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HBAR Token Skyrockets Over 15% Following FedNow's Incorporation of Dropp Micropayments System

In a remarkable turn of events, Hedera Hashgraph's HBAR token has experienced a surge exceeding 15%, prompted by the integration of "Dropp," a Hedera-based micropayments platform, into the U.S. Federal Reserve's instant payments platform, FedNow.

Dropp, a revolutionary pay-by-bank alternative to credit card transactions, now allows merchants to seamlessly process small-value digital purchases, effectively bypassing the burden of exorbitant transaction fees. This significant development was heralded through a press release by FedNow. Notably, Dropp facilitates micropayments using Hedera's HBAR, the U.S. dollar, and Circle's USDC.

The current course of action propels HBAR's ascent to an impressive elevation of nearly 50% since the middle of June, while concurrently bolstering the token's market capitalization to surpass the $2.1 billion milestone.

Distinguished by its employment of hashgraph consensus, Hedera Hashgraph delineates itself as a blockchain paradigm unlike any other in existence. This distinctive attribute positions Hedera as the solitary public distributed ledger that harnesses the capabilities of hashgraph. Remarkably, Hashgraph achieves a staggering throughput of over 10,000 transactions per second, coupled with near-instant finality measured in seconds.

Findings from a comprehensive report by Messari underscore the exponential growth of Hedera's average daily active accounts, which have swelled by an astonishing 288% year-to-date, ascending from 3,500 to a remarkable 13,500 during the second quarter of 2023. An analogous surge of 340% was observed in terms of average daily creation of new accounts, as highlighted by Messari. This surge in engagement during the second quarter was primarily driven by non-fungible tokens (NFTs), with Karateka, a Web3 game developed by GameOn and leveraging the intellectual property of Karate Combat, serving as the principal catalyst for NFT activity. Notably, the previous year's surge was predominantly propelled by decentralized finance (DeFi) endeavors.

The recent months have witnessed a slew of enhancements within the Hedera ecosystem. FreshSupplyCo (FSCO), a platform specializing in tokenizing assets across the agrifood supply chain, successfully integrated Hedera into its payment trigger API, a component formerly tied to the discontinued private Mastercard Provenance blockchain. Furthermore, South Korean financial institution Shinhan Bank conducted a successful pilot of a stablecoin remittance proof-of-concept, with the solution's foundation resting upon Hedera's open-source public network.

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