Hedera Q2 Report: HBAR Climbs Market Cap Ranks, Transactions and Revenue Spike

• The latest report on Hedera’s (HBAR) second quarter of 2024 (Q2 2024) performance estimates a 26% surge in revenue from $1.1 million in Q1 to $1.4 million in Q2. 

• Despite the V0.49 upgrade, the report discloses that NFT activities saw a 56% decline in QoQ. 

A Messari report titled “State of Hedera Q2 2024” has comprehensively presented various crucial performances across Hedera’s (HBAR) ecosystem in the quarter, specifically focusing on market cap, revenue, daily transactions, etc. According to our report analysis, Messari captured the general performance of non-fungible tokens (NFTs) and gaming under a “Ecosystem Overview” section and highlighted some of the key partnership deals sealed within the period.

The Q2 Performance of HBAR

In Q2 2024, HBAR’s circulating market cap, which had rallied for three consecutive quarters, finally ended with a 29% decline to $2.7 billion. Regardless, this was enough to move the asset six spots up the market cap ranking from 36 to 30. 

Also, the Hedera Network’s USD revenue recorded its second-highest quarterly mark, rising by 26% Quarter-on-Quarter (QoQ) from $1.1 million to $1.4 million. In terms of revenue in HBAR, there was an increment of 19% QoQ to $14.6 million. Specifically, Hedera Consensus Service generated the highest revenue, 85% of the total. This was followed by Hedera Token Service and Hedera Smart Contract Service, which had 5% of each of the Q2 revenue. 

The Messari report also estimates that out of the 50 billion HBAR tokens recorded as the total number of fixed supply, 35.8 billion HBAR (72%) was in circulation. According to reports, the HBAR distribution occurs quarterly with 1.5 billion HBAR expected to be unlocked this quarter. 

In terms of usage, the average daily created account saw an impressive increase of 31% QoQ from 8,400 to 11,100. This aligns with our July publication of the network recording a massive 400,000 new accounts in just a week.

However, most of these accounts remained dormant as the daily active addresses decreased by 37% QoQ from 16,800 to 10,600. 

State of @hedera Q2.
Key update: HBAR’s market cap amongst all tokens rose 6 spots from 36 to 30, outperforming similarly priced cryptoassets.
QoQ Metrics
• Revenue in USD 26%
• Avg. Daily Txns 46%
• Avg. Daily Created Accounts 31%
Access the FREE report … pic.twitter.com/mpYkJmTSlL— Messari (@MessariCrypto) August 28, 2024

More on the Report

One notable highlight of the report is the sudden surge of average daily transactions from 90.9 million in Q1 to 132.9 million in Q2. This 46% increment was said to have been 99% triggered by the Hedera Consensus Service. 

The DeFi space saw a total value lock (TVL) of $119.3 million and 1.1 billion HBAR, representing an all-time high in Q1. However, the TVL in USD declined by 41% in Q2 to reach $70.5 million, while the TVL in HBAR also fell by 12% to reach 927.5 million within the same period. According to the report, this considerable decline was largely linked to the decline in the price of HBAR rather than capital outflow. 

Technically, the period saw the implementation of the V0.49 upgrade, where dynamic NFT features were unlocked through multiple Hederal Improvement Proposals (HPIs). However, NFT activities declined by 56% QoQ as the network averaged 2,100 daily NFT transactions in Q2. Average daily NFT active addresses also fell by 46% to 800. 

The Messari report further estimates that the Hedera Crypto Service recorded a third straight quarterly growth as transaction activities in this category surged by 9% QoQ from 227,300 to 248,700. 

At press time, HBAR was trading at $0.051 after declining by 5% in the last 24 hours.