- Enhanced DEX functionality fuels Hedera’s user growth and transaction volume.
- Multichain DEX Pangolin’s launch propels Hedera’s network activity and credibility.
In a spectacular turn of events, Hedera, the renowned public distributed ledger, demonstrated a robust surge in activity throughout the first quarter of 2023. A recent report by Messari, a top crypto market data provider, revealed a near forty-fold increase in Hedera’s transaction volume.
.@hedera witnessed a surge in activity to kick off the first quarter of 2023.
— Messari (@MessariCrypto) May 30, 2023
Transaction volume soared nearly 40x, with the average daily new accounts increasing by 170% reaching all-time highs. pic.twitter.com/hSDOwSenC2
This considerable increase highlights the platform’s escalating popularity and broadening acceptance. Notably, this remarkable uptick wasn’t restricted solely to transaction volume.
Based on reports, the network also experienced unprecedented growth in its user base, with the average daily number of new accounts ballooning by a whopping 170%, reaching all-time highs. This uptick indicates the wide-scale interest and trust Hedera has successfully secured, attracting both the crypto-savvy and newcomers alike.
The Secret Behind Hedera’s Growth
According to Nick Garcia, a research analyst at Messari, Hedera’s continued growth can largely credited to the proactive efforts and enhancements made by the existing DEXs SaucerSwap and HeliSwap. DEXs have widely praised for their ability to facilitate peer-to-peer cryptocurrency trades directly between users. It provides more control, privacy, and autonomy.
Moreover, SaucerSwap and HeliSwap have continued to push the envelope by enhancing their functionality and features. This improvement has been instrumental in attracting more users and, thus, increasing transaction volume and new accounts on Hedera. On the same note, their relentless pursuit of user-centric features is pivotal to its network growth.
Similarly, the launch of Pangolin, a multichain DEX, in early February significantly increased Hedera’s network activity. Initially launched on Avalanche (AVAX), Pangolin has since expanded to encompass, Flare, EVMOS, and NEAR, thus reinforcing its market position and credibility.
Looking ahead, it’s clear that Hedera, supported by its growing ecosystem, well-positioned to continue its upward trajectory. With continuous innovation, collaborative partnerships, and user-centric solutions, it set to change the blockchain landscape. It provides new opportunities for users, developers, and investors.
