Tremendous Growth: Despite Bear Market, This Altcoin Has Rocked!

An altcoin breaks a record in TVL, despite the cryptocurrency market’s sideways trend throughout the week. The volume flow is due to the strong DeFi initiatives of the project.

Despite the ongoing crypto winter, this altcoin is growing its share in the DeFi industry

The horrendous drop that started with FTX sent Bitcoin and Ethereum back to 2019-20 highs. Meanwhile, Hedera (HBAR) continues to rise independently of its competitors. The DApp-focused altcoin project is back with consistent growth, accompanied by new DeFi startups. Market capitalization remained relatively stable from one quarter to the next. But in terms of transfer volume, it grew 25% in the third quarter. The company’s DeFi and NFT statistics hit all-time highs. In terms of price, it has risen over 10% since last week.

Numerous catalysts underlie the growth. SaucerSwap, Hedera’s first local decentralized exchange (DEX), is now in operation. Thus, it is steadily increasing in terms of NFT volume. It also hit the $100 million TVL milestone this quarter. Compared to the previous quarter, it registered an increase of 171%. The primary reason for the increase in Hedera’s TVL was the release of SaucerSwap, the first DEX on the platform.

Saucer’s trading volume has reached $30 million in the two months since its launch. TVL’s total market capitalization exceeded $17 million. As the third quarter drew to a close, Stader Labs, a liquid staking platform, made a significant contribution, generating $80 million of the network’s total $100 million TVL.

new investments

The HBAR team has already approved 167 grants. With these investments, it has committed a total of 360 million dollars to related projects to strengthen its ecosystem.

Gaming and NFT continue to pull additional volume

Besides the notable DeFi initiatives, another volume source for HBAR was NFTs. The NFT and gaming industries continue to provide additional cash flow to the network. Total trading volume on NFT marketplaces such as Hash Axi and Zuse Market exceeded 74 million on HBAR basis. More than 100,000 new users signed up for Hedera this quarter thanks to play-to-win games such as “Slime World” and “Ashfall”.

Unlike altcoin projects linked to FTX, HBAR considers the current collapse

Along with the above factors, Hedera’s lack of affiliation with FTX has kept it safe from criticism, unlike Solana, Nexo, and other projects tied to the once bankrupt FTX empire. His team announced on Twitter that they had no relationship in the midst of the FTX crisis:

In light of recent market events and turbulent conditions, we would like to point out that Hedera is managing its own budget and HBAR treasury. HBARs in Hedera Treasury are not currently held by any third-party custodians and significant amounts are not held on exchanges today.

With the bankruptcy of FTX, FTT, SOL and SRM came under fire. As we reported as Kriptokoin.com, new scandals continue to emerge about FTX and Alameda.