After a quiet start to the year, Hedera came roaring back in Q3 2025. The network captured attention with AI integrations, real-world asset tokenization, and record-breaking onchain activity. From linking its blockchain to NVIDIA’s AI chips to powering $10 billion in asset settlements, Hedera proved it’s no longer just a DeFi chain, but instead it’s becoming a cornerstone for enterprise-grade innovation.
Key Takeaways
- Dapp activity up 190% YoY, averaging 2,069 daily UAW in Q3 2025, compared to 714 in Q3 2024.
- Onchain transactions surged 386% YoY to 2.7 million, while smart contract volumes climbed to $3.7 billion, up 88% QoQ.
- DeFi TVL doubled year-over-year, reaching over $200 million, showing consistent growth despite market volatility.
- SaucerSwap remains the most used dapp on the network, though DeFi dominance fell from 83% to 67% YoY, as NFTs and gaming gained traction.
- With $4.9 million in NFT trading volume, Q3 2025 marked the strongest quarter ever for Hedera’s NFT ecosystem, led by SentX and Dead Pixels Ghost Club’s “Forever Mint” innovation.
Table of Contents
- Hedera’s key developments in Q3 2025
- Dapp activity has seen 190% growth YOY
- DeFi dominance dropped to 67%, but SaucerSwap still most used dapp
- NFT trading volume increased 16x to $4.9 million in Q3 2025
- Closing words
1. Hedera’s key developments in Q3 2025
Hedera had one of its most active quarters to date, marked by major institutional integrations, AI collaborations, and breakthroughs in tokenized assets.
- July: Hedera kicked off Q3 with the “Hedera to Earn” campaign, driving user engagement across its ecosystem. Around the same time, Hedera’s blockchain was integrated with NVIDIA’s AI chips for verifiable compute, sending $HBAR surging in July.
In another milestone, the Australian Digital Dollar (AUDD) announced potential deployment on Hedera, signaling confidence from financial institutions.
- August: The second month of the quarter saw continued infrastructure expansion as Orbit officially launched on the Hedera mainnet, while EtaBridge joined Hgraph to enable LayerZero-powered bridging, improving cross-chain liquidity and interoperability.
- September: Hedera leaned heavily into DeFi and RWA tokenization, introducing Fair Ordering, instant finality, and quantum readiness for institutional and retail trading.
The biggest headlines came from the RWA sector:
- Archax launched Pool Tokens for onchain multi-asset portfolios, featuring funds from BlackRock, State Street, Legal & General, and Aberdeen.
- Lloyd’s Banking Group, Aberdeen, and Archax executed the UK’s first tokenized RWA collateral in FX trades on Hedera. As a result, $HBAR surged 49% amid reports of $10 billion in asset settlements using Hedera.
- Kaio expanded institutional fund offerings on Hedera, further boosting the network’s tokenization capabilities.
- Swarm Markets added tokenized stocks like AAPL and TSLA to the Hedera DeFi ecosystem.
- Finally, Hedera was selected as a blockchain candidate for Wyoming’s Frontier Stable Token (FRNT), strengthening its presence in U.S. regulatory environments.
Definitely, Q3 2025 firmly positioned Hedera at the intersection of AI innovation and real-world asset tokenization, the two trends that everyone is hyping about.
2. Dapp activity has seen 190% growth in one year
Following an eventful quarter for the Hedera Foundation, onchain activity on Hedera has accelerated sharply, signaling growing user and developer engagement.
In Q3 2025, the network averaged 2,069 daily Unique Active Wallets (dUAW), up 10% quarter-over-quarter and an impressive 190% year-over-year increase from the 714 dUAW recorded in Q3 2024.
Network transactions, from the dapps that we track, also grew significantly, reaching 2.7 million in Q3 2025, a 28% quarterly and 386% annual increase. This demonstrates a clear surge in blockchain utilization and user activity.
In tandem with user growth, smart contract volume climbed to $3.7 billion, marking an 88% rise from Q2 and an 83% increase since the start of the year. The uptick was largely fueled by an increase in token swaps, staking, and DeFi interactions, reflecting Hedera’s growing adoption across both retail and institutional users.
3. DeFi dominance dropped to 67%, but SaucerSwap still most used dapp
As highlighted in the previous chapter, onchain activity on Hedera continued to grow, averaging 2,069 dUAW in Q3 2025. Out of this, DeFi accounted for 67% of total activity, confirming Hedera’s continued strength as a DeFi-driven blockchain. However, this marks a 10% drop in DeFi dominance compared to the previous quarter, as NFTs and gaming dapps began gaining traction. The gaming growth was primarily fueled by CoinFantasy, while the NFT sector saw momentum from SentX, the leading NFT marketplace on Hedera.
Despite this slight shift in dominance, SaucerSwap, Hedera’s leading decentralized exchange, remains the most used dapp on the network. Alongside familiar names like CoinFantasy and SentX, a new entrant joined the top ranks this quarter: Bonzo Finance.
Bonzo Finance is an open-source, non-custodial lending protocol supporting HBAR, HTS tokens, and various major wrapped assets, marking a significant step in expanding Hedera’s DeFi infrastructure.
In terms of capital allocation, Hedera’s DeFi Total Value Locked (TVL) increased by 141% year-over-year, reaching $208 million in Q3 2025. While not as high as early 2025 levels, this consistent growth highlights the ecosystem’s resilience amid broader market volatility. With major institutional partnerships and the expanding RWA narrative, DeFi and tokenization are set to remain Hedera’s core growth drivers heading into 2026.
4. NFT trading volume increased 16x to $4.9 million in Q3 2025
Although Hedera is primarily known as a DeFi-focused blockchain, its NFT sector recorded an unprecedented quarter. In Q3 2025, NFT trading volume soared 16x to $4.9 million, while the sales count quadrupled compared to Q2. This performance officially makes Q3 2025 the strongest NFT quarter in Hedera’s history.
Nearly 99% of the trading activity occurred on SentX, Hedera’s largest NFT marketplace, followed by NFTier. While Hedera’s NFT ecosystem remains modest in scale compared to other blockchain networks, this quarter’s breakout success was fueled by the Dead Pixels Ghost Club (DPGC) collection.
In August, DPGC introduced “Forever Mint,” a perpetual NFT minting mechanism that allows collectors to purchase a random Ghost NFT from a wallet pool called Ghost City for a small premium above floor price. Proceeds are then automatically used to buy new NFTs from the secondary market, refilling the pool without expanding the total supply of 10,000 Ghosts. The result: a sustainable minting experience that maintains scarcity while boosting trading volume, engagement, and collector accessibility.
As the broader NFT market continues to recover, Hedera’s combination of innovative mechanics, active marketplaces, and new project launches could mark the start of a more dynamic phase for its NFT ecosystem heading into 2026.
5. Closing words
Q3 2025 was a transformative quarter for Hedera, marked by rapid growth across every layer of its ecosystem. From AI integrations and real-world asset tokenization to record-breaking NFT activity, the network has shown that it’s evolving far beyond its DeFi roots.
The 190% rise in dapp activity, the institutional adoption through RWA pilots, and the innovations from projects like Dead Pixels Ghost Club all reinforce Hedera’s position as a trusted, enterprise-grade blockchain. Despite volatility in the wider market, the network has demonstrated resilience, innovation, and growing appeal to both developers and institutional players.
As we move into Q4, Hedera stands at the crossroads of AI, DeFi, and tokenized assets, ready to capitalize on its strongest momentum yet. If Q3 was about expansion, the next phase may well be about consolidation and leadership in the race toward real-world blockchain adoption.
