Hedera Developer Community Vibrant Despite the challenges across the board, Hedera, a business-focused platform, especially in Q2 2024, continues to build and enhance its ecosystem further.

According to a Q2 2024 review shared across X on August 19, analysts noted improvements made in the last quarter, pointing out how the platform performed relative to Q1 2024 and the broader crypto ecosystem.

Hedera (CRYPTO: HBAR) continues to build and enhance its ecosystem further, especially in Q2 2024. According to a Q2 2024 review shared across X on Monday, analysts highlighted some improvements made in the last quarter, putting the platform's performance into perspective relative to Q1 2024 and the broader crypto ecosystem.

Here are some key takeaways from the review:

Vibrant Developer Community: Despite the general fluctuation in user activity, analysts observed that the Hedera developer community continued to thrive. The scalable ledger has over 75 full-time developers and over 190 monthly active contributors in their funding. Consequently, Hedera is among the top 40 projects by developer count.

DeFi Presence: The platform's presence in the decentralized finance (DeFi) space was also highlighted in the review. According to the report, Hedera had a total value locked (TVL) of approximately $64 million.

However, this TVL, analysts noted, is exclusive of the assets managed by the platform's liquidity staking solution, Stader. At this level, Hedera lags behind competitors and is far from taking on active networks like Ethereum and Solana, considering data from DeFiLlama.

However, reading from their asset under management, what's positive is that Hedera is actively trying to differentiate itself from other platforms by focusing on emerging sectors. For example, the report notes that the ledger is looking to power the rapidly growing Decentralized Physical Infrastructure Network (DePIN) sector and strides are being made.

For instance, the review notes that Neuron aims to pioneer data transmission and service delivery using decentralized rails. The platform has made inroads in Australia by deploying its first sensor, a crucial step in increasing the number of its data-sharing nodes.

HIP-540 Implementation: In another development, the platform is set to improve its token security further by implementing HIP-540. Once it goes live, developers will be able to remove and modify administrative keys. This effectively means Hedera will boost security and trust, which is a crucial development, especially as it builds its NFT ecosystem.

Technical Analysis: HBAR, the native token of Hedera, is struggling, sinking 66% from April highs. Technically, sellers are in control. However, there are efforts to turn around the state of affairs. The token has support at $0.05. Even so, if bulls push on, breaking above $0.06, prices may rip higher, reversing holders’ fortunes.

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