- The US Federal Reserve includes Hedera Hashgraph’s “Dropp” in its FedNow platform.
- Hedera’s daily active accounts surged by 288% in the first half of 2023.
- FreshSupplyCo integrates Hedera in its payment process, marking significant advancement.
In recent developments, the US Federal Reserve incorporated “Dropp”, a micropayments platform from Hedera Hashgraph, into their instant payments system, named FedNow. This partnership propelled the value of the HBAR token upwards, with an increase of over 15%.
By providing an electronic substitute for conventional credit card payments, “Dropp” targets merchants specifically. The platform is crafted to streamline digital purchases of smaller amounts, steering clear of substantial transaction charges. Notably, customers have the flexibility to transact using HBAR tokens, Circle’s USDC, or even the American dollar.
In terms of recent performance, the HBAR token has witnessed promising growth, climbing almost 50% since mid-June. The token’s current market worth sits at an impressive $2.1 billion.
Hedera Hashgraph differentiates itself in the bustling blockchain industry with its unique hashgraph consensus process. This method enables Hedera to deliver exceptional transaction speeds, handling over 10,000 transactions within just a second. Such swiftness guarantees that transactions are settled almost immediately.
An insightful study by Messari unveiled intriguing figures related to Hedera’s progress. From the start of this year, there was a dramatic 288% growth in daily active accounts on Hedera, rocketing from 3,500 to 13,500 by 2023’s second quarter. Concurrently, the creation of new accounts daily saw an impressive 340% jump. The mounting curiosity in non-fungible tokens (NFTs) played a big role in this increase. Specifically, the Web3 game Karateka, crafted by GameOn and rooted in Karate Combat’s intellectual assets, was instrumental in spurring NFT involvement. In contrast, decentralized finance (DeFi) was the principal driver of activities in the preceding year.
Other noteworthy updates in Hedera’s services have emerged in recent times. FreshSupplyCo, a platform specializing in tokenizing agrifood supply chain assets, has now integrated Hedera into its payment trigger API. This move is a marked departure from its prior dependence on the discontinued private Mastercard Provenance blockchain. In addition, South Korea’s Shinhan Bank successfully tested stablecoin transfers utilizing Hedera’s public infrastructure.
HBAR’s Rising Role in Digital Transactions
Hedera Hashgraph, an alternative to traditional blockchain platforms, continues to gain traction in the crypto realm with its native token, HBAR. Playing a multifaceted role in the network’s operations, HBAR ensures smooth transactions and robust network security.
Retailers and developers acquire HBAR for a myriad of purposes, from purchasing goods and services to covering application costs. Highlighting its versatility, decentralized apps (dApps) on Hedera employ HBAR to handle fees associated with API calls.
Beyond facilitating transactions, HBAR ensures the integrity of the Hedera network. By employing a proof-of-stake consensus mechanism, stakeholders can uphold the security of the platform while also reaping financial benefits. Those staking HBAR on Hedera nodes not only safeguard the network but are also in a favorable position to earn a slice of the fees, with some seeing returns as high as 6.5% annually.
Another notable edge Hedera has over traditional blockchains is its use of hashgraph technology, which paves the way for an efficient open ledger. This approach notably lessens the environmental footprint and slashes transaction costs. Additionally, with Hedera’s capacity to process a staggering 4.5 million transactions each day, its prowess in terms of speed and energy efficiency is unmatched.
The token, HBAR, available in diverse denominations from gigabar to tinybar, showcases flexibility in accommodating varying transaction sizes. With a capped supply of 50 billion coins, the coin’s foundational role in the Hedera ecosystem is undeniably paramount.
