Despite challenges across the board, Hedera, a business-focused platform, especially in Q2 2024, continues to build and develop its ecosystem. According to Q2 2024 Review common Analysts noted the improvement in the final quarter in the X-frame on August 19, noting how the platform fared compared to the first quarter of 2024 and the broader cryptocurrency ecosystem.

Hedera developer community is full of life

In the review, analysts noted that despite the general fluctuation in user activity, the developer community continued to grow. The scalable registry has over 75 full-time developers and over 190 dynamic monthly contributors in its funding. For this reason, Hedera is in the top 40 projects in terms of the number of developers.

This update is critical. Like any public blockchain, Hedera requires support for its activity, not only in spreading awareness and opportunities, but also in hardening the underlying code, ensuring it works as intended and without bugs.

The Hedera code is open source and has an dynamic public GitHub repository to ensure this is possible. This allows users to contribute to the code, fostering collaboration and enabling platform innovation.

Nevertheless, while the developer community is blossoming, its DeFi landscape was not as strong in Q2 2024. The report shows that the platform has a total value locked (TVL) of around $64 million.

Analysts note that this TVL does not include assets managed by the platform’s staking liquidity solution, Stader. At this level, Hedera lags behind its competitors and is far from competing with dynamic networks like Ethereum and Solana, looking at DeFiLlama data.

However, reading through their assets under management, it is positive that Hedera is actively trying to differentiate itself from other platforms by focusing on emerging sectors. For example, the report notes that Ledger is looking to power the rapidly growing Decentralized Physical Infrastructure Network (DePIN) sector, and progress is being made.

For example, the review notes that Neuron aims to be a pioneer in data transmission and service delivery using decentralized rails. The platform has made progress in Australia, deploying its first sensor, a key step in increasing the number of nodes sharing data.

Will HBAR get back on track by implementing the HIP-540 standard?

In addition to the expansion in DePIN, the platform aims to further improve token security by implementing HIP-540. Once launched, developers can delete and modify administrative keys. This means that Hedera will raise security and trust, which is a key development, especially in the context of building an NFT ecosystem.

HBAR, Hedera’s native token, has been struggling, down 66% since April highs. Technically, sellers are in control, but efforts are underway to turn things around.

The token has support at $0.05. Still, if bulls continue their attack and break through the $0.06 level, prices could skyrocket, reversing the fortunes of holders.

Featured image from DALLE, chart from Canva