Aptos [APT] not only demonstrated strong performance in terms of its price action, but also reached a significant milestone in its DeFi ecosystem recently. Various factors contributed to this accomplishment, with a major credit due to recent progress made within the Aptos ecosystem.
Surging Growth in Aptos’ DeFi Ecosystem
Aptos recently took to social media to showcase a number of interesting advancements within its blockchain network. Particularly noteworthy was the substantial increase in Aptos’ Total Value Locked (TVL). Over the past two months alone, the protocol’s TVL has doubled to $1.2 billion, marking an impressive 19x growth year-over-year.
This recent surge propelled APT’s TVL to an all-time high, indicating a sustained momentum. As of the latest data, the blockchain’s TVL reached $1.3 billion.
The social media update also highlighted several new launches that may have contributed to the burgeoning TVL. Notably, AGDEX, a decentralized perpetual exchange, recently made its debut on Aptos.
The tweet also spotlighted the top-performing decentralized applications (dApps) of the previous week in terms of unique active wallets. Leading the pack was Kana Labs with 923k Unique Active Wallets (UAW), trailed by Chingari and KGeN with 921k and 886k UAW, respectively.
Despite the growth in Aptos’ DeFi sector, data from Santiment suggested a slowdown in the blockchain’s development activity. This decline indicated reduced efforts by developers in enhancing the blockchain during the past week, along with a decrease in the number of developers contributing to development activities.
The social media update from Aptos also shed light on the network activity of the blockchain. Last week, the network recorded 4.1 million active users, driving Aptos’ cumulative transactions to the 2 billion mark. The volume on its Decentralized Exchange (DEX) displayed a similar upward trajectory, reaching $21.5 million— marking a 28x increase over the past year.
However, upon further examination, CryptoCrypto observed a decline in the blockchain’s network activity in December. Following a sharp increase, the daily active addresses of APT started to drop, along with a decrease in daily transactions.
In terms of captured value, Aptos did not demonstrate a promising trend. Both the blockchain’s fees and revenue experienced a decline in the recent days, as per data from Artemis.
Positive Outlook for APT
Amid these developments, APT continued to exhibit a favorable stance on the price charts.
As of the latest update, the altcoin was priced at $14.97, recording a growth of over 3% within a 24-hour period. Additionally, the token’s long/short ratio showed an increase over the same timeframe, indicating a higher number of long positions in comparison to short positions— signaling a growing bullish sentiment in the market.