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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Hedera Developer Community Remained Vibrant In Q2 2024: When Will HBAR Turn The Corner?

Dalmas Ngetich
Dalmas Ngetich
11 months ago
3 mins read

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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.

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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.

Ethereum DeFi TVL | Source: DeFiLlama
Ethereum DeFi TVL | Source: DeFiLlama

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.

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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.

Hedera prices trending downward on the daily chart | Source: HBARUSDT on Binance, TradingView
HBAR prices trending downward on the daily chart | Source: HBARUSDT on Binance, TradingView

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
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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