In a major development, the one-year-old Hedera Hashgraph blockchain network processed a massive 207 million transactions during the last month of March 2021. Hedera executive Christian Hasker updated the status on Thursday, April 1.
How's the @Hedera year of scale going you ask? (or maybe you didn't ask) Pretty well so far I'd say. Do my eyes deceive me or does that really say TWO HUNDRED MILLION+ transactions in March? pic.twitter.com/RyPykUph0D
— Christian Hasker (@chasker) April 1, 2021
Heder claims to be the world’s fastest and more secure public blockchain network that implements the Directed Acyclic Graph (DAG) to process a few hundred transactions every second. As we can see from the graph above, there’s more than a 100% surge in transactions during March 21, compared to its previous month.
Well, 207 million transactions are massive in comparison to some of the other blockchains in the industry. Just for reference, the Ethereum blockchain network processes 1.4 million transactions every day and nearly 38 million transactions in a month. It means Hedera can already process 6x transactions than Ethereum.
On Its Way to 10,000 Transaction Per Second
The Hedera Hasgraph blockchain network has been launched with the goal of challenging the nights of VISA and Mastercard. For this, Hedera has set itself an ambitious goal of hitting 10,000 transactions per second.
Considering March 2021, it is still not anywhere close to its goal as it processes around 80 TPS considering 207 million transactions last month. One of the users on Twitter pointed Christian to this math and asked if Hedera is planning to implement Sharding to attain the desired scalability. Responding to it, Christian said: “It’s still so early. Just getting rolling. Can’t comment on sharding, but don’t need it yet for sure”.
Along with the transactions, Hedera’s native cryptocurrency HBAR has also surged nearly 200% in the last month. Also, HBAR has been on a roll so far in 2021 with its price surging 11x or 1000% year-to-date.
At press time, HBAR is trading at a price of $0.35 with a market cap of $2.76 billion. With this HBAR ranks among the world’s top 50 cryptocurrencies by market cap.