ontractsoutput: title: Hedera (HBAR) Q3'24 Market Report: Network Revenue Hits All-Time High of 27M HBAR as Hashinals Gain Traction

Hedera (HBAR) is a high-performance, secure, and sustainable public, permissioned DLT network.

smart contracts and cross-chain interoperability. Developers can use the Hedera Smart Contract Service to create decentralized applications in various domains, including supply chain management, decentralized finance, gaming, and more.

Smart Contract Service daily average transactions continued to pull back after a bullish Q1. In Q3, smart contract transactions decreased by 20% QoQ from 11,100 to 8,900. Active accounts using Hedera’s Smart Contract Service also decreased, down 28% QoQ from 1,100 to 800. Both smart contract transactions and active accounts hit yearly lows in Q3.

Token Service

The Hedera Token Service enables users to create and manage both fungible and non-fungible tokens on the Hedera Network. Users can create HBAR-backed or standalone tokens, customize token properties, and perform operations such as minting, burning, freezing, and unfreezing tokens. These tokens can be used for various purposes, including representing assets, creating collectibles, or facilitating governance.

After two quarters of growth, Hedera’s Token Service transactions decreased. Daily average transactions slid by 18% QoQ from 11,800 to 9,700. In contrast, active accounts using Hedera’s Token Service increased by 11% QoQ from 600 to 700. Both smart contract transactions and active accounts hit yearly lows in Q3.output