Aptos Posts Triple-Digit Gains In Key Metrics, Yet APT Price Struggles At $8.40
13 Mayo 2024 - 5:30PM
NEWSBTC
According to a report by Messari, Layer 1 (L1) blockchain Aptos
experienced substantial gains in key metrics during the first
quarter (Q1) of the year. The growth was driven by the surge in
Bitcoin prices to new record highs and increased capital inflow in
the market. However, Aptos’ native token, APT, has struggled
with price performance, recording modest gains compared to other
top cryptocurrencies. Aptos Network Activity Surges The report
highlighted that Aptos’ circulating market cap increased 127%
quarter-on-quarter (QoQ) to $6.6 billion. This growth outpaced
other projects with similar market caps, improving market cap rank
from 33 to 22. Despite this growth, APT’s price experienced a more
modest increase of 76% QoQ. Aptos revenue, which encompasses
all fees collected by the protocol, grew by 37% to $475,000.
However, when denominated in APT, the revenue decreased by 10%. All
revenue generated by Aptos is burned, but these burned tokens have
not significantly reduced inflation. Related Reading: Is The
Bitcoin Run Over? Analyst Anticipates Further Upside APT inflation
started at a 7% annualized rate and is set to decrease by 1.5% each
year until it reaches 3.5%. By mid-October, the inflation rate had
reduced to just under 6.9%. Additionally, there was inflationary
pressure from the genesis supply unlocks, with almost 31% of the
genesis supply distributed by the end of Q1. Looking at network
activity, Aptos witnessed a significant increase in transactions
and active addresses in Q1. Average daily transactions and
addresses saw 66% and 97% QoQ growth rates, respectively.
Despite the increased transaction activity, the average transaction
fee decreased by 45% QoQ to 0.0006 APT ($0.007). Furthermore,
average daily new addresses grew by 91% QoQ to 44,000, and the
weighted average one-month retention rate increased by 82% QoQ to
14%. APT Staked Tokens Decrease 5% Regarding staking, APT staked
decreased by 5% to 861 million tokens. However, when denominated in
USD, the staked market cap grew by 68% QoQ, surpassing $14
billion. As seen in the chart above, Aptos also experienced
growth in its decentralized finance (DeFi) total value locked
(TVL), which increased by 376% QoQ to $573 million. According to
Messari, this increase was not solely due to APT price
appreciation; TVL also grew by 170% QoQ in APT terms. Additionally,
Aptos’s stablecoin market cap nearly doubled QoQ, reaching $97
million. APT Struggles To Break $8.80 Resistance Despite these
positive developments, APT’s price performance has faced
challenges. The native token has declined over 16% in the past
month, resulting in a modest 2.7% surge year-to-date. This
contrasts with the double or triple-digit gains seen by other top
cryptocurrencies. Related Reading: Analyst Predicts Injective (INJ)
Breakout: $50 Price Range On The Horizon Currently trading at
$8.46, APT has struggled to surpass its nearest resistance wall at
$8.80, leading to a consolidation phase between $8.20 and $8.70
over the past month. Featured image from Shutterstock, chart
from TradingView.com
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