Hedera Dapp Ecosystem Q1 2024 Report

Hedera Q1 report 2024
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DeFi dominates Hedera: TVL soars to $155 Million in Q1 2024

Disclaimer: The insights presented in this report are based solely on data from the dapps and NFT collections tracked by DappRadar on Hedera, and do not encompass all the transactions conducted on the blockchain as a whole.

The first quarter of 2024 concluded on a bullish note for the dapp landscape, reflecting a vibrant period of growth and innovation across the board. The Hedera ecosystem was no exception, capturing significant interest and activity that underscore its expanding role in the blockchain community. 

Key Takeaways

  • Hedera had an average of 2,024 daily unique active wallets interacting with dapps in Q1 2024, an 182% increase from the previous quarter.
  • The DeFi sector had a dominance of 91% over Hedera’s wallet activity, with the rest 9% belonging to the NFT sector.
  • Hedera’s TVL witnessed a 58% increase from the previous quarter, closing Q1 2024 with $155 million.
  • The NFT trading volume increased as well by 74% reaching $348,102, but the sales count decreased by 13%. 

Table of Contents

  1. Hedera On-Chain Activity Overview
  2. Hedera DeFi Ecosystem
  3. NFT Activity Overview
  4. Conclusion

1. Hedera On-Chain Activity Overview

In the initial quarter of 2024, activity on the Hedera blockchain surged by 184% in terms of dapp activity. The daily average of Unique Active Wallets (UAW) engaging with dapps increased to 2,024.

Analysis highlights a strong inclination towards decentralized finance (DeFi) within the Hedera ecosystem, because almost 55% of Hedera’s dapps listed on DappRadar are DeFi-oriented. In addition, there was a 200% rise in DeFi-related UAW interactions from the last quarter. This highlights the hunger of the Hedera community for financial services powered by the blockchain. Meanwhile, the NFT sector also showed growth with a 79% increase, signaling a rising interest in this aspect of the dapp market.

Furthermore, Hedera’s network saw a 211% jump in transaction count compared to the previous quarter, demonstrating an escalating engagement from its community. This means that the Hedera community is not only growing, but it’s also utilizing the ecosystem’s opportunities more often. 

2. Hedera DeFi Ecosystem

In the first quarter of 2024, as previously noted, the Hedera network remained predominantly focused on DeFi, with the Total Value Locked (TVL) escalating to $155 million, a 58% rise from the last quarter.

A substantial portion of the TVL is attributed to the decentralized exchange SaucerSwap, which accounts for 75% of Hedera’s total TVL, followed by Stader at 23%.

This quarter, SaucerSwap has reinforced its leading position. The launch of SaucerSwap V2 back in the end of 2023, introduced several enhancements, including concentrated liquidity, MetaMask integration, an updated tokenomics framework (Tokenomics V2), and the Liquidity-Aligned Reward Initiative (LARI).

These developments and the positive market sentiment, resulted this quarter in a 210% increase in Unique Active Wallets (UAW), averaging at 1,779 daily active wallets utilizing SaucerSwap. Additionally, there was a 168% rise in trading volume and a 255% surge in transaction count.

3. NFT Activity Overview

The start of Q1 2024 has also brought optimistic developments in the NFT sector, evidenced by growth in UAW and a 74% increase in trading volume. Interestingly, there was a 13% decrease in the number of sales, suggesting that the average price of NFTs on Hedera has risen, now averaging $82.

Consequently, we have analyzed the top NFT collections by trading volume for the first quarter of 2024 on the Hedera chain.

HashPack Special Collection

Celebrating early adopters of the HashPack wallet platform, the Hash Pack Special Hedera collection offered two exclusive NFTs. Besides commemorating the early community members, this collection served as a gateway to Hedera dapps, DeFi, and NFTs, promoting community collaboration across various projects on Hedera.

Dead Pixels Ghost Club

A whimsical art project of 10,000 unique ghosts, this collection fostered a platform for individuals to delve into a ghostly digital art universe. Its unique artistry and community engagement made it one of the top traded NFT projects on Hedera.

The Hash Pimps

It’s a community-driven and utility-based project aimed to bring high-quality art to the Hedera network. The collection is designed with a bold theme, encapsulated by its tagline, “You can’t have a conscience in the PIMP game.” This phrase highlights the edgy and distinctive style of the artwork featured in the collection, which is intended to stand out.

EARTH-FC

Primarily aimed at football enthusiasts and collectors, this collection features limited-edition “Founder Cards” that are only minted once, providing holders with exclusive status and regular in-game item airdrops. The collection is crafted by Earthlings and positions itself as a unique blend of sports memorabilia and digital assets. It’s worth mentioning that Earthlings is an upcoming play-to-earn gaming metaverse project that’s set in an alternative version of Europe.

EARTH-PIN

EARTH-PIN is created by Earthlings as well, and consists of unique, collectible items known as “Earth Pins,” which are part of the larger Earthlings.land initiative. These NFTs are designed to be distinctive and engaging for collectors, offering a blend of artistic flair and digital exclusivity.

4. Conclusion

As we wrap up the first quarter of 2024, the Hedera blockchain has demonstrated significant growth, particularly within its DeFi ecosystem. Standout platforms like SaucerSwap have led the charge, showcasing strong performance and innovation. Meanwhile, the NFT market on Hedera is also making waves, with trading volumes surging even as the number of sales slightly declined—a hint that the value of NFTs on this chain is climbing.

As we look forward to the rest of the year, these developments not only highlight Hedera’s growing influence in the blockchain space but also underscore its capacity to spearhead advancements in both DeFi and NFT domains. 

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