from speculative asset classes in Q3, the interest in PFP NFTs suffered considerably. However, as reported by Messari,
“The Hedera NFT sector (a component of the Hedera Token Service) has been an engine of growth for the network. During Q3, NFT active users (+90% QoQ) and transactions (+107% QoQ) each set all-time highs.”
According to data from CoinMarketCap, HBAR’s price rallied to a high of $0.08 on 13 August. After peaking at this price level, HBAR trended downwards to close the quarter at a price of $0.05, a 19% decline from the $0.062 it started the quarter at.