Discover the rise of HBAR and the thriving world of decentralized applications on the Hedera network
The Hedera ecosystem has seen tremendous growth in the last few weeks, driven by increased token valuations and demand for decentralized applications. In the last month of 2024 demand for HBAR, the native token powering the Hedera network, increased heavily, boasting its valuation by 230%.
Without a doubt, demand for Hedera’s HBAR token has been strong in recent weeks. Measured over the past 30 days, the token gained 230% in value. Safe to say, that has been the biggest price hike since Q1 2022.
We’re now entering a new bull era. Across the industry we see increased demand for DeFi services, NFT collections, video games and also social applications. These trends happen alongside technical advancements in onchain applications, artificial intelligence and the improved user experience for those who interact with these apps.
In December so far, Hedera has seen $17.4 million in NFT trading volume. That’s the highest trading volume registered since April 2024, and 2nd highest month of all time. Keep in mind, December is far from over, and this could very well become a month to remember for the Hedera community.
82% growth in active wallets
For the dapps and metrics tracked by DappRadar, we’ve seen a 82% increase in unique active wallets (UAW) in the Hedera ecosystem. Moreover, these wallets were responsible for a staggering 576% increase in dapps volume, reaching $491.5 million.
The increased activity on Hedera can easily be seen in the chart shared below, showcasing the UAW, volume and number of transactions on the network.
Key developments driving success
Demand for tokens, NFT collections and dapps on Hedera can be linked directly and indirectly to token prices. When there’s demand for dapps on a chain, the preferred token will go up in price. Moreover, when a token goes up in price, more users are keen to explore dapps within that ecosystem.
The Hedera ecosystem has seen a variety of development over the past few months. We’ve listed some of the most important ones:
- In September, Hedera joined the Linux Foundation’s decentralized initiative. The codebase of the Hedera network will contribute to a new project, dubbed Hiero, aimed at enhancing decentralization and interoperability in the blockchain space.
- In October, the team launched the Hedera Asset Tokenization Studio, making tokenization of real-world assets easier than ever before.
- By the end of October, Hedera announced the integration of Chainlink. This means that price oracles now exist within the Hedera ecosystem, making the development of financial services much easier.
- While in November, we’ve probably seen the biggest boost for the Hedera ecosystem. We don’t refer to the Hedera ETF requested by Canary Capital. But instead, Hedera will be used by SpaceX to facilitate transactions between satellites in space.
Top dapps on Hedera
On Earth, we will be using all kinds of decentralized applications built on Hedera. Yet, the most popular application has a bit of an extraterrestrial-inspired name, SaucerSwap. This decentralized exchange has seen its TVL shoot up from $40 million in October, to more than $140 million in December. Increased demand for tokens on Hedera has seen SaucerSwap attracting 132% more active wallets. In the past 30 days, the DeFi platform had more than 13,290 unique active wallets interacting with the platform.
Other popular dapps include for example GameFi project Coin Fantasy, where users create a fantasy bag of tokens in order to earn actual rewards. You can learn more about the project in our guide.
While NFTs aren’t on the same hype levels seen in 2021, no doubt there’s a bit of a comeback happening right now. Hedera’s leading marketplace SentX also benefits from the market trend. In the past 30 days it has seen 70% more trading volume, now exceeding $589,000 in the past 30 days. The Hedera ecosystem is growing, offering a wider range of products and services. You can play mini-games with Circle of Games, or register your own user name with the Hedera Name Service (HNS).
Join the Hedera ecosystem
The Hedera ecosystem works slightly differently from many others. For example, you first need to allow a token before you can actually receive it. This obviously results in less spam, which benefits users overall. To join the Hedera ecosystem, please follow the instructions below:
- Download HashPack for browser, desktop or mobile devices
- Create a wallet for yourself, simply using your email address
- Top your wallet up through in-wallet purchases, or converting and bridging using Hashport
- Now there’s some HBAR in your wallet, and it’s time to explore the Hedera ecosystem. Even within the wallet there are ways to earn rewards:
- Stake HBAR and earn rewards for your network contributions
- Swap tokens using HashPack, and earn PACK tokens
- Collect, buy or sell NFTs from the integrated marketplace
- Explore more, and discover dapps through the DappRadar Rankings.
Closing words
Blockchain technology is moving into space, nations are adopting the technology, and we may say that we stand on the brink of a new blockchain era. With its innovative approaches to tokenization, a robust suite of decentralized applications, and strategic partnerships that push the boundaries of what’s possible, Hedera is paving the way for a future where blockchain isn’t just a technology but a fundamental part of our digital lives. We’re keen to discover what Hedera will bring to the table in 2025, but it’s safe to say that the latest developments behind the growth bode well for the future.
