Aptos (APT)’s performance and revenues seem growing, thanks to the blockchain’s innovation. The blockchain experienced a remarkable increase in on-chain activity during the second six months of 2024. That is according to data shared today by crypto analyst Nansen.
Aptos sees continued growth in 2024
Throughout the second half of 2024, Aptos, a Layer-1 blockchain platform, recorded a surge of daily active addresses by 5 times (an increase of more than 1 million daily active addresses during the period). Also, the network registered a notable rise in crypto transactions, a rise of 2 billion transactions during the duration. The jump in daily active addresses and the surge of transactions is an indicator of healthy growth in the network and highlights the thriving community supporting Aptos.
Notably, the TVL of the Aptos ecosystem surged 700% during the second half of the year. This development highlights the increased adoption of DeFi protocols running on the Aptos blockchain, showing Aptos’s potential to redefine the financial landscape.
Moreover, Aptos’ ecosystem experienced a substantial growth in the stablecoin sector. During the second half of the year, the blockchain registered massive increased supply of major stablecoins (USDT, USDC, and USDe) on the network, showcasing extensive adoption and trust in the Aptos’ network. This growth is a testimony to real-world applications being developed on top of Aptos.
APT eyes breakout amid on-chain activity
APT currently displays robust potential for a breakout from the ongoing correction, supported by rising on-chain activity. Today, the token dropped 3.6%, currently placing its value at $5.41. Despite this downturn, the asset has been experiencing an upturn in recent weeks. In precise, its price has been up 7.0% and 7.6% over the past week and two weeks ago, respectively.
This rise not only reflects increased adoption of the platform, but also aligns with the ongoing recovery within the broader crypto market. Bitcoin recently gained renewed strength, currently trading above the $90k level. Also, multiple altcoins, including Aptos, are experiencing upward pressure.
This skyrocketed on-chain activity signifies that Aptos is drawing substantial attention and user adoption, which appears to exert pressure on its price uptick.
