- HBAR market cap jumped 43.3% QoQ, reaching $9.1 billion.
- Hedera’s mainnet saw three major upgrades improving network efficiency.
- Daily new account creation surged 178% QoQ, showing growing adoption.
Hedera’s latest quarterly performance paints a picture of steady network growth and improved market sentiment.
According to Messari’s Q3 2025 report, the circulating market cap of HBAR rose 43.3% quarter-over-quarter, climbing from $6.4 billion to $9.1 billion. Despite the sharp rise in market value, the token’s circulating supply held steady at 42.4 billion HBAR.
HBAR’s price followed a similar trajectory, rising from $0.15 in Q2 to $0.21 in Q3, marking a 43.2% increase. The rise in value reflects renewed investor confidence and higher trading activity across the network.
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Transaction fees on the Hedera network also increased 3.2% to 928,597 HBAR, while fees measured in USD jumped by 39.2% to $216,088, largely due to HBAR’s price rebound, which amplified dollar-denominated values despite modest network activity growth.
Hedera’s Services Show Mixed Revenue Trends
Messari’s data reveals a mixed performance among Hedera’s primary services. Smart Contract Service’s revenue continued to be the highest, growing by 0.8% to 476,341 HBAR.
Average active accounts per day grew by 15.8%, from 3,814 to 4,368, with the number of new accounts daily growing by a whopping 178% to 13,860, although the average transactions per day declined by 0.9% to 575,496.
The distribution of the transaction continued to be balanced, with 47.5% held by the Crypto Service, 25.8% by the Consensus Service, 25.6% by the Smart Contract Service, and 2.9% by the Token Service.
Staking activities are also up, with total HBAR stakes growing 1.9% to 15.9 billion, or 37.5% of the circulating supply. No reward staking grew 10.6%, while reward-based staking decreased 11.6%.
Mainnet Upgrades Drive Technical Advancements
Hedera made three major updates to its mainnet upgrade releases in Q3 2025, with versions 0.63, 0.64, and 0.65, which significantly boosted its performance, development, and scalability.
These releases included smart contract execution, management, and node optimization, among other features.
Version 0.63 improved node operations by providing better event pruning and low-overhead SDK metrics, and version 0.64 allowed better developer interaction by utilizing dynamic gRPC-Web endpoint discovery.
It better blocks stream functions with HIP-1046 and HIP-1056, which improved scalability for block stream functions.
The v0.65 upgrade, which was released towards the end of September, included streamlined state management through the “Virtual Mega Map,” which improved transaction verification and reduced data costs.
Other proposals, including HIP-991 and HIP-1217, supported better smart contract reliability and error handling.
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