HBAR, the token of Hedera Hashgraph, has recently seen a remarkable upswing of over 15%. It comes in the wake of the U.S. Federal Reserve’s instant payments platform, FedNow, integrating Dropp. The micropayments system is built on the Hedera platform.
Dropp: Revolutionizing Digital Microtransactions
Dropp provides a distinctive alternative to traditional credit card payments. Instead of relying on plastic, Dropp facilitates pay-by-bank solutions. This approach empowers merchants to process minor digital purchases without the burden of hefty transaction fees. The platform’s versatility is evident, handling transactions in Hedera’s HBAR, U.S. dollars, and Circle’s USDC.
From mid-June to the present, the HBAR token’s value has soared by almost 50%. Consequently, its market capitalization has swelled, reaching an impressive figure of over $2.1 billion.
Hedera Hashgraph: Distinctive Blockchain Technology
Unlike conventional blockchain structures, Hedera Hashgraph adopts a unique hashgraph consensus methodology. They are honored to be the sole public distributed ledger to utilize this advanced approach. The results are staggering, with Hashgraph boasting capabilities of processing 10,000+ transactions every second and ensuring swift finality in mere moments.
A Messari report highlighted a meteoric 288% increase in Hedera’s average daily active accounts year-to-date, surging from 3,500 to 13,500 by Q2 2023. Concurrently, the creation of new accounts has spiked by 340% over this interval.
The Q2 2023 activity surge is predominantly attributed to proliferation of non-fungible tokens (NFTs). A salient example is Karateka – a Web3 game developed by GameOn, capitalizing on the IP from Karate Combat. Interestingly, last year’s fervor revolved mainly around decentralized finance (DeFi).
Recent Enhancements & Collaborations with Hedera
In recent times, Hedera has rolled out a plethora of updates and integrations.
The agrifood supply chain platform, FreshSupplyCo, integrated Hedera within its payment trigger API. Before this, it operated on the now-discontinued private Mastercard Provenance blockchain.
Adding to its achievements, South Korea‘s Shinhan Bank finalized a proof-of-concept pilot for stablecoin remittance. Impressively, this project hinged on Hedera’s open-source public network.
With its innovative technology and burgeoning partnerships, Hedera Hashgraph’s HBAR token appears poised for continued growth. Integrating platforms like FedNow and Dropp signifies its rising prominence in digital finance. As the landscape of decentralized technology and digital currencies continues to evolve, Hedera stands out as a noteworthy contender.
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