Despite challenges across the board, Hedera, a business-focused platform, continues to expand and improve its ecosystem, especially in Q2 2024. According to a Q2 2024 report divided On August 19, analysts at across X noted the improvements made in the last quarter, pointing out the platform’s performance compared to the first quarter of 2024 and the broader crypto ecosystem.
Vibrant Hedera developer community
In the review, analysts noted that despite the overall fluctuations in user activity, the developer community continued to thrive. The Scalable Ledger has more than 75 full-time developers and over 190 monthly active contributors to its funding. This is why Hedera is among the top 40 projects by the number of developers.
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This update is critical. Like any public blockchain, Hedera needs support for its activities, not only to spread awareness and capabilities, but also to strengthen the base code and ensure that it works as intended and without bugs.
The Hedera code is open source and has an active public GitHub repository to ensure this. In addition, users can contribute code, encourage collaboration, and enable the platform to innovate.
Although the developer community is dynamic, the DeFi landscape was not so robust in Q2 2024. According to the report, the total value locked (TVL) on the platform is about $64 million.
This TVL, analysts say, is exclusive of the assets managed by the platform’s liquidity staking solution, Stader. At this level, Hedera lags behind its competitors and is far from rivaling active networks like Ethereum and Solana, looking at DeFiLlama’s data.
However, looking at assets under management, one positive thing to note is that Hedera is actively trying to differentiate itself from other platforms by focusing on emerging sectors. For example, the report states that the ledger is trying to support the fast-growing decentralized physical infrastructure network (DePIN) sector and that progress is being made in doing so.
For example, the review states that Neuron aims to advance data transfer and service delivery over decentralized rails. The platform has made progress in Australia with the deployment of its first sensor, a crucial step in increasing the number of its data exchange nodes.
Will HBAR turn things around with the implementation of HIP-540?
Beyond the expansion of DePIN, the platform aims to further improve its token security by implementing HIP-540. Once it goes live, developers will be able to remove and modify management keys. This effectively means that Hedera will strengthen security and trust, which is a crucial development, especially as it builds its NFT ecosystem.
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HBAR, Hedera’s native token, is struggling, down 66% from its April high. Technically, sellers are in control, but there are efforts to reverse the state.
The token has a support at $0.05. Nevertheless, if the bulls continue and rise above $0.06, the prices could rise even further and reverse the fortunes of the holders.
Cover image by DALLE, diagram by Canva
