• Hedera Hashgraph has shown resilience by recording a 10% surge in total value locked (TVL) over the past week.
• Dropp, a Hedera-based micropayments application, makes its way into the US Federal Reserve’s instant payments platform, FedNow.

The broader crypto market scenario looks pretty gloomy as of now as the market faces huge selling pressure. But despite the wider market downturn, Hedera Hashgraph has managed to shine through as the total value locked on the blockchain has surged by 10% over the past week, as per the data from DeFiLlama.

Similarly, over the last month, the total value locked on Hedera has shot up by nearly 26%. Hedera reached its peak total value locked (TVL) in February 2023, reaching approximately $46 million.

Subsequently, the network’s TVL declined to below $22 million in the months that followed. However, at the current time of writing, Hedera has experienced a resurgence, with its TVL surpassing the $35 million mark and standing at $35.18 million.

Additionally, Hedera Hashgraph has clocked a few more milestones. Recently, the Hedera network reached another significant milestone as it exceeded 18 billion transactions on its platform.

The Hedera community responded with enthusiasm to this achievement, demonstrating excitement and encouragement towards Hedera and its cryptocurrency $HBAR. This resilience in the face of negative market sentiment within the broader cryptocurrency space has likely contributed to the positive reaction.

All these developments have also reflected in HBAR’s price which is up by more than 16% over the last two weeks. As of press time, HBAR is trading at $0.05903. 

Hedera Makes Way to FedNow

Amidst the challenges faced by many, Hedera has stood out as a success story in August 2023. An important development occurred on August 14 when Dropp, a payments application built on the Hedera network, was integrated into FedNow. FedNow is an instant payments platform created by the US Federal Reserve.

Dropp enables merchants to accept payments as low as one cent, revolutionizing micropayments by making them more feasible and convenient. Additionally, FedNow emphasized that Dropp preserves users’ privacy by not sharing their credentials with the merchants utilizing the platform.

FedNow, launched in July, is a novel instant payment service introduced by the Federal Reserve, designed to enable financial institutions of all sizes to offer secure and efficient instant payment solutions.

While Dropp’s inclusion in the FedNow Service Provider Showcase list might imply a growing interest in distributed ledger technology within the Fed, the central bank clarified in a footnote that the materials presented on the showcase website are intended for informational purposes only. The inclusion of providers does not constitute an endorsement or recommendation by the Federal Reserve.

On the other hand, certain members of the crypto community expressed their dissent regarding this recent development. They pointed out that there could be individuals who have grown disillusioned with the notion of cryptocurrency serving as an alternative to the flaws within traditional financial systems.