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According to data from the Token Unlocks web app, the unlock will occur this coming September 1, 2023. These 1.15 billion tokens will be worth approximately $57.5 million as of writing, as HBAR is currently trading at $0.05 according data from CoinMarketCap.
Data also indicates that roughly 23.9% of the tokens will be allocated for ecosystem and open source development, 22.3% for purchase agreements, 14.8% on network governance and operations, and 7.7% for initial development costs and licensing.
Despite initial challenges towards the end of the Q1 2023 due to an exploit in the Hedera mainnet, HBAR has seen a surge over the past two months. This is due to the recent integration of Hedera’s instant payment platform Dropp into the U.S. Federal Reserve’s FedNow platform as a service provider.
FedNow introduced Dropp as an alternative to credit card payments, offering merchants the ability to accept small-value digital purchases without the burden of costly transaction fees. Dropp supports micropayments using HBAR, as well as the U.S. dollar and Circle's USDC, providing a pay-by-bank option for these transactions.
Hedera has prided itself as the only public ledger to use the hashgraph consensus, making it a decentralized, open-source, proof-of-stake, EVM-compatible public ledger, using a leaderless consensus algorithm. This confers the network with the highest level of security and performance theoretically possible. Recerntly, it has also integrated ChatGPT for a more streamlined asset management and monitoring.
It has also seen its userbase jump almost 300% from 3,500 to 13,500 by Q2 2023, year to-date, signalling . While the current metrics for the HBAR token warrant a cautious optimism, the potentialities latent in its integration of AI and the blockchain remain areas for speculation and enthusiasm. Investors and users should keep an eye on Hedera’s future plans after the unlock.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.