According to a recent report by Messari, Hedera (HBAR), the open-source Proof-of-Stake (PoS) blockchain network, achieved significant strides in the fourth quarter (Q4) of 2023. The network's performance showcased notable growth across key metrics, outperforming the broader market.

In Q4 2023, Hedera's circulating market cap surged by 78% quarter-over-quarter (QoQ) to reach $2.9 billion. This growth outpaced the overall crypto market growth of 54%, indicating Hedera's growing prominence. The year-over-year (YoY) change for HBAR stood at 211%, reflecting the network's progress and adoption.

Similarly, Hedera Network's revenue witnessed a substantial 59% QoQ increase, reaching $1.6 million in Q4 2023. The platform achieved a new record for transaction volume for the sixth consecutive quarter, with an impressive daily average of 164 million transactions in Q4 2023, marking a 66% QoQ increase.

The Hedera Consensus Service remained the primary driver of this activity, accounting for 99% of all transactions on the network.

With a fixed total supply of 50 billion HBAR, Q4 2023 saw 33.6 billion HBAR, representing 67% of the total supply, in circulation. Quarterly HBAR distributions are reported through Hedera Treasury Management, with an additional 10% of the total supply projected to be unlocked in Q1 2024, including new ecosystem grants.