Hedera co-founder Mance Harmon on performance amid bear market

• Hedera co-founder Mance Harmon comments on the growth of his DLT firm amid the bear market.
• The co-founder expects more use cases in the supply chain NFT space to boost Hedera’s popularity.

Mance Harmon, the man behind the popular layer 1 DLT Hedera, recently appeared in an interview on Paul Barren Network. The interview saw Harmon discuss various aspects of his blockchain firm including decentralization, its growing governance council, and recent partnerships. 

Hedera proved its resilience

During the interview, Hedera co-founder Mance Harmon highlighted the strong performance of Hedera in the fourth quarter of last year.

In the face of rising FUD and slumping crypto prices, the layer 1 decentralized layer technology (DLT) firm saw its total value locked (TVL) rise by more than 33%.

Harmon stated that the network usage saw massive growth, thanks to decentralized exchanges like SaucersSwap and staking platforms like Stader Labs.

Tokenization services, Hedera consensus service, filesystem, and smart contracts also contribute to the growth.

Hedera participated in the Davos Summit last month. When asked about the decreased presence of blockchain firms at the summit due to the crypto winter, Harmon said that the overall tone was more pragmatic than flashy, making it the perfect opportunity for Hedera to demonstrate real-world case studies using Hedera.

According to him, Hedera has been able to ensure a degree of decentralization that no other layer 1 firm has been able to achieve. 

Speaking on the growth and performance of Hedera, the co-founder stated that most of the objectives listed in the whitepaper had been completed.

Decoding the details

According to him, one of the most important milestones that remain is the ability for a layer 1 DLT to scale and process transactions with really high throughput to meet market demand.

He revealed that his team is working towards adding community-run nodes. Adding additional shards, and additional network is likely to happen in the next 24 months. 

As far as NFT-driven growth is concerned, Harmon is counting on a tokenized world in the future. “Everything you see and touch is going to have an associated digital twin in the form of a token, more often than not, it would be an NFT.”

According to him, the use cases for NFTs will branch out from existing core crypto-focused spaces like gaming, loyalty, and rewards among others, and NFTs associated with supply chain use cases will drive growth.   

The performance of the native token HBAR has been rather impressive since the beginning of the year.

According to data from CoinMarketCap, the token, at press time, was currently trading at $0.088, up more than 144% year-to-date.

The project’s growing popularity has led to a boom in trading activity and the same is reflected in the 26% increase in its daily trading volume.