Hedera Hahgraph (HBAR) BitBoy Buys $500k Worth Of HBAR! & Hedera The Future Of DeFi? (BREAKING NEWS)

Today we’ll be talking about breaking news
that Bitboy has bought $500,000 worth of HBAR tokens and indications that hedera may be
the go to platform for defi developments. On a recent livestream, Bitboy made his subscribers
aware of his purchase of $500,000 dollars worth
of HBAR tokens. Bitboy’s acquisition of more HBAR tokens
may have been encouraged due to the recent downturn in the overall crypto market, coupled
with hedera’s exciting new partnerships and developments.

Most notably, hedera’s governing council
members recently approved the allocation of 10.7 billion hbars from the hedera treasury
to the affiliated, independent HBAR foundation. This new investment will give the foundation
the power to invest the allocated HBAR tokens to developments occurring on the hedera ecosystem,
especially, startups which intend to build their platform on the hedera network. Alongside Bitboy stating his recent acquisition
of more HBAR tokens, Bitboy will be putting out a video about the acquisition on Thursday. This could potentially be big for hedera,
with Bitboy boasting the second largest crypto channel on Youtube, second only to Coin Bureau,
a video detailing Hedera’s characteristics and the reasons behind his acquisition of
more HBAR tokens, will expose more of his viewers to the hedera project as a whole.

This factor may entice a number of Bitboy’s
viewers to purchase HBAR and become avid followers of the project. I’d also like to make you aware of a fairly
old headline in regards to USDC being made available on hedera’s consensus service. The availability of USDC on the hedera network
may open up the network to more DeFi initiatives. Whereby, the issuing of USDC on the Hedera
network, may entice more developers, especially Decentralised exchange developers to base
their platform on hedera. The availability of USDC alongside hedera’s
intrinsic characteristics, most notably its low and predictable transaction fees, of 0.001
dollar per transaction, its high throughput finality rate of 3 to 5 seconds and its rapid
transaction capacity of 10,000 plus per second, would also be highly beneficial and desired
characteristics to build a DEX. Hedera’s innate quality of having predictable
fees coupled with its rapid translation capabilities will put it ahead, over the likes of ethereum.

Whereby, the current, largest DEX in the world,
Uniswap, which is directly built on the ethereum blockchain, faces excessive fees. A DEX based on hedera would not fall victim
to excess transaction and gas fees, thus hedera may become a more DeFi friendly platform over
the likes of ethereum. Furthermore, Hedera has seen significant updates
to its smart contract service. Updates to the service will see smart contract
applications leverage hedera’s token service, these updates will allow for the programmability
of tokens. The update will also see scalability enabling
hundreds of transactions per second with finality in seconds and low, predictable fees.

Benefits associated with smart contact services
built on hedera, may lead to more developers and individuals to build DeFi applications
leveraging Hedera’s smart contract service. The carbon offset organisation DOVU, which
actively uses and is built on the hedera consensus service have actively stated their intentions
of leveraging the updates to hedera’s smart contract service. In response to this endeavour, Matt Smithies,
the CTO of DOVU stated; "The new enhancements to Hedera's Smart Contract service will ultimately
enable DOVU to achieve our vision to evolve into a complete, non-custodial solution for
our farmers and land managers to prove the ongoing storage of carbon.

In other words, this has the potential to
unlock the ability for DOVU to track decades worth of changes of carbon for a single project,
whilst utilizing the security and native speed of Hedera Hashgraph, without relying on any
layer 2 network. With the potential for more developers actively
using the hedera network for DeFi initiatives, more HBAR tokens will actively be used as
gas to enable transactions on specific applications to take place. Increases in the number of HBAR transactions
occurring in this instance will lead to increases in the demand for the token. Increases in the demand for the token will
see synonymous increases in the price of HBAR, especially over the long run. What are your thoughts on Bitboy’s acquisition
of more HBAR? What price will HBAR reach by the end of the year?.

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