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Tag: Hedera

  • Mondelēz International Partners With Hedera on Distributed Ledger Technology

    Mondelēz International Partners With Hedera on Distributed Ledger Technology

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    The Hedera Council announced a new partnership with food giant Mondelēz International, the company behind popular brands such as Toblerone, Cadbury, and Oreo.

    As the governance body for the Hedera public network, the council will assist Mondelēz in developing distributed ledger technology solutions for internal use. Currently, the Hedera network is governed by a wide array of industry leaders such as Dell, IBM, Google, Deutsch Telekom, Ubisoft, and plenty more.

    Continuous Commitment to Blockchain Solutions

    Shortly before the partnership was announced, Mondelēz began collaborating with SKUx, a fintech payment platform that it tasked with building alternative payment solutions to provide an alternative to its coupon and voucher system. Established in 2012 to take over the snack division of Kraft Foods, its grocery division was split into a different company.

    SKUx has also been partnered with Hedera for several years now, which may have led – at least in part – to the announcement of the direct agreement between Mondelēz and the Hedera council, given the amount of emphasis the blockchain project places on networking and strengthening relationships between companies worldwide.

    According to Bill Miller, the co-chair of the Membership Committee for the Hedera Council, he and his team aim to strengthen not only the business ties between parties but also consumer trust in one of the biggest snack producers worldwide.

    “Mondelēz International is a global food leader responsible for many of the food brands that today’s consumers enjoy. We are excited to amplify their voice as part of the Hedera Council towards spearheading relevant business solutions for the greater CPG and retail ecosystem.”

    Upgrading Logistical Capabilities

    Together, the two companies will develop tools for supply chain management, digital transformation initiatives, and more.

    Xiang Xu, the Leader of Digital Strategy and BlockChain at Mondelēz International, also commented on the initiative, stating that the enterprise he represents eagerly looks forward to the partnership and hopes that the solutions developed together will solve longstanding production hassles.

    “We are excited to continue our commitment to digital transformation by exploring distributed ledger technologies alongside Hedera. The potential to solve longstanding retail industry challenges for consumer-packaged goods companies and merchants is very compelling.”

    If Hedera’s prior experience is any indication, Mondelēz will soon benefit from robust yet innovative solutions in the agreed-upon areas.

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    Cristian Lipciuc

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  • Hedera’s 15% Price Rally at Risk as SHORT traders Dominate

    Hedera’s 15% Price Rally at Risk as SHORT traders Dominate

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    HBAR price rose 15% on Feb. 6 to reach a 20-day peak of $0.78, hours after the Hedera team confirmed a $250 million agreement with the Saudi Arabian Ministry of Investment.

    Hedera’s recent five-year partnership agreement with the Saudi Arabian government has initiated positive price action. But notably, a vital market metric suggests derivatives traders could scuttle the HBAR price rally. 

    Hedera price soared 15% as investors reacted to Saudi partnership 

    HBAR price has been trending down since the crypto market correction that heralded the Bitcoin ETF approval in mid-January.

    The Hedera blockchain native coin had tanked 22% between Jan. 11 and Feb. 5, But the momentum flipped bullish following the announcement of Hedera’s partnership with the Saudi Arabian government on Feb. 6.

    Hedera (HBAR) Price Action Jan. 11 to Feb. 7, 2024. Source: TradingView

    Details of the partnership outlined an investment plan enabling companies to create advanced technological solutions at the newly launched DeepTech Venture Studio in Riyadh.  

    In a dramatic turn of events, HBAR price gained 15%, rising from $0.69 to $0.77 within 24 hours of the announcement, as depicted in the chart above. 

    Speculative traders placing large bets on retracement 

    The rare rally sent Hedera to a 20-day peak after three consecutive weeks on the back foot. However, a vital market metric shows that speculative traders may scuttle the recovery phase.

    Coinglass’ funding rate metric tracks real-time swings in fees paid by long and short trades in the derivatives markets to keep their contract positions open. 

    The HBAR funding rate has recorded a noticeable decline in the negative zones as market activities swung bullishly in the spot markets. A close look at the chart below shows that the funding rate sank to a 90-day low of -0.02% on Feb. 7. 

    When the funding rate rapidly swings negative during a rally, most speculative short traders pay record fees to keep their futures position open in hopes of booking profits when prices fall. 

    Hedera (HBAR) Funding Rate vs. Price
    Hedera (HBAR) Funding Rate vs. Price | Source: CoinGlass

    Essentially, the negative trend in HBAR funding rates implies that the prevailing sentiment in the derivatives markets is skeptical about the sustainability of the price rally. If the bulls fail to counteract these positions and establish a stronger upward momentum, HBAR spot prices could soon be at risk of a sharp downturn.

    HBAR price forecast: Bears could target $0.65

    Drawing inferences from the market data trend analyzed above, the bullish impact of the $250 million Saudi Arabia partnership on Hedera price could be shortlived. 

    And having recently traded as low as $0.67 on Feb. 5, before the recent rally, the bears could set their sights on a more audacious downswing below $0.65 during the next attempt. 

    However, the Bollinger band’s technical indicator shows that the bulls could mount a formidable support line around the $0.67 area. But if that support level cannot hold steady, a bearish reversal toward $0.60 could be on the cards. 

    Hedera (HBAR) Price Forecast after Saudi Arabia 250 million Partnership, February 2024
    Hedera (HBAR) Price Forecast following Saudi Arabian partnership, Feb. 2024. | Source: TradingView

    On the upside, if the bulls can build on the momentum from the Saudi partnership, they could invalidate this negative Hedera price prediction by staging a $0.80 retest. 

    However, as depicted by the upper Bollinger band in the chart, a looming sell-wall at $0.78 could scuttle the rally.


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    Ibrahim Ajibade

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  • Hedera, Saudi Ministry ink $250m deal to drive web3 development

    Hedera, Saudi Ministry ink $250m deal to drive web3 development

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    Hedera, a leading Proof of Stake (POS) blockchain platform, has entered into a five-year partnership with the Saudi Ministry of Investment (MISA) to help companies develop web3 technologies in the region. 

    The collaboration, valued at $250 million, was announced during the Saudi-Swiss Roundtable Meeting, marking a milestone in KSA’s efforts to enhance its investment landscape. This initiative will introduce advanced solutions across various sectors, including AI, blockchain, and other deep technologies.

    The Hashgraph Association has also launched the DeepTech Venture Studio, dedicated to empowering technological advancements for Saudi companies, aligning with the kingdom’s vision to become a global hub for innovation.

    Following the announcement, Hedera’s native token, HBAR, witnessed a 5% surge in price, reflecting the market’s positive reception to this significant collaboration. HBAR’s trading volume has soared by nearly 400% in the past 24 hours, according to CoinMarketCap. 

    Since last year, Saudi Arabia has invested in web3 and blockchain projects to support the region’s global vision. In November, the Kingdom invested $50 million in Animoca Brands to support web3 gaming and metaverse projects.

    The country’s central bank has also been exploring blockchain use cases for the past two years. 


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    Mohammad Shahidullah

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  • Hedera (HBAR) Shines: Record-Breaking 164 Million Daily Transactions, Market Cap Reaches $2.9 Billion

    Hedera (HBAR) Shines: Record-Breaking 164 Million Daily Transactions, Market Cap Reaches $2.9 Billion

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    Hedera (HBAR), the open-source Proof-of-Stake (PoS) blockchain network, has made significant strides in the fourth quarter (Q4) of 2023, according to a recent report by Messari. The network’s performance showcased notable growth in key metrics, outpacing the crypto market.

    Hedera Outpaces Crypto Market With 78% QoQ Increase

    During Q4 2023, Hedera’s circulating market cap experienced a 78% quarter-over-quarter (QoQ) increase, reaching $2.9 billion. This growth surpassed the overall crypto market’s growth rate of 54%, signifying Hedera’s growing influence. The year-on-year (YoY) change for HBAR stood at 211%, reflecting the network’s progress and adoption.

    Hedera’s circulating market cap grew by 78% during Q4. Source: Messari

    In the same line, Hedera Network’s revenue witnessed a substantial 59% QoQ increase, amounting to $1.6 million in Q4 2023, primarily driven by a 66% QoQ surge in transactions, notably propelled by the Hedera Consensus Service. 

    Furthermore, the revenue generated from Token and Smart Contract Services contributed approximately 14% of the total revenue, exemplifying a healthy distribution in Hedera’s revenue streams.

    With a fixed total supply of 50 billion HBAR, Q4 2023 saw 33.6 billion HBAR, or 67% of the total supply, in circulation. 

    The quarterly distribution of HBAR, reported through the Hedera Treasury Management Report, anticipates an additional 10% of the total supply to be unlocked in Q1 2024, including new ecosystem grants.

    While the number of addresses experienced a decline in Q4 2023, with average daily active addresses decreasing by 22% QoQ to 6,600 and average daily new addresses dropping by 39% QoQ to 5,200, there was still substantial YoY growth. Active addresses were up 90% YoY, and new addresses witnessed a 123% YoY increase.

    Hedera Network achieved a new record in transaction volume for the sixth consecutive quarter, with an impressive daily average of 164 million transactions in Q4 2023, marking a 66% QoQ surge. The Hedera Consensus Service remained the primary driver of this activity, accounting for 99% of all transactions on the network.

    DEX Trading Volume Skyrockets 164% QoQ

    In Q4 2023, the Hedera network reported 28 billion HBAR staked, representing 85% of the circulating and 56% of the total supply. 

    Entities such as Swirlds and Swirlds Labs played a significant role in staking their HBAR allocations, and the Hedera Treasury supported validators in meeting the minimum staking threshold for network consensus. 

    The Hedera network’s Total Value Locked (TVL) demonstrated positive growth, reaching $64 million by the end of 2023, reflecting a significant YoY increase of 169%. The TVL denominated in HBAR reached 733 million, indicating a 16% QoQ and YoY increase. Interestingly, Hedera’s TVL ranked among the top 40 blockchain networks.

    Moreover, Hedera Network experienced a 164% QoQ increase in average daily decentralized exchange (DEX) trading volume, reaching $1.3 million, an all-time high. SaucerSwap dominated DEX trading volume on the Hedera network, accounting for most of the trading activity, as seen in the chart below.

    Hedera
    Hedera’s DEX volume growth during Q4. Source: Messari

    Lastly, the stablecoin market cap on the Hedera network grew by an impressive 73% QoQ, culminating in a year-end total of $6.3 million. Circle’s USDC stood as the sole stablecoin available on Hedera. 

    The network’s rank in the stablecoin market cap among blockchain networks improved by four spots QoQ, solidifying Hedera’s position in the stablecoin market.

    Hedera
    HBAR’s price recovery on the daily chart. Source: HBARUSDT on TradingView.com

    Under current market conditions, the price of HBAR stands at $0.0736, showcasing substantial growth in the past 24 hours, with a 5% increase. 

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Hedera Council allocates billions in HBAR to grow network

    Hedera Council allocates billions in HBAR to grow network

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    In a significant move to bolster the development of its network, the Hedera Council is allocating an additional 4.86 billion in its native HBAR token.

    The council, which oversees the running of the Hedera network, announced the decision, which underscores Hedera’s increased commitment to ecosystem development, in a Jan. 12 blog post.

    According to the post, the lion’s share of this allocation, 4.248 billion HBARs, is set to be distributed amongst existing initiatives, including the HBAR Foundation, the Hashgraph Association, and the DLT Science Foundation.

    The disbursement of these funds is planned for the first quarter of 2024 to the HBAR Foundation and Hashgraph Association, while the DLT Science Foundation will receive grants as they achieve milestones throughout the year.

    Additionally, the Hedera Council plans to utilize 614.06 million HBARs for operational expenses and payments to early simple agreements for future tokens (SAFT) purchasers.

    Hedera Council’s chief financial officer, Betsabe Botaitis, noted in the post the accelerated adoption of the Hedera network in 2023, with more than 33 billion real-world transactions processed. 

    She credited much of that success to the pivotal role played by Hedera ecosystem partners in bringing applications to market and onboarding new users. 

    With this robust foundation in place, Botaitis affirmed the Hedera Council’s commitment to extending further support to the network’s development and usage through the new grants.

    News of the funds allocation comes soon after the HBAR Foundation introduced the DeRec Alliance in conjunction with the Algorand Foundation on Jan. 11. Aimed at developing a decentralized recovery system for crypto assets, the alliance seeks to simplify the process and align it with traditional web2 practices.

    The initiative was unveiled during a panel that included co-founders Leemon Baird of Hedera and John Woods of Algorand (ALGO).

    The DeRec Alliance is calling for industry-wide collaboration to create standards and open-source codes for user-friendly key recovery procedures.

    Baird stressed the participation of banks, credit unions, and various wallet software projects, demonstrating the initiative’s reach beyond Hedera and Algorand.

    The unveiling of the Decentralized Recovery open-source protocol, employing secret sharing among selected helpers, marks a significant stride towards ensuring secret recovery without information exposure.


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    Julius Mutunkei

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