- Aptos’ TVL has notably reduced despite high expectations.
- The project has performed well with respect to NFTs and token value.
When Aptos’ [APT] Mainnet went live on 17 October 2022, there was an array of excitement in the crypto community. At the time, the ecosystem was battling with several downsides but the project’s offer to allow the development of DeFi applications on its chain brought a bit of cheer.
Read Aptos’ [APT] Price Prediction 2023-2024
Five months down the line, Aptos has excelled in some areas. In other parts, its performance has been no more than woefully inadequate.
An unignorable part of the ecosystem is the Total Value Locked (TVL). The TVL is a metric used to represent the sum of all assets deposited into a protocol.
The struggle for deposits ends in…
Many of its “earlier supporters” expected Aptos to thrive in that regard. However, the opposite has been the case. A look at DeFi Llama data showed that the TVL of the layer one (L1) blockchain was $35.54 million despite boasting 19 lending, liquid staking, and yield protocols under its chain.
Source: DeFi Llama
The value represents a 37.5% decline in the last 30 days and has left Aptos lingering in the 38th position. So, the drop means that investors’ interest in decentralized Applications (dApps) under Aptos has been significant.
However, it does not seem that the APT team was resting on its oars. This was because on-chain data highlighted the attempts to sustain upgrades on the network. According to Santiment, the Aptos development activity has been on the rise lately.
At the time of writing, the metric, which defines a project’s display of its public repositories was 56.38. In addition to the development activity, the social volume has also improved. Social dominance is gauged by looking at the number of search texts for a particular asset.
At press time, this metric’s value was 157. It implied that investors have been considering APT as an asset to own, and speculation around the asset had been rising.
Source: Santiment
Realistic or not, here’s APT’s market cap in BTC’s terms
Collectibles to the rescue
Another aspect that came with the Aptos October launch was its sojourn into the NFT industry. Though collectibles under the blockchain could not record sales like those of Solana [SOL] and Ethereum [ETH].
But Aptos did not seem all that bad as its NFT sales volume reached the highest since the end of February.
Source: Santiment
Meanwhile, the APT token has produced one of the best performances in the last seven days. With a 31.39% increase, only a minute number of cryptocurrencies out of the top 100 could lay claim to such improvement.
