Research Summary
The report provides a comprehensive analysis of the state of Hedera in Q2 2023. Hedera, a public-permissioned leaderless Proof-of-Stake (PoS) blockchain network, saw consistent growth and adoption across all its Network Services, with the Hedera Consensus Service being the fastest-growing. The increase in network usage was primarily driven by NFTs, a shift from previous quarters where DeFi was the main driver. Hedera also announced a strategy for EVM equivalence, a key contribution to this strategy being the development of a Hedera-specific JSON-RPC Relay codebase, known as Hashio. This will pave the way for Solidity and Vyper smart contracts functionality on the Hedera network.
Actionable Insights
- COFRA joined the Hedera Governing Council: COFRA became the 29th member of the Hedera Governing Council, a group of organizations dedicated to supporting the growth and development of Hedera, including the operation of Hedera validator nodes.
- Growth in Hedera Network Services: There was consistent growth and adoption across all Hedera Network Services, with the Hedera Consensus Service being the fastest-growing.
- NFTs driving network usage: The increase in Hedera network usage was primarily driven by NFTs, a shift from previous quarters where DeFi was the main driver.
- Strategy for EVM equivalence: Hedera announced a strategy for EVM equivalence, a key contribution to this strategy being the development of a Hedera-specific JSON-RPC Relay codebase, known as Hashio. This will pave the way for Solidity and Vyper smart contracts functionality on the Hedera network.
