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Chain Rating · Scorecard v1.0

Hedera

Blockchain · HBAR · $0.02B DeFi TVL. Hedera is a public network run by a council of large organizations. It has a fixed supply of 50B HBAR and very little DeFi activity.

Data As Of November 12, 2026 Methodology Chains v1.0 (provisional) Revenue To Coin Treasury + staker payout · None
SolvencyCREDIT GRADE
B
41.8 / 100
Can the network keep paying for its own security?
Legitimacy
BB
57.5 / 100
Is it what it says it is, and who controls it?
GrowthOUTLOOK
CCC
22.5 / 100
Is usage growing, measured by value and fees?
How Revenue Reaches The Coin

Does Hedera's Revenue Help HBAR Holders?

Mechanism
Treasury + staker payout
Pass-through today
None
  • Fees are split between node operators, a staking reward account and the treasury.
  • No burn.
  • Fee revenue was about $0.3M in the last 12 months.

What it means for a holder. Fee revenue is too small to affect the coin. Staking rewards come from pre-minted supply held by the treasury, not from usage.

Descriptive, not scored separately: the fee-against-issuance input in Solvency already carries the economic weight. Not investment advice.

Axis I · Credit Grade

Solvency — B

Solvency screens at B (41.8 / 100). Strongest input: liveness and incident history. Weakest input: fee revenue against new issuance.

Solvency ScorecardB
MetricRawNormalizedWeightWeighted
Fee revenue against new issuance0.01x
25%2.5
Chain fees of about $0.3M over the last 12 months. There is no minting; staking rewards are paid from the pre-minted treasury.
Stake concentration3 / 10
25%7.5
Consensus nodes are permissioned and run by members of the governing council, about 30 organizations.
Supply pressure, next 12 months5%
15%9.8
Fixed 50B supply. About 87% was released by mid-2026, with a forecast of about 95% after Q3 2026; the next-12-month figure is an estimate.
DeFi value stability (worst 90-day drawdown)52%
15%6
Liveness and incident history8 / 10
20%16
No consensus halt found; services were paused briefly after a 2023 exploit.
FINAL DIMENSION SCORE41.8 → B
Axis II · Legitimacy

Legitimacy — BB

Legitimacy screens at BB (57.5 / 100). Strongest input: team and foundation transparency. Weakest input: client diversity and audits.

Legitimacy ScorecardBB
MetricRawNormalizedWeightWeighted
Client diversity and audits4 / 10
20%8
One implementation, now developed as an open-source foundation project.
Team and foundation transparency9 / 10
20%18
Delivery against roadmap7 / 10
20%14
Governance of upgrades4 / 10
25%10
A council of enterprises with equal votes controls upgrades and the treasury; node operation is not open to the public.
Supply distribution5 / 10
15%7.5
Large allocations went to purchase agreements and ecosystem programs, released on a council schedule.
FINAL DIMENSION SCORE57.5 → BB
Axis III · Growth Outlook

Growth — CCC

Growth screens at CCC (22.5 / 100). Strongest input: users and developers. Weakest input: defi tvl, 12-month trend.

Growth ScorecardCCC
MetricRawNormalizedWeightWeighted
DeFi TVL, 12-month trend-75%
25%2.5
Share of all-chain TVL0.03%
20%4
Fee revenue, 12-month trend-66%
20%2
Users and developers4 / 10
35%14
Enterprise use cases and tokenization pilots; DeFi TVL of about $23M.
FINAL DIMENSION SCORE22.5 → CCC
Verdict

Where Hedera Lands

Weakest axis: Growth, CCC. Hedera trades open participation for institutional governance. Under this scorecard that costs it on concentration and governance, and fee revenue is too small to support the token.

Credit Grade — Solvency
B
41.8 / 100

The credit grade answers one question: can the network keep funding its security and stay live. Legitimacy and Growth are published beside it and are never averaged into it.

Analyst Note
Enterprise-governed network with a transparent treasury and strong uptime, but permissioned validators and negligible fee revenue.
Chains scorecard v1.0, provisional. Base networks are graded on the same three axes and AAA-to-D scale as DeFi protocols, with inputs suited to a chain. Fee, TVL and share figures come from DefiLlama as of November 12, 2026; the 0–10 inputs are analyst estimates from public sources and judgment. Growth leans on DeFi TVL and fee revenue, which understates chains used mainly for payments. Every input should be verified before being relied upon.
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ChainSolvencyLegitimacyGrowth
EthereumBBBAABB
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CardanoBBBACCC
AvalancheBBBBBCCC
SuiBBBCCC
NEAR ProtocolBBBBBBB
TONBBBBB

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