State of Hedera Q2 2024

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Key Insights

Financial Overview

Market Cap and Revenue

After rallying for three straight quarters, HBAR’s circulating market cap corrected in Q2, down 29% QoQ to $2.7 billion. However, HBAR’s market cap amongst all tokens rose

In Q2’24, Hedera Network’s revenue, derived from network transaction fees, reached its second highest quarterly mark yet (Q4’23 = $1.6 million). Revenue in USD was up 26% QoQ from $1.1 million to $1.4 million. Revenue in HBAR was also up, increasing 19% QoQ to 14.6 million.

Revenue broken down by Hedera Services for Q2 was as follows:

Usage

Average daily created accounts experienced a large increase in Q2, up 31% QoQ from 8,400 to 11,100. However, this did not correlate to an increase in active address activity. Average daily active addresses decreased 37% QoQ from 16,800 to 10,600. A newly created account is only treated as an active address if it paid a transaction fee for a transaction of any type, hence the disconnect in daily averages between created accounts and active addresses.One major driver of activity on Hedera is Karate Combat

After a decrease in transaction activity in Q1, average daily transactions rebounded and increased 46% QoQ from 90.9 million to 132.9 million. The Hedera Consensus Service remains the predominant source of this activity, responsible for 99% of all transactions on the network.

In Q3’23, Hedera integrated the JSON-RPC codebase

Source: Hedera “X”

In Q2, the Hedera network reported 22.2 billion HBAR staked, representing 62.2% of the circulating supply and 44.5% of the total supply. This high staking percentage relative to the circulating supply can be attributed to entities such as Swirlds and Swirlds Labs. They stake their HBAR allocations and the Hedera Treasury

DeFi

In Q1’24, DeFi Total Value Locked (TVL) on Hedera hit an all-time high in both USD ($119.3 million) and HBAR (1.1 billion). As for Q2, DeFi TVL pulled back in both USD (down 41% to $70.5 million) and HBAR (down 12% to 927.5 million). However, the delta between the decreases in USD TVL and HBAR TVL decreases suggests that the majority of he TVL decline was due to the depreciation in price of HBAR, not capital outflows. As of writing, Hedera is ranked

Hedera’s DeFi ecosystem

Liquid staking is not included in the TVL figure. Despite this, it remains a relevant metric with growing significance. Stader

Similarly to the rest of the market

The only natively deployed stablecoin on the Hedera Network is USDC. USDC on Hedera has been gradually trending upwards over the past year, with its first real pullback coming in Q2. By the end of the quarter, USDC on Hedera had a market cap of $10.2 million, down 12% QoQ from $11.6 million. Furthermore, a significant portion of this USDC is being used in Hedera’s DeFi ecosystem. As of writing, there was also $2.8 million USDC (27% of Hedera’s USDC supply) deposited into SaucerSwap liquidity pools

As a part of the V0.49 upgrade

The Hedera Network Services

The Hedera Consensus Service

The Hedera Crypto Service

The Hedera Smart Contract Service

The Hedera Token Service

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