Hedera Hashgraph (HBAR) Ecosystem - DeFi silhouette on Hedera
Does DeFi on the Hedera Hashgraph ecosystem really have potential? And what stage is it at? Let's 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 attracting developers and users into ecosystems, and one of the ecosystems that has recently had incentive packages is Hedera Hashgraph.
To help you keep up with what's going on in the Hedera Hashgraph ecosystem, I will go with you through the segments in this ecosystem one by one, to get the most general overview of the system, and then search for it. Investment Opportunities.
Does DeFi on Hedera Hashgraph really have potential? And what stage is DeFi on Hedera Hashgraph at? We will find out through the following article!
What is Hedera Hashgraph?
Hedera Hashgraph is a blockchain that uses a new consensus algorithm, called hashgraph. This consensus algorithm was created with the intention of reducing latency and increasing scalability compared to other blockchains, as it is characterized by low latency and extremely high transaction per second speed.
The members of the Hedera Board of Directors are the ones who ensure the smooth operation 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
Outstanding features of Hedera Hashgraph's Blockchain include:
+ Sharding: After Mainnet and the necessary number of nodes, Hedera will run Multiple Shards mode. At this time, consensus is carried out in parallel, helping to improve the performance of 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 is within 3 - 5s - an admirable standard.
+ Staking: Token Holders can stake to become Nodes to directly process transactions. If they do not want to be a Node, they can still delegate their HBAR Token to Nodes makers. Both of these ways help them earn HBAR Tokens.
+ Hedera's Smart Contracts use Solidity language - a popular programming language on EVM Compatible networks.
+ Outstanding parameters
+ Outstanding parameters of the Hedera Hashgraph blockchain:
· 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 August 24, 2019.
Hedera Hashgraph has gone through many testnet and mainnet stages in the past:
March 2018: Hashgraph Consortium founded;
August 2019: Mainnet Launch and first official meeting of Hedera board members.
February 2020: Hedera Consensus Service (HCS) Launch.
February 2021: Hedera Token Service (HTS) Launch.
Recently, in early September, the Hedera Hashgraph ecosystem announced the launch of a 10 billion HBAR incentives package - 20% of the project's total token supply to develop the Hedera ecosystem.
This can also be considered an extremely important milestone for the Hedera ecosystem, because it marks that the ecosystem's infrastructure has been fully completed to attract applications and developers. system.
Investors and management board
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 platform coin investment deals with extremely impressive success such as Solana, Thorchain,... With a success rate when investing in platform blockchains. Highly, Multicoin Capital's investment is extremely meaningful to the Hedera ecosystem
In addition, currently, Hedera Hashgraph is being managed by the world's leading corporations: Boeing, Chainlink Labs, LG, Shinhan Bank, IBM, Google,...
It can be seen that the ecosystem's relationship with the world's leading corporations is very good. As the Hedera Hashgraph ecosystem grows, it is likely that they will receive more support from these corporations to develop applications.
DeFi pieces on Hedera
DEX
Currently, on Hedera there is only 1 DEX, which is Hashgraph Exchange. However, the project's products are still in the development stage and have not yet come into official operation. Hashgraph Exchange allows you to buy and sell, create tokens and create NFTs on this ecosystem.
Looking at the project's interface and marketing channels, it can be seen that this is not a project that demonstrates 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.
Pay
Perhaps because Hedera is managed by many large companies and corporations around the world, there are also many applications created to serve these companies and corporations. Therefore, there are quite a few projects on Hedera working on the payment sector in the ecosystem, typical projects include the following:
· Kpay - Project to issue stablecoin $KUSD $KGBP $KEUR $KCAD $KAUD and work on payments;
· Dropp - Application that allows payments with HBAR or other cryptocurrencies.
· Yamgo - A platform that allows users to make money through small activities such as watching ads, taking surveys,...
· MobiFi - Crypto payment application right on your phone,...
· NFT array
On the Hedera ecosystem, there are many projects working on NFTs, although they are still 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 released a product.
· Hashgraph Cards, Gems Cards, Hash Horses, HGraph Punks: NFT projects on the ecosystem,...
Above are NFT projects in the Hedera ecosystem. The number of projects seems large, but most of them are small, not yet famous and are mainly copying and pasting ideas from Ethereum. The leader in the NFT segment on Hedera is GoMint Market, and this platform does not have tokens yet, so you can also test the product to find investment opportunities.
The infrastructure
Explorer platforms already on the platform:
· Dragonglass explorer
· Hash-hash.info
· Hashlog
· Kabuto
In terms of explorer infrastructure, the platform already has quite a few explorers operating smoothly, ensuring the transparency of this blockchain.
Wallets that support the Hedera blockchain and HBAR token include: My HBAR Wallet; Ivy Wallet; Walla Wallet; xact wallet; Guarda wallet; Coinomi wallet; Exodus wallet; Drop wallet; D'cent wallet; Atomic wallet; BRD wallet,...
With many third-parties supporting wallet services in the ecosystem, according to my personal assessment, the ecosystem has been relatively carefully prepared to be stable in the asset storage wallet segment.
Regarding the Oracle segment, serving the development of DeFi on the Hedera Hashgraph ecosystem is Chainlink, one of the board members of Hedera Hashgraph, so they also provide oracle services for applications in the ecosystem. This.
In addition, no other Oracle supports this platform yet. However, in my opinion, the support of the number one oracle in the entire market alone is enough to serve the platform, because Chainlink is performing so well and completely leading the market in the oracle segment.
Comment: The infrastructure on the Hedera Hashgraph ecosystem is relatively complete, creating a solid foundation for the development of the upper layers of this ecosystem.
Other segments
In addition, the Hedera Hashgraph ecosystem has many projects working on practical applications and technology, with 3 projects working on health care, more than 20 projects working on technology solutions such as storage. storing data, collecting APIs, identifying data,...
It can be seen that these projects do not focus on DeFi aspects like other hot ecosystems on the market such as Solana, Avalanche, Arbitrum,... but pay more attention to applications. use in ordinary life.
General comments and projections
General comments about the Hedera Hashgraph system
As you can see, the Hedera Hashgraph ecosystem already has many Dapps and many application developers operating on the platform, however there is no notable development of DeFi on this platform. The proof is that the basic applications of DeFi such as Lending, AMM DEX or Stablecoin are all just appearing or extremely sketchy.
The explanation for this may be because the Hedera ecosystem is managed by large companies and corporations, and DeFi development is not their current concern. These companies need more practical, real-life applications to support their corporate operations such as payment solutions, data technology solutions, identity recognition, etc. .rather than the DeFi solutions that are already abundant in other ecosystems.
Projection of the Hedera Hashgraph ecosystem
However, with the extremely large stimulus package amounting to more than $4 billion at the present time, it is likely that in the near future, DeFi pieces on this ecosystem will have more obvious development. Currently, I have not seen the shadow of DeFi in this large ecosystem.
In the system, there are still some opportunities to test products to have a chance to receive airdrops such as GoMint, myHEX,... and many products coming soon in the future, you can try the project's products.
