Aptos: Decoding why did the blockchain see surge in Stablecoin inflow
- Aptos saw a surge in stablecoin volume while its TVL declined.
- APT’s daily active addresses were rising, and the token’s value showed potential for a bullish trend.
There has been an interesting development on the Aptos blockchain. A significant increase has been observed in the volume of stablecoins flowing into the network.
This activity surge comes after the chain’s successful launch more than five months ago. Now, the question is- How has the chain and its native token, APT, fared since its inception?
Realistic or not, here’s APT market cap in BTC’s terms
Aptos sees a surge in stablecoin inflow
Artemis data revealed that Aptos had experienced a significant surge in stablecoin volume on its network. In the last 24 hours, approximately $8 million worth of stablecoins were added to the network, marking the highest growth observed in 2023.
Interestingly, a similar surge was witnessed earlier this year, albeit in the opposite direction. There was a negative flow of around $14 million in March.
Aptos blockchain is a distributed ledger technology that operates in a decentralized manner. The Aptos blockchain aims to offer a secure and scalable platform.
Notably, the blockchain employs a consensus mechanism known as “Proof of Identity” (PoI) to reach consensus. Compared to other consensus mechanisms, such as Proof of Work (PoW) and Proof of Stake (PoS), PoI is more energy-efficient and secure.
Daily active and unique addresses on the rise
Based on data from Aptos explorer, the Aptos network has witnessed a significant number of daily active addresses. Over the past 30 days, the network has seen more than 10,000 active addresses, with the number currently standing at over 18,000. Furthermore, Aptos scan reported that the network had over 3.3 million unique addresses registered.
Daily timeframe analysis
At the time of writing, Aptos’ (APT) value was on the brink of breaking through the resistance level created by the short Moving Average (yellow line).
The token traded at approximately $12, showcasing a 6% increase. It was an increase from the previous trading period which had a loss of less than 1%.
On a daily timeframe, the Moving Average Convergence Divergence (MACD) indicated a potential weakening in the bearish trend. While the MACD had flipped over zero, indicating a bullish crossover; the trend’s movement remained relatively weak.
How much are 1,10,100 APTs worth today?
A review of the Total Value Locked (TVL) on Aptos, per DefiLlama, indicated a decline in value. As of this writing, the TVL was at $37.7 million.