On the 25th of July, 2022, the Hedera Foundation revealed that the protocol has more than 1 million HBAR accounts on the Hedera mainnet. Hedera added that the DeFi and GameFi niches are about to take off, and the protocol has enough room to welcome more users to its ecosystem.
Ever since Hedera ventured into NFTs, their growth has been mind-blowing. Ecosystem developers, NFT collectors, and project directors have put in concerted efforts to see that Hedera’s NFT ecosystem experiences immense growth. Within five months, this became a reality. Hedera’s NFT community has no doubt taken the blockchain up a notch.
Hedera was created to tackle blockchain deficiencies like high fees and low throughput. These issues are common with early blockchain protocols. The Hedera protocol is powered by a Hashgraph algorithm, which is an innovative distributed ledger technology. Hedera’s Hashgraph technology has made room for improvements in areas such as scalability, speed, and cost, and the blockchain employs the proof-of-stake validation model.
Hedera’s average transaction fee costs $0.0001, which is cost-effective compared to early blockchain networks like Bitcoin. Typically, transactions on Hedera are completed within seconds, and its blockchain can handle over 10,000 transactions each second.
Also, Hedera offers an array of services. Fungible and non-fungible tokens can be configured and minted on the platform with just some lines of code. Developers can also use the platform’s smart contract tools to create efficient and robust DApps.
Following Hedera’s announcement of its recent milestone, members of the Hedera community expressed their excitement while sharing bullish sentiments. At the moment, though, the general crypto market is down, and the HBAR token is slightly affected. With the positive developments in Hedera’s ecosystem, investors can’t wait to see the HBAR token soar again.
With Hedera’s eco-friendly nature, Venture Capitalists who advocate for greener earth may be prompted to invest in the project’s development. In the meantime, though, the Hedera team is working towards its next milestone. The platform may gather up to 2 million active users or wallet addresses shortly.