Since its launch in October 2022, Aptos [APT] has been steadily gaining traction and establishing itself as a prominent Layer 1 blockchain platform.
Approaching its second anniversary, Aptos is attracting increasing attention from both traders and investors in the cryptocurrency space.
The success of the blockchain can be largely attributed to its innovative implementation of Move technology, which distinguishes it from other blockchain networks.
Currently trading around $9, as indicated by CoinMarketCap data, there is speculation among many traders that the price of Aptos could potentially hit $20, fueled by recent growth in on-chain activities.
An important indicator of this growth is the Total Value Locked (TVL), which surged to $300 million in September.
In just the first week of October, Aptos has already equaled this TVL figure, indicating a strong potential for further price appreciation in the final quarter of the year.
The rise in TVL has been supported by liquid staking projects such as Amnis Finance and TruStake, contributing to a 28% increase in liquid staking TVL during September.
CEX Outflows and Staking Activity Impacting APT
An in-depth analysis of Aptos’ flow from centralized exchanges (CEXs) indicates a notable increase in outflows; however, the netflow (outflow minus inflows) on the largest CEX, Binance, remained at -1.53 million APT.
This trend suggests a growing number of traders opting to hold onto their tokens, reflecting a bullish sentiment. By reducing the transfer of APT to exchanges, traders are signaling a reluctance to sell, expressing their anticipation for a potential price surge.
Weekly staking data reaffirms strong community support for Aptos, with consistent staking of APT tokens, resulting in a total staked value averaging over $800 million since the beginning of the year.
Although there has been a marginal decline in the percentage of staked APT this week, the daily transaction volume has remained robust, averaging 1.5 million transactions in September.
The peak daily transaction count recorded was 2.7 million, underscoring the increasing activity on the Aptos network and its prospects for continued expansion.
Increasing Active User Base
In terms of user adoption, the number of active users on the Aptos network continues to climb. Presently, there are over 2 million active users on the platform, representing a 33% growth since the start of the year.
The influx of new users has surged by 101% since January, with 1.299 million individuals joining the Aptos ecosystem in the current year alone.
With all key metrics pointing towards substantial growth, Aptos seems poised for a robust conclusion to the year, potentially reaching higher price thresholds as more traders and investors recognize its resilient performance.