• The Hedera chain has recorded exponential growth in DeFi protocols with over $35 million in TVL amid the mainstream adoption of digital assets.
• Hedera (HBAR) price gained approximately 15 percent in the past 24 to trade around $0.064 on Monday following the launch of the Calaxy social media app.

The race for mainstream adoption of smart contracts among the top blockchains has significantly pushed DeFi developers to a no-holiday zone during the 2022/2023 bear market. While the Ethereum (ETH) network has largely remained undisputed in the DeFi sector, emerging blockchains dubbed as Eth killers – including Cardano (ADA ) and Solana (SOL) – have recorded significant growth in the past year. Interestingly, other smart contract-based blockchains have emerged as killers of the Eth killers in the past year.

For instance, the Hedera (HBAR) network with a market capitalization of about $2.17 billion, and a 24-hour trading volume of about $168 million, has recorded significant growth in the past few months.

Hedera (HBAR) Welcomes New Social Media Creator Economy Platform Calaxy

After months of meticulous work, the NBA-star-backed social media platform, Calaxy, was officially launched on the Hedera (HBAR) network on August 10. According to the official announcement, the Calaxy application helps content creators with easy-to-use video calls, exclusive fan content, and shout-outs. As a result, content creators across different industries can customize experiences that are backed by a Hedera NFT and can be purchased by users with either USD or USDC.

Interestingly, the Calaxy app has attracted several high-profile figures including soccer Star Luis Suarez, Cosplayer Logan Chitwood, YouTube and Tik-Tok Star Eric Struk, WWE’s Mickie James, and Model Tiana Musarra. The company highlighted that many other key celebrity figures – including R&B star Teyana Taylor, The Bachelor’s Matt James, and NFL star Ezekiel Elliott – are expected to enter the Calaxy platform in the coming months.

“By giving creators the tools and platform we need to build personalized economies at scale, Calaxy demolishes many of the roadblocks standing between contemporary influencers and fair compensation for our time and services,” Executive Chair and Co-Founder Spencer Dinwiddie said.

Dinwiddie added that the Calaxy platform will enable fans to connect with their favorite content creators at a financial level without the need for technical knowledge.

The launch of the Calaxy platform on the Hedera network was warmly welcomed by the community including the top executives.

“…It’s our job at The HBAR Foundation to help bring the most promising Web3 projects to life on the Hedera network and every facet of Calaxy as a business signals that it’s going to redefine a $250B market and onboard millions of people in the process,” Shayne Higdon, Co-Founder, Executive Director, and CEO at The HBAR Foundation, noted.

Market Outlook

Following the announcement, Hedera (HBAR) gained about 15 percent in the past 24 hours to trade at around $0.064 on Monday. Amid heightened demand for digital assets by institutional investors and mainstream adoption of blockchain around the world, the Hedera network is well positioned for more gains in the near future. Moreover, the HBAR market has significant liquidity to accommodate both whales and retail traders.

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