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Overview of Hedera Network Services
The global Hedera Council oversees the Hedera Network, also known as HBAR, operating as an open-source Proof-of-Stake blockchain network with public permission. The network offers a range of services, including native tokenization, high-throughput data writing and verification, and the Hedera Smart Contract Service. This service is an optimized version of the Besu EVM specifically tailored for smart contracts. These services are collectively referred to as Hedera Network Services and are powered by the Hashgraph Consensus Algorithm, providing high throughput, fair ordering, and low-latency consensus for all transactions.
Hedera Network Advantages for DeFi Applications
Hedera stands out as an excellent option for DeFi applications due to its high speed, low transaction costs, and affordable transaction options. The network’s DaVinciGraph serves as a token management tool that streamlines token-related on-chain operations, facilitating tasks such as token creation, token vesting, and more. The DAVINCI token, an HTS token on Hedera, has a maximum available supply of 90 million tokens, distributed among NFT holders, the Hedera Community, private sales, liquidity pools, and airdrops.
HbarSuite DeFi Service Provider
HbarSuite operates as a DeFi service provider on the Hedera network, utilizing smart nodes to enable users to interact within the network without the need to directly engage with smart contracts. Some of the products offered by HbarSuite include Launchpad, HSUITE token, NFT Exchange, Decentralized Exchange, Token Manager, Cross-Chain Exchange, and Multi-Sig Wallet Manager.
Dropper: NFT Marketplace and Launchpad
Dropper serves as an NFT marketplace and launchpad for gaming projects on Hedera, providing wallet and asset management tools. To enhance the Web3 gaming community, Dropper has partnered with NeoTokyo, establishing a $5 million grant program aimed at bringing AAA game developers into the Web3 gaming space.
HeadStarter and Hedera’s Support for DeFi Protocols
HeadStarter operates as a project accelerator and launchpad on Hedera, facilitating the introduction of tokens and fundraising for projects. Additionally, the Hedera Network hosts various DeFi protocols, including Builder Labs, EtaSwap, Hashport, and Pangolin. The network supports multiple EVM-compatible networks, enabling the bridging of NFTs and facilitating over $48 million in bridging volume.
Recent Developments and Future Outlook
In 2024, SaucerSwap’s native DEX on Hedera reached new heights with its ATH in SAUCE price, total value locked, and daily trading volume. The successful launch of SaucerSwap V2, which introduced concentrated liquidity and tokenomic changes, contributed to this achievement. Despite a rise in stablecoin supply, improvements are needed in user-focused lending protocols within the DeFi ecosystem. The upcoming crypto bull run is poised to further boost the development and adoption of DeFi applications on the Hedera Network.
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