Layer 1 (L1) blockchain Aptos experienced significant increases in key metrics during the first quarter (Q1) of this year, according to a report from Messari. This growth was driven by a surge in Bitcoin prices. record high price and increased capital inflows into the market.
However, Aptos’ native token, APT, has struggled with price performance, posting modest gains compared to other top cryptocurrencies.
Aptos network activity spikes
of report He emphasized that Aptos’ market capitalization increased by 127% from the previous quarter to $6.6 billion.
This growth outpaced other projects with similar market caps, improving its market cap rank from 33rd to 22nd. Despite this growth, APT’s price increased more modestly at 76% quarter-over-quarter.
Aptos’ revenue, which includes all fees collected by the protocol, increased 37% to $475,000. However, in APT terms, revenues were down 10%. Although all the revenue generated by Aptos is burnt, these burnt tokens did not significantly reduce inflation.
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APT inflation It will start at 7% per year and decrease by 1.5% each year until it reaches 3.5%. By mid-October, inflation had fallen to just under 6.9%. Additionally, there was inflationary pressure from the unlocking of Genesis supply, with nearly 31% of Genesis supply distributed by the end of the first quarter.
Looking at network activity, Aptos saw a significant increase in transactions and active addresses in the first quarter. Average daily transaction and address growth rates were 66% and 97% quarter over quarter, respectively.
Despite the increase, transaction activity, average transaction fees decreased 45% sequentially to $0.0006 APT ($0.007). Additionally, average daily new addresses increased 91% sequentially to 44,000, and weighted average monthly retention rate increased 82% sequentially to 14%.
APT staking tokens reduced by 5%
In terms of staking, APT staking decreased by 5% to 861 million tokens. However, in USD terms, stake market capitalization increased 68% quarter-on-quarter to over $14 billion.
As seen in the graph above, Aptos also saw growth in decentralized finance (DeFi). Total value is locked (TVL), grew 376% sequentially to $573 million.
According to Messari, this increase is not only due to the rise in APT prices. TVL also grew 170% QoQ on his APT basis. Additionally, Aptos’ stablecoin market capitalization nearly doubled quarter-over-quarter to $97 million.
APT struggles to break $8.80 resistance
Despite these positive developments, APT’s price performance faces challenges. The native token has fallen more than 16% in the last month and is up modestly by 2.7% since the beginning of the year. This is in contrast to the double- or triple-digit gains seen with other top cryptocurrencies.
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Currently trading at $8.46, APT has struggled to break above the recent resistance barrier at $8.80, and has been consolidating between $8.20 and $8.70 over the last month.
Featured image from Shutterstock, chart from TradingView.com
https://www.newsbtc.com/aptos-apt/aptos-posts-triple-digit-gains-in-key-metrics-yet-apt-price-struggles-at-8-40/
