Hedera Dapp Ecosystem Q3 Report

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Hedera’s Blockchain NFT Sector Witnesses a 230% Increase in On-Chain Activity

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 third quarter of 2023 has been a period of notable advancements and dynamic engagements within the Hedera blockchain ecosystem. With a distinct emphasis on Decentralized Finance (DeFi) and an emerging footprint in the Non-fungible Token (NFT) sector, Hedera has showcased a burgeoning ecosystem driven by innovation and collaborative partnerships. This report delves into the key metrics, developments, and strategic alliances that have shaped Hedera’s trajectory during this quarter.

Key Takeaways 

  • Hedera had an average of 2,473 daily unique active wallets in Q3 2023
  • The DeFi product category attracted 80% of the activity, while the remaining 20% can be addressed to NFT trading. 
  • During Q3 2023 Hedera’s DeFi-centric ecosystem grew 15% with a TVL of $52 million, placing it 43rd among all blockchain networks. 
  • While the NFT trading volumes were significantly lower, Hedera did record a 230% surge in on-chain NFT activity in the past quarter. 

Table of Contents

  1. Hedera On-Chain Activity Overview
  2. Hedera DeFi ecosystem
  3. NFT Activity Overview
  4. Top NFT collections of Q3 
  5. Partnerships with Automotive Giants
  6. Conclusion

1. Hedera On-Chain Activity Overview

In the third quarter of 2023, the Hedera blockchain experienced a 7% uptick in on-chain activities. The number of  Unique Active Wallets (UAW) interacting with dapps rose, averaging at 2,473 active wallets daily.

Hedera's Unique Active Wallets April-September

The data reveals a pronounced DeFi focus within Hedera’s ecosystem, with a significant portion of the on-chain activity stemming from DeFi-oriented dapps. DappRadar listings indicate that over 60% of the dapps on Hedera are DeFi-centric. However, there was an 8% contraction in DeFi-related UAW interactions compared to the previous quarter. Contrarily, the NFT sector within Hedera’s blockchain saw a remarkable 230% surge in on-chain interactions.

Dominance of Hedera's Activity in Q3 2023

Additionally, the transaction count on Hedera’s network witnessed an 11% increase compared to the last quarter. Therefore, it’s safe to say that Hedera experiences growing engagement from its community. 

Hedera's Transaction Count in Q3 2023

2. Hedera DeFi Ecosystem 

In Q3 2023, the spotlight on Hedera’s ecosystem continued to be its robust DeFi-centric framework, with a Total Value Locked (TVL) reaching $52 million, an increase of 15% from the previous quarter. This metric positioned Hedera at the 43rd rank among blockchain networks.

Hedera's Total Value Locked

A significant slice of this TVL was ushered in by SaucerSwap and Stader, accounting for 55% and 41% of Hedera’s TVL respectively. Stader emerged as the first liquid staking solution for HBAR, under the auspices of Hedera Foundation.

SaucerSwap, the leading decentralized exchange (DEX) on Hedera, reported an average of 400 daily Unique Active Wallets. In addition, the DEX processed an average volume of more than $300,000 per day during Q3 2023.

SaucerSwap Historical Activity DappRadar

Moreover, the stablecoin sector within Hedera’s network witnessed thrilling advancements. Earlier in July, a collaboration between the Korean Shinhan Bank, SCB TechX and the largest Taiwanese financial entity, executed a stablecoin proof-of-concept pilot. This PoC was conceived on Hedera’s highly efficient and eco-friendly open-source public network.

Come September, the Hedera network welcomed the Stablecoin Studio, an open-source software development kit (SDK), enabling organizations to seamlessly develop stablecoin applications, further reinforcing the DeFi infrastructure on Hedera.

3. NFT Activity Overview

This quarter, it seems we reached the lowest amount of trading volume and sales count on Hedera’s NFT ecosystem. This is consistent with the broader market conditions, as seen in our Q3 Dapp Industry Report. But, as emphasized in the first section of the report, the UAW related to on-chain NFT activity has seen an increase of 230% this quarter. 

Hedera's NFT trading volume and sales count

4. Top NFT collections of Q3 2023

In the third quarter of 2023, a variety of collections delineated the trading landscape on Hedera blockchain. Here’s a concise exposition of the most traded collections during this period:

Top Hedera's NFT collections by trading volume

Hangry Barboons

The Hangry Barboons collection, embodying 4,444 unique NFTs, was known for its imaginative narrative crafted by an entity named President HANGRY. This collection was further diversified with special sets like the “Hangry Rebels” and “Hangry Heads,” encouraging a robust community engagement through collaborations with Hedera-focused platforms.

HashPack Special Collection

Celebrating early adopters of the HashPack 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.

The 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.

SIWAS by Kabila

Depicting little creative desert beings, the SIWAS collection became highly sought after, with its first batch selling out in mere 49 seconds. Operating under the Kabila platform, SIWAS showcased a solid community engagement centered around the SIWA Oasis.

5. Partnerships with Automotive Giants

In August 2023, automotive behemoths Hyundai and Kia steered into the blockchain domain by aligning with the Hedera network. This alliance heralded the inception of a CO2 Emission Monitoring System.

Engineered on the Hedera network, this system was devised to meticulously track carbon emissions within the supply chain employing AI technology. It aims to instill transparency and uphold data integrity throughout the supply chain, offering a robust solution for efficiently managing the carbon emissions of business associates.

This initiative underscores a notable progression towards blockchain adoption in the automotive sector.

6. Conclusion

Q3 2023 showcased Hedera blockchain’s expanding influence with a rise in on-chain activities, mainly driven by its DeFi offering. Despite a lull in NFT trading volumes, the spike in on-chain NFT activity and the fruitful collaborations with automotive giants Hyundai and Kia underscore Hedera’s growing versatility. The exciting developments within the DeFi, NFT, and stablecoin arenas, coupled with innovative partnerships, continue to propel Hedera towards broader horizons, setting a promising trajectory for subsequent quarters.

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