Key Insights

• Hedera averaged 33,000 active users per month, a 51% increase quarter over quarter.
• Transaction fees are consistently low, averaging less than $0.0001.
• Developer activity is trending upwards, with an average of 6,000 developer events per month.
• NFT activity continues to increase, with 258,000 NFT transactions.
• The Smart Contract and File Services increased activity, while the Consensus Service and Cryptocurrency Services saw a decrease.
• $555 million in ecosystem funding was announced: $250 million dedicated to the metaverse, $155 million to DeFi, $100 million to sustainable development, and $50 million to Fintech.

View full size

A Primer on Hedera

Hedera is a permissioned

blockchain network. It is governed by 26 global enterprises, known as the Hedera Governing Council, with input from the community via Hedera Improvement Proposals (HIPs). Members of the Governing Council operate Hedera's as the network transitions to a decentralized, user-owned network. Hedera offers developers core services, known as the Hedera Network Services, to build decentralized applications. The network is powered by the Hashgraph Consensus Algorithm, which offers high throughput, fair ordering, and low-latency consensus.

Performance Analysis

Network Financials

View full size

Q2 2022 was a historically bad quarter for crypto, with the total crypto market cap decreasing by 58%. Hedera ended the quarter valued at $1.4 billion, down 71% ($3.3 billion) for the quarter. The drop puts it in line with the broader market.

Hedera has faced similar declines before. On Dec. 31, 2019, Hedera’s market cap dropped to an all-time low of $17 million before gaining 41,000% (400X) to reach an all-time high of $6.9 billion on Nov. 13, 2021.

View full size