Hedera investors concerned about market drawdown should read this
- Hedera’s legal team moves to DC to cooperate with the government for crypto regulation
- Its dApps witness growth, however, TVL continues to decline
Hedera’s legal team, due to all the FUD caused by the collapse of FTX, decided to go to DC to talk about crypto regulation.
Read Hedera’s price prediction 2022-2023
In a tweet posted by the official Hedera account on 16 November, it was stated that due to the recent events related to FTX, intense policy efforts will be made in DC.
Consequently, Hedera’s chief of staff Nilmini Rubin, and Sam Brylski, Hedera’s chief regulatory officer would be going to Washington this week to keep up with crypto regulations.
Hedera’s compliance with the government may be beneficial to its growth in the long term.
The dApp market
As can be seen from the image below, the volume for HeliSwap grew tremendously over the past few days. Along with that, the number of unique active users increased by 70.73% in the last 30 days.
As for SushiSwap, it witnessed a growth of 79.02% in terms of volume and it also noted an uptick in terms of the number of transactions which grew by 19.1%, according to data provided by Dapp Radar.
Despite the progress of Hedera’s dApps, its TVL continued to decline.
As can be seen from the image below, Hederas TVL depreciated over the past week. At press time the total value locked by Hedera was at $21.93 million according to DefiLlama.
Along with a declining TVL, Hedera’s transaction value depreciated over the past few days. However, the number of new accounts created on the Hedera network continued to grow and appreciated by 9.73% over the last month, according to data provided by DRAGONGLASS.
Even though Hedera managed to attract new accounts to its network, HBAR couldn’t escape the FUD surrounding the crypto market as its volatility grew massively over the past month. It increased by 61.79%, according to Messari.