Hedera made headlines by achieving $100 Million in TVL in the third quarter despite the bad market.
After the FTX exchange crash, the bitcoin market fell to 2018 bear market levels. Despite this, the Hedera project, which uses Hashgraph, has grown.
In TVL during the third quarter of the year, which has recently made headlines.
The cryptocurrency market has since fallen to levels last seen in the bear market of 2018, following the horrifying aftermath brought on by the collapse of FTX exchange. The Hedera project, which utilises its own Hashgraph technology, has continued to expand despite this.
After a difficult second quarter, The Hedera Network bounced back with steady growth across the board. While the transfer volume climbed by 25% and the DeFi and NFT statistics hit record highs in Q3, Hedera's market capitalization was nearly flat QoQ.
Numerous causes can be identified for the increases in activity. The top NFT markets have been rapidly increasing their respective shares of the NFT market, and SaucerSwap, Hedera's first native decentralised exchange, is now live.
More information may be found at Hedera Hashgraph Processes ATH Transactions, HBAR Increases by 200%.
The $100 million in TVL milestone, which represents a 171% rise quarter over quarter, was Hedera's biggest accomplishment this quarter. The main cause of Hedera's TVL increase was the introduction of SaucerSwap, the first decentralised exchange on Hedera.
Since Saucer's launch two months ago, its transaction volume has topped $30 million and the sum of its TVL has surpassed $17 million. As Q3 comes to a close, the network's TVL has grown by $100 million thanks in large part to the liquid staking platform Stader Labs, which has also generated $80 million of that total.
The HBAR foundation has already authorised 167 grants and pledged 360 million dollars to ecosystem activities in order to strengthen the network's ecosystem even more.
The network continued to grow and develop throughout the bear market, which strengthened its third-quarter performance overall.
The NFT and gaming industries, in addition to DeFi activities, greatly aided the network. In terms of HBAR, NFT markets like Hash Axi and Zuse Market have facilitated over 74 million in total trade volume.
Over 100,000 unique users registered and opened new Hedera accounts during the quarter thanks to games like "Ashfall," a post-apocalyptic survival adventure game, and "Slime World," a well-liked play-to-earn game.
In contrast to initiatives like Solana, Nexo, and others that have connections to the now-bankrupt FTX empire, Hedera has no affiliation with FTX or its creator SBF, which has protected them from criticism.
Despite the market's continuous bearishness, Hedera had a strong third quarter because it kept creating and growing.
