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.
