Hedera Co-Founder Sees NFTs Driving Growth Amid Bear Market

• Hedera co-founder Mance Harmon recently appeared in an interview with Paul Barren Network discussing various aspects of the blockchain firm including decentralization, governance council and partnerships.
• The firm saw its total value locked increase by 33% in Q4 2020 despite the bear market. Harmon attributed this to increased usage of decentralized exchanges, staking platforms and tokenization services.
• Harmon expects more use cases in NFTs associated with the supply chain to drive further growth for Hedera.

Hedera Co-Founder Discusses DLT Firm’s Growth Amid Bear Market

Strong Performance Despite Crypto Winter

Hedera co-founder Mance Harmon recently appeared in an interview on Paul Barren Network where he discussed various aspects of his blockchain firm including decentralization, its growing governance council, and recent partnerships. In spite of a crypto winter that saw FUD and slumping prices, the layer 1 decentralized layer technology (DLT) firm saw its total value locked (TVL) rise by more than 33%. According to Harmon, this was due to increased usage of decentralized exchanges like SaucersSwap and staking platforms like Stader Labs as well as tokenization services, Hedera consensus service, filesystem, and smart contracts.

Presence at Davos Summit

The firm participated in the Davos Summit last month which had a more pragmatic than flashy tone, making it a perfect opportunity for Hedera to demonstrate real world case studies using their technology. This allowed them to prove their resilience even amidst a bear market situation. When asked about the decreased presence of blockchain firms at the summit due to the crypto winter, Harmon said that they were able to ensure a degree of decentralization that no other layer 1 firm has been able to achieve so far.

Objectives Completed & Future Milestones

When speaking on the performance and growth of Hedera ,the co-founder stated that most objectives listed in the whitepaper had been completed but one important milestone remains – achieving high throughput transactions for meeting market demand . To do this ,they are working towards adding community run nodes along with additional shards and networks which is likely to happen within 24 months from now .

NFT Driven Growth Expected

Harmon expects tokenized world driven by NFTs will be a huge factor driving growth for his DLT network . He believes that everything we see or touch will have an associated digital twin in form of an NFT . Use cases for NFTs will not only be limited gaming , loyalty , rewards etc but extend into supply chains as well .