Hedera Hashgraph (HBAR) Ecosystem – DeFi on Hedera
Does DeFi on the Hedera Hashgraph ecosystem really have potential? And what stage is it at? Find out right here!
In recent times, ecosystems have continuously launched incentive packages for users to stimulate the development of the ecosystem.
These stimulus packages will have the effect of enticing developers and users into the ecosystems, and one of the ecosystems with incentives package in the past is Hedera Hashgraph.
Does DeFi on Hedera Hashgraph really have potential? And what stage is DeFi on Hedera Hashgraph at? We will find out through the next article!
Overview of Hedera Hashgraph
What is Hedera Hashgraph?
Hedera Hashgraph is a blockchain that uses a new consensus algorithm, called hashgraph.
This consensus algorithm is created with the aim of reducing latency and increasing scalability compared to other blockchains.
The members of the Hedera Board of Directors are the ones who ensure the smooth functioning of the network. But in the future, mainnet nodes will not be allowed.
With the future aiming to create a permissionless network, nodes secure the Hedera ledger by reaching consensus on the validity and order of transactions.
Highlights of Hedera Hashgraph
The outstanding features of Hedera Hashgraph’s Blockchain include:
- Sharding: After Mainnet and has enough nodes needed, Hedera will run Multiple Shards mode. At this time, the consensus is conducted in parallel, which improves the performance of the nodes.
- According to Hedera Hashgraph, current speeds can be up to 10,000+ tps, transaction fees only cost about $0.0001 and transaction processing speed within 3 – 5s – an admirable standard.
- Staking: Token Holders can be staked to become Nodes to directly process transactions. If they don’t want to do Node, they can still delegate their HBAR Token to people doing Nodes. Both of these ways help them earn HBAR Token.
- Hedera’s Smart Contracts use Solidity – a popular programming language on EVM Compatible networks.
Outstanding parameters of blockchain Hedera Hashgraph:
- Network Services: Hedera Consensus Service (HCS) and Hedera Token Service (HTS);
- TPS: 10,000;
- Average transaction cost: $0.0001;
- Finality: 3-5s;
- Marketcap: $5.7 billion;
- Total accounts: 465,000+ wallets (70,000 wallets created in September 2021);
- Status: Mainnet from 24/8/2019.
History, current situation and roadmap
Hedera Hashgraph has gone through many testnet and mainnet phases in the past:
- March 2018: Hashgraph Consortium is established;
- August 2019: Mainnet Launch and the first official meeting of Hedera board members.
- February 2020: Hedera Consensus Service (HCS) Launch.
- February 2021: Hedera Token Service (HTS) Launch.
Recently, at the beginning of September, the Hedera Hashgraph ecosystem announced a package of incentives of 10 billion HBAR – 20% of the total token supply of the project to develop the Hedera ecosystem.
This can also be considered a very important milestone for the Hedera ecosystem, because it marks that the infrastructure of the ecosystem has been fully completed to be able to attract applications and developers system up.
Investors and Board of Directors
The ecosystem has many large investors, such as Multicoin Capital, Eterna, Digital Currency Group,…
In particular, Multicoin Capital is an investment fund that has had many successful platform coin investments with impressive success such as Solana, Thorchain,…
With a high success rate when investing in blockchain platforms, Multicoin Capital’s investment makes a lot of sense for the Hedera ecosystem.
In addition, currently, Hedera Hashgraph is being managed by leading corporations in the world: Boeing, Chainlink Labs, LG, Shinhan Bank, IBM, Google,…
As can be seen, the relationship of the ecosystem with the world’s leading corporations is very good.
As the Hedera Hashgraph ecosystem grows, it is possible that they will receive more support from these corporations to develop applications.
DeFi puzzle pieces on Hedera
Currently, there is only 1 DEX on Hedera, which is Hashgraph Exchange. However, the project’s product is still in the development stage and has not been officially put into operation.
Hashgraph Exchange allows you to buy, sell, create tokens and create NFT on this ecosystem.
Looking at the interface and marketing channel of the project, it can be seen that this is not a project that shows its professionalism through UI and marketing.
But anyway, this is the first project about DEX on Hedera, so you also need to pay attention to the project if you learn DeFi on this ecosystem.
Perhaps because, Hedera is managed by many large companies and corporations around the world, so there are many applications created to serve these companies and corporations.
Therefore, there are quite a few projects on Hedera dealing with payments in the ecosystem, typically the following projects:
- Kpay – Project to issue stablecoin $KUSD $KGBP $KEUR $KCAD $KAUD and make payments;
- Dropp – The application allows payment in HBAR or other cryptocurrencies.
- Yamgo – A platform that allows users to earn money through small activities such as viewing ads, taking surveys,…
- MobiFi – Crypto payment application right on the phone,…
On the Hedera ecosystem, there are many projects working on NFT, although new, the number is extremely large:
- GoMint: The leading NFT Market on the Hedera ecosystem, with over 1,000 NFTs and $37,000 in assets on the platform. This is the main NFT Market on the system.
- Hashplanet: An NFT project on the system, not yet a product.
- Hashgraph Card, Gems Cards, Hash Horses, HGraph Punks: NFT projects on the ecosystem,…
Above are the NFT projects in the Hedera ecosystem. The number of projects seems to be large, but most of them are small, unknown projects and are mainly copying and pasting ideas from Ethereum.
The leader of the NFT array on Hedera is GoMint Market, and this platform does not have a token, so you can also test the product to find investment opportunities.
Explorer platforms already on the platform:
In terms of explorer infrastructure, the platform already has a lot of explorers running smoothly, ensuring the transparency of this blockchain.
Wallets that support the Hedera blockchain and HBAR tokens include: My HBAR Wallet; Ivy Wallet; Walla Wallet; xact wallet; Guarda wallet; Coinomi wallet; Exodus wallet; Dropp wallet; D’cent wallet; Atomic wallet; BRD wallet,…
With a lot of third-party supporting wallet services on the ecosystem, in my personal opinion, the ecosystem has been relatively well prepared for stability in the array of asset storage wallets.
Regarding the Oracle segment, serving the development of DeFi on the Hedera Hashgraph ecosystem has Chainlink, one of the board members of Hedera Hashgraph, so they also provide oracle services for applications in the ecosystem. this.
Other than that, no other Oracle has been found to support this platform yet.
However, in my personal opinion, the support of the number one oracle in the whole market alone is enough to serve the platform, because Chainlink is doing too well and is a complete market leader in the oracle segment.
The infrastructure array on the Hedera Hashgraph ecosystem is relatively complete, creating a solid premise for the development of the upper layers of this ecosystem.
The Hedera Hashgraph ecosystem has many projects working in the fields of practical applications and technology.
With 3 projects working on healthcare, more than 20 projects working on technology solutions such as data storage, API collection, identity data,…
It can be seen that these projects do not focus on the areas of DeFi like on other hot ecosystems in the market such as Solana, Avalanche, Arbitrum, … but pay more attention to applications. normal life use.
General comments about the Hedera Hashgraph system
The Hedera Hashgraph ecosystem already has a lot of Dapps and many application developers active on the platform, but there is no notable DeFi development on the platform.
The proof is that the basic applications of DeFi such as Lending, AMM DEX or Stablecoin have just appeared or are extremely sketchy.
The reason for this may be that the Hedera ecosystem is managed by large companies and corporations, and DeFi development is not their current concern.
These companies need more real-life applications to support their corporation’s operations such as payment solutions, data technology solutions, identity recognition, .. .
Hedera Hashgraph Ecosystem Projection
However, with an extremely large stimulus package of more than 4 billion USD at the moment, it is likely that in the near future, the pieces of DeFi in this ecosystem will have more obvious development.
Currently, I have not seen the shadow of DeFi on this large ecosystem.
In the system, there are still some opportunities to test products to have a chance to receive airdrops like GoMint, myHEX,… and many more upcoming products in the future, you can try the project’s products.
Hopefully, through the article of idolmeta.net, you will have a better overview of the Hedra ecosystem, understand the situation of the arrays and orientation on the Hedera Hashgraph system.
What do you think the next direction after launching Hedera’s $4 billion stimulus package? Which ecosystem overview do you want to learn about next?