Despite the challenges across the board, Hedera, a business-focused platform, especially in Q2 2024, continues to build and enhance its ecosystem further. According to a Q2 2024 review shared across X on August 19, analysts noted improvements made in the last quarter, pointing out how the platform performed relative to Q1 2024 and the broader crypto ecosystem.
Hedera Developer Community Vibrant
In the review, analysts observed that despite the general fluctuation in user activity, the developer community continued to thrive. The scalable ledger has over 75 full-time developers and over 190 monthly active contributors in their funding. For this reason, Hedera is among the top 40 projects by developer count.
This update is critical. Like every public blockchain, Hedera requires the support of its activity, not only in spreading awareness and capability but also in fortifying the base code, ensuring that it functions as intended and without errors.
Hedera code is open source and has an active public GitHub repository to ensure this is possible. Out of this, users can make code contributions, fostering collaboration and allowing the platform to innovate.
Nonetheless, while the developer community is vibrant, its DeFi landscape was not as robust in Q2 2024. From the report, the platform has a total value locked (TVL) of approximately $64 million.
This TVL, analysts note, is exclusive of the assets managed by the platform’s liquidity staking solution, Stader. At this level, Hedera lags behind competitors and is far from taking on active networks like Ethereum and Solana, looking at DeFiLlama data.
However, reading from their asset under management, what’s positive is that Hedera is actively trying to differentiate itself from other platforms by focusing on emerging sectors. For instance, the report notes that the ledger is looking to power the rapidly growing Decentralized Physical Infrastructure Network (DePIN) sector, and strides are being made.
For instance, the review notes that Neuron aims to pioneer data transmission and service delivery using decentralized rails. The platform has made inroads in Australia by deploying its first sensor, a crucial step in increasing the number of its data-sharing nodes.
Implementing HIP-540, Will HBAR Turn The Corner?
Beyond expansion in DePIN, the platform seeks to improve its token security further by implementing HIP-540. Once it goes live, developers can remove and modify administrative keys. This effectively means Hedera will boost security and trust, which is a crucial development, especially as it builds its NFT ecosystem.
HBAR, the native token of Hedera, is struggling, sinking 66% from April highs. Technically, sellers are in control, but there are efforts to turn around the state of affairs.
The token has support at $0.05. Even so, if bulls push on, breaking above $0.06, prices may rip higher, reversing holders’ fortunes.
Feature image from DALLE, chart from Canva