Hedera is a strong competitor in the DeFi space as it boasts some of the best metrics in the industry.according to Recent analysis, the ecosystem reached 5,500 transactions per second. TPS is used to compare DeFi projects against each other. So far, Hedera has surpassed Ethereum in his average number of transactions per second.
The Hedera Hashgraph ecosystem is also expanding the NFT realm.Just last year, the network partnership With LG for Art Lab, the company’s foray into the Metaverse.
With a complete and detailed roadmap for development, the HBAR price hike could be a continuing wave for the ecosystem to ride.
Reached 5,500+ MAX TPS
Wow the Beast has woken up 😤$HBAR It will shock the world in no time. This is one enterprise use case. Imagine 5, 10, 20.#HBAR #ivy #HBAR Barians pic.twitter.com/cWpWgiLa3m
— Nick | Crypto Crusader (37K) (@NCashOfficial) January 16, 2023
External developers driving Hedera
At the Consumer Electronic Show, commonly known as CES, LG announced plans to use Hedera to further extend its reach to Web3.The company will reportedly leverage a network-based crypto wallet blade wallet.
The wallet is said to be the only cryptocurrency wallet to be audited by a third party, making it one of the most secure wallets in the industry. LG Art Lab and victory Winning at this year’s CES promises more external development of the network and encourages the use of the ecosystem in the long term.
LG Art Lab won the Innovation Award at the 2023 Consumer Electronics Show (CES). https://t.co/1ilPcUekyf pic.twitter.com/3xaEQu4ghp
— LG Art Lab (@LGArtLab) January 10, 2023
HBAR: what could happen
Hedera’s native token follows the rise of altcoins to restore lost ground.when FTX Collapse, HBAR lost more than 35% of its value. When the crypto rally started, the token was up 52% in just 17 days.
Hedera was founded by AS Ph.D. computer scientist Leamon Baird and technical executive Mance Harmon.
HBAR total market cap at $1.3 billion on the daily chart | Chart: TradingView.com
Meanwhile, at the current price of $0.549, HBAR is testing the $0.0555 resistance, which may or may not break. If the price uptrend continues, the HBAR bulls should be able to target the $0.0641 resistance and regain lost ground.
However, if HBAR faces a correction at this level, investors and traders can expect support at $0.0506 as the token maintains its healthy upward momentum.
Image: The Daily Hodl
In the meantime, investors and traders should keep an eye on the NFT market and how the market reacts to LG’s aggressiveness in the metaverse venture. As the company further develops the technology to make NFTs mainstream, Hedera’s use will ultimately draw attention to the ecosystem that benefits HBAR.
Investors and traders should also keep an eye on Bitcoin price movements as the two assets are highly correlated. Overall, HBAR is an excellent long-term holding for investors and traders.
Featured Image of Puracy