Hedera Hashgraph was established through an ICO in mid-2018, and its mainnet went live within a year. The core narrative revolves around being a high-performance public chain based on an innovative consensus algorithm. Built on Hashgraph’s consensus algorithm, #Hedera boasts high throughput and low latency, claiming thousands of transactions per second.
However, according to Token Insight’s rating report in 2019, the actual TPS was only 2.6. As of now, according to chainspect data, Hedera’s TPS reaches as high as 1912/s, more than double that of the Solana network, though there are no objective reports on this.
Current Fundamentals
According to data from defillama, there are 9 core ecosystem projects on the public chain with a total TVL of $114 million. Since the market recovery in September last year, the TVL has risen by around 300%. Similarly, other high-performance public chains like Aptos and Sui have seen TVL increases of over 700% and 1000%, respectively. However, the overall business development level of Hedera seems average, with a relatively low ecosystem richness.
Team Background
The Hedera Hashgraph team has rich experience in technology entrepreneurship, technical development, and certain resources from the U.S. government.
Mance Harmon, Co-founder & CEO, has over 20 years of leadership experience in multinational corporations, government agencies, and high-tech startups. He co-founded and served as CEO of two technology startups, helping generate $1.7 billion in revenue.
Dr. Leemon Baird, Co-founder & Chief Scientist, is the inventor of the “Hashgraph” algorithm and has over 20 years of technical and entrepreneurial experience, serving as a senior scientist in multiple labs.
Token Unlocking
Currently, 71% of tokens are unlocked. According to their latest report, starting from May 2024, approximately 23.5 million hbars (equivalent to $2.7 million) will be allocated monthly as operational reserves for the next 12-16 months.
(Token Distribution Report: [https://hedera.com/treasury-management-report])
Recent trends
Abrdn announced that a portion of its $200 billion currency market fund will be tokenized on the Hedera network. Additionally, the market has speculated about the first tokenized stock transaction by BlackRock MMF being completed on the Ownera FinP2P digital asset network, which was also tokenized on Hedera. As a result of this news, HBAR saw a surge of over 76% in 24 hours. However, BlackRock has since denied this, and the price of HBAR has returned to pre-surge levels.
(https://hedera.com/users/abrdn)
Considerations
Hedera’s core narrative as a high-performance public chain appears to have average competitiveness in the current industry landscape, with the current market speculation focusing on parallel EVM. Additionally, the continuous unlocking of HBAR tokens brings potential selling pressure. It’s worth noting the impressive background of the team and the likelihood of short-term speculative opportunities driven by their resources. Overall, the development expectation of this public chain is average.
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