One Year After Open Access, Hedera Now Processes 1.5 Million Transactions Per Day, Surpassing Ethereum
| News provided by PRagent
Hedera saw dozens of applications go live with the network becoming openly accessible to the public a year ago, with new applications being launched regularly over the last twelve months. These enterprise-grade applications are delivering significant value in areas such as advertising tracking, healthcare and pharmaceuticals, supply chain management, data privacy, decentralized finance (DeFi) and other financial services, retail, media, and technology. These innovative applications utilizing Hedera's primary network services (Hedera Consensus Service and the cryptocurrency service) have driven meaningful transaction volume at an unprecedented rate for a public distributed network.
During its first year as a publicly available distributed network, Hedera averaged approximately 750,000 transactions per day, almost the same as the Ethereum network over the past year. In addition, this is approximately 18x the number of transactions the Ethereum network did (30-40,000 transactions per day) during its first year as a publicly available network.
Over the past month, the Hedera Hashgraph network processed an average of 1.5 million transactions per day, almost double that of the Ethereum network. Unlike other public decentralized networks, the Hedera Hashgraph network fees do not fluctuate significantly as network utilization grows. The Hedera Hashgraph transaction fees are set in fiat (USD), but paid in HBAR, and the exchange rate between fiat and HBAR is aggregated from multiple sources and updated regularly to reflect current market rates. This structure eliminates spikes in network fees and enables developers to predict and control their planned spending in order to successfully build and run applications on the platform.
Over the past year, a broad set of providers has also added Hedera's cryptocurrency, HBAR, to their ecosystems, enabling greater access for developers and others who wish to utilize the cryptocurrency for network activity. Today, 47 on-ramps -- including exchanges, software and hardware wallets, OTC desks, and those that provide the infrastructure to purchase HBAR, but don't enable purchases directly -- have added HBAR to their list of supported cryptocurrencies.
In addition, systems integrators, including four of the top ten global system integrators and trust2core (T-Systems International), LaunchBadge, LimeChain, Luther Systems, Rejolut, Swisscom Blockchain, TxMQ and Unibright, have completed or are actively developing projects, including with enterprises and other organizations building applications on the Hedera network.
And during the past year, Hedera continued to contribute to industry standards that elevate the usability and interoperability of the distributed ledger ecosystem. Hedera was a founding member of the InterWork Alliance, a non-profit dedicated to establishing a standards framework for the tokenization of assets, and joined W3C as a member organization, registering the standards-based Hedera DID Method to the W3C Credentials Community Group's Decentralized Identifier (DID) registry.