HBAR’s trajectory in the cryptocurrency market has been a subject of discussion lately. The main focus has been on the impact of Hedera’s incubation partnership with Dar Blockchain, a Tunisia-based WEB3 company. This strategic collaboration underscores Hedera’s commitment to establishing a stronger presence in Africa and the Middle East.
Hedera’s Expansion in Africa
Hedera has been proactive in seeking out growth opportunities, with a recent emphasis on Africa. Their partnership with Dar Blockchain is a significant step in this direction. The aim is to accelerate the adoption of the Hedera network through a variety of initiatives. This is a clear demonstration of Hedera’s intention to support and onboard projects from Africa and the Middle East.
Earlier this year, Hedera had teamed up with telecommunications titan Orange to set up an accelerator program in Morocco. This marked the beginning of Hedera’s expansion in Africa. The new incubation partnership with Dar Blockchain further solidifies Hedera’s growing influence in the region.
Incubation Program and Network Growth
Both Hedera and Dar Blockchain plan to launch an incubation program to support promising projects on the network. This is a strategic move designed to stimulate robust network growth. The Total Value Locked (TVL) in the network is a useful measure of such growth, providing an estimate of the liquidity within the ecosystem. Hedera’s TVL experienced a surge in August 2022, peaking at $45.64 million in February 2023, and currently stands at $30.15 million.
While the TVL has seen a slight dip, the high number of core developers suggests that development activity remains healthy. This bodes well for the success of the incubation program, which aims to increase the number of projects on Hedera and, consequently, raise the TVL.
HBAR’s Market Performance
Despite the promising developments, HBAR, Hedera’s native cryptocurrency, has been struggling to break out of its recent range. At press time, HBAR was trading at $0.048, having fallen by 7% in the last three days. This performance reflects the overall state of the market. However, HBAR is still trading above its 12-month high due to accumulation in its lower range, indicating investor confidence.
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With the Hedera incubation partnership, Hedera’s commitment to growth is clear. Only time will tell how this will impact HBAR’s market performance and the overall growth of the Hedera network.
