Hedera [HBAR] This proof-of-stake public network (PoS), powered by a hashgraph consensus algorithm. In a fresh report Messari, a blockchain data analysis firm, stated that the Hedera Blockchain had made some progress last quarter, even though it experienced some declines. This was in comparison to its performance in Q1 of this year.
A fall in market capitalization
It’s well-known that the last quarter was bad news for the cryptocurrency market. Market capitalization for the whole market fell by 58%.
Hedera was not spared from losses. It also saw a 71% decrease in its market capitalization. Messari found that the chain ended the quarter with a market capitalization of $1.4 billion after seeing a market capitalization of $3.3 billion in the year’s first quarter.
A decrease in total transactions
Messari claims that Hedera suffered a significant drop in transactions last quarter. Between April and June, the average monthly processing volume was 19 million transactions. This is a 76% decrease.
The total transactions for the first quarter were 76 millions per month.
Messari discovered that despite the decrease in transactions made on the network, there was a significant increase in active users in the network’s last quarter. According to the report
“Despite the drop in transactions, active users increased for the second consecutive quarter. During Q2 2022, Hedera averaged 33,000 active users per month, a 51% increase quarter over quarter and a 110% increase compared to Q4 2021.”
Messari discovered that Hedera’s NFT ecosystem was growing with 258,000 transactions being processed on the network in the last quarter. 8,260 users contributed 258,000 NFT transactions.
The HBAR Coin
Data from CoinMarketCapThe HBAR coin’s price experienced a substantial decline over the past quarter. The price per HBAR coins dropped by 75% over the three-month period, from $0.24 at its beginning to $0.24 at quarter’s end.
Accordingly, the coin ended the quarter at $0.060 per HBAR currency. Within the period under review, the coin’s market capitalization also dropped from $4.61 billion to $1.29 billion.
Further, the on-chain data is from SantimentIn the last quarter, the HBAR coins saw a 15% drop in the supply by the whales.
The network saw 13% growth in development activity.
Messari also stated that Hedera saw an average of 6000 developer activity events per calendar month in the past quarter.