Hedera network recently stated how fast it completes transactions compared to its competitors. The network’s official Twitter account tweeted on October 30 that its transaction speed of 49.55 TPS ranked third. This puts Hedera just behind Solana (SOL) and Stellar (XLM).
The Hedera network also emphasised how it has been able to defeat other players in the TPS department. These were Algorand (ALGO) and Polygon (MATIC). Although Hedera’s transaction speed was remarkable, it struggled in other areas.
Over the last seven days, Hedera’s volume showed a lot of volatility. Additionally, its volume decreased by 66% over the same time period. It saw a 7.36% reduction in market cap dominance.
Hedera’s share of the total cryptocurrency market stood at 0.16% at the time of writing.
Nevertheless, despite the drop in volume and market capitalisation, the volatility was low and had dropped by 40% over the past month. This would suggest buying HBAR at the time of writing would be less risky.
The Hedera network posted a great performance in the DeFi arena despite HBAR’s shortcomings in these areas.
Hedera’s TVL was worth £17.1 million at the time of writing and had increased by 3.06% over the past day.
Hedera has made progress in the DeFi market, but it has struggled on the dApp front. Additionally, top-performing dApps on the network like SaucerSwap and HeliSwap did not have a successful week, according to data from DappRadar.
The number of unique active users on SaucerSwap decreased by 3.21%, while HeliSwap had a decline of 14.97%. The reduction in dApp interest, however, had little effect on how quickly HBAR’s price was rising. HBAR has increased in price by 3.03% during the past 24 hours as of the time of writing.
In the same time frame, its volume increased by 40%. The recent uptick may have been brought on by developments like the Hedera network’s Halloween event.