- RedSwan has tokenized real estate projects worth over $5 billion in Hedera.
- Sentient partnered with Google Cloud, one of the top cloud computing providers.
- The key challenge for Hedera is that its DeFi ecosystem is still small.
Hedera Hashgraph (HBAR) price drifted upwards on Wednesday morning as investors reacted to several important ecosystem news. HBAR rose to $0.05, a few points above this month’s low of $0.045.
Hedera Hashgraph is one of the top layer 1 networks that aims to be the best alternative to other blockchains like Tron and Ethereum. The network is known for its fast speeds and low transaction costs and its partnerships with companies like Google, IBM, and ServiceNow.
HBAR price rose slightly after key players in its ecosystem made headlines. First, Sentient announced that it partnered with the Google Cloud Program. The partnership will help to lower its operation costs by providing $200k in credits.
Cloud companies like Google, Microsoft, and Amazon have been keen to make partnerships with leading blockchains in the past few months. Their goal is to capture this growing market, which experts believe will continue growing in the coming years.
Second, Hedera highlighted the success of RedSwan, a marketplace for tokenized real estate. In a statement, Hedera noted that the company had already tokenized real estate projects worth over $5 billion. RedSwan runs on Hedera’s network.
Real World Assets (RWA) tokenization has emerged as a major industry in the crypto industry. It involves converting physical untradable assets into ones that people can buy and sell easily.
It is also being widely used by some of the leading players in the financial services industry. For example, Swift Network is exploring how it can boost payments using the technology. This is an important thing since Swift is one of the biggest players in finance, where it connects thousands of banks.
JPMorgan, the biggest American bank, recently conducted a tokenized transaction for Blackrock and Barclays. ANZ, a big four Australian bank, has also done the same. Therefore, there is a likelihood that more developers will use Hedera Hashgraph for this.
Still, Hedera Hashgraph faces numerous headwinds. A key one is that Hedera’s DeFi ecosystem is almost empty. Data by DappRadar and DeFi Llama shows that there are only a handful of dApps in the ecosystem. Stader, its biggest DeFi platform has a TVL of just $19 million. HeliSwap and SaucerSwap have TVLs of less than $3 million each.
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