Due to the expansion of stablecoins and the popularity of SaucerSwap V2, Hedera’s TVL increased by 146% to $157 million.The UKCBC’s regulatory advancements, which include Coinbase and Ripple, foster an atmosphere that is favorable to blockchain innovation.
Hedera’s DeFi ecosystem’s Total Value Locked (TVL) has grown significantly, climbing by 146% since the year’s beginning to a substantial $157 million, based on Messari’s findings.
This indicates the ecosystem’s exceptional growth. The 89% increase in TVL recorded in HBAR, Hedera’s own cryptocurrency, mirrors this surge and indicates a large inflow of cash into the network.

SaucerSwap V2: A Trigger for the TVL Explosion in Hedera
A major factor contributing to this remarkable surge in growth is the launch of SaucerSwap’s V2 in November 2023. The decentralized exchange’s native currency, SAUCE, reached a peak of $0.21 thanks to this improvement, which has completely changed the game for the better.
With a TVL of $150 million and a steady daily trading volume of $5 million until 2024, SaucerSwap’s performance metrics are equally remarkable, setting new milestones for the platform.
Among all the digital assets, the stablecoin market is expanding rapidly as well. With a current value of $8 million, the supply of USDC on Hedera has increased by 27% year to date.
Stablecoin capitalization has been rising, continuing the pace from the final quarter of the previous year, indicating a persistent demand for these digital assets. The video below delves deeper into this development and provides additional insight.
Difficulties in Hedera’s DeFi Environment: An Examination of Stader’s Case
Conversely, not every sector in Hedera’s DeFi environment is expanding. A 11% decline in TVL has occurred for Stader’s liquid staking solution on Hedera, from 378.6 million HBAR to 338.1 million HBAR. This decrease highlights the complexity and intrinsic volatility of the DeFi industry, which is still in its infancy despite its quick rise.
Meanwhile, according to prior ETHNews reporting, the establishment of the UK Cryptoasset Business Council (UKCBC) is a significant turning point for the cryptocurrency industry’s regulatory reforms and technological advancement.
The council’s membership includes important organizations like Ripple, Coinbase, and Hedera Hashgraph, indicating a united front in the drive for regulatory clarification.
The price of Hedera’s native cryptocurrency, HBAR, has dropped 6.53% in the last 24 hours, to $0.1147, as of writing. However, this represents an 8.78% increase over the last week.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
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Hedera (HBAR) is on the rise following a notable increase in new account creations. While the overall market recovery has played a part, the uptick in HBAR also reflects the natural growth of the Hedera project.
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The Hedera network is growing, with more transactions and active users, mainly due to long-term DeFi projects. Recently, there’s been a quick rise in new addresses, as observed by Hedera users. This surge in active wallets is mostly linked to DeFi initiatives, with some input from NFT owners in the last six months. Enterprises can create up to 100 wallets at once using BitGo for Hedera’s new address setup.

Hedera’s Rise in DeFi: Expanding Horizons

In recent months, other platforms and blockchains have seen big gains from DeFi’s comeback. Hedera stands out for hosting various decentralized markets and lending programs, including ones like Pangolin DEX that have expanded to different chains.

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While Hedera currently doesn’t have a lot of value locked in DeFi, it saw significant growth about six months ago. Decentralized trading and liquidity mining played big roles in bringing attention to the project, shifting focus from its long-term goals in global finance.
Hedera recently announced a partnership with similar projects aiming to shake up the finance sector. Working with Algorand, Ripple, XRPL Labs, Constellation, and Casper, Hedera is forming the Decentralized Recovery Alliance (DeRec), focusing on new ideas in finance.

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Hedera’s Diverse Growth Strategy
Undoubtedly, Hedera has reaped rewards from the resurgence of DeFi and the 2024 bull market. Yet, the project remains focused on its long-term objectives, striving to aggressively expand its range of use cases.
Also Read:   Will MATIC Drop to $0.61 in May Despite Holding Key Level?
Introducing a new Beta program for app developers, Hedera aims to empower them with its technology. Recently, Hedera approved a fresh batch of projects, including Vayana Official, Inveniam, and FreshSupply, all geared towards advancing blockchain-based finance. These selected projects operate at the intersection of traditional payments and tokenization, contributing to Hedera’s growing ecosystem.

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Beta Program Update: Due to the huge number of applications, we have spoken with the manufacturer and have secured another delivery of sensors!This has allowed us to double the number of successful beta program participants to 60 people, split between 2 delivery batches (3…— Neuron (@Neuron_World) May 15, 2024

While IoT projects in the crypto space have often been met with skepticism, Hedera is making strides in this arena. With its capacity to handle high volumes of microtransactions and a design akin to IOTA and other graph-based networks, Hedera is well-equipped for IoT applications. The Neuron World Beta program, allowing developers to create and test sensors for everyday objects, is a testament to Hedera’s commitment to IoT development.
With 32 known nodes currently, the Hedera network boasts a global presence. These nodes, which stake 22 billion HBAR tokens during predetermined periods, are distributed worldwide, with several, including those operated by BitGo and Chainlink, based in the USA.

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Hedera’s Community Focus and Market Positioning
Hedera has consistently prioritized community engagement and visibility efforts. The rise of DeFi activity on the network has played a crucial role in lifting HBAR from its bear market lows.
Market Performance and Volatility: HBAR recently traded at $0.11, rebounding from its lows of $0.09 but still below the monthly peak of $0.17. Known for its volatility, HBAR may revisit the lower end of the monthly range, although traders anticipate the next breakout.

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Technical Analysis and Trading Volumes: Despite trading below its 200-day moving average, some traders believe HBAR may have reached its short-term bottom. Daily trading volumes remain relatively low at just under $100 million, but during active trading periods, activity has surged to $3.5 billion.
Market Expectations and Upside Potential: Expectations are high that Hedera will join the ranks of blue-chip projects in this market cycle. HBAR has gained visibility, securing a spot among the top 30 coins and tokens, with the potential to climb higher in the rankings. Signs of accumulation in recent weeks suggest that HBAR could experience significant upside, with the possibility of achieving 10x growth in the event of a new altcoin bull rally.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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