In a tweet shared by Hedera’s official account, it is stated that HBAR staking will begin on October 22. Additionally, distribution of rewards for eligible accounts will occur every 24 hours.
Hedera: A public network for Web3
Hedera, a public network for Web3 that allows individuals and businesses to create dApps, made a new announcement recently. According to the announcement, the network plans to launch the staking for its native cryptocurrency, HBAR.
In this tweet, Hedera announces that: Starting October 22 at 00:00 UTC, #staking rewards will be distributed to eligible accounts every 24 hours. This is an important milestone for the #Hedera network – a big thank you to our amazing community! So it remains to be seen what kind of impact this development will have on the Hedera network.
HBAR: A strong presence in the NFT market
Hedera network development activity also showed signs of growth over the past week. This could be an indication of upcoming developments and upgrades planned on the Hedera network. However, HBAR volume has decreased significantly since October 14. Its volume depreciated from 151.2 million to 32.57 million as of October 21. Its market capitalization also depreciated during the same period. Despite HBAR’s declining volume and market capitalization, the Hedera network has not been shy about establishing collaborations. In a recent announcement, Hedera said that LGEelectronics would use the Hedera network as the basis for its future NFT marketplace.
Indeed, the NFT market is another area where improvement has been seen. One of the most successful NFT collections in the Hedera network, Earthlings.land, has seen a huge uptick in volume. According Stockwits NFTs, a data and discovery platform for NFTs, Earthlings.land peaked at 2,152% in volume between October 20-21. Moreover, projects such as HANGRY BARBOONS, have also shown signs of development in this space.
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