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Aptos logs high network activity in Q3 – Here’s what caused it
Aptos saw its network activity rally in Q3 due to the launch of social media platform Chingari on the protocol in July.
- Aptos’ network activity grew significantly in Q3.
- This resulted in a corresponding uptick in protocol revenue during that period.
Proof-of-stake (PoS) Layer 1 (L1) blockchain network Aptos [APT] saw a significant surge in network activity and revenue between July and September, Messari found in a new report.
In the report titled “State of Aptos Q3 2023,” the on-chain data provider found that the last quarter was marked by tremendous growth in user activity on the L1 network, which positively impacted its revenue during the same period.
Addresses on the network climbed to new highs
During the period under review, Aptos recorded an average daily active address count of 70,000. This represented a quarter-over-quarter (QoQ) growth of 329% from the 16,200 recorded in the year’s second quarter.
Also, between July and September, the PoS network saw its new demand climb by over 400%. According to the report, the average count of new addresses created on Aptos daily totaled 35,000. In Q2, this was less than 10%.
With more active and new addresses on the network, transactions count on the blockchain rallied as well.
Per Messari, during the third quarter, Aptos recorded a daily average transaction count of 489,000. This marked a 207% increase from the 159,000 it registered in Q2.
Source: Messari
More transactions equaled more fees on Aptos, and this pushed up the protocol’s revenue generated from transaction fees.
According to Messari:
“Aptos revenue, i.e., all fees collected by the protocol, rebounded in Q3 after reaching quarterly lows in Q2. Denominated in USD, revenue grew 82% to $268,000. The growth was even greater denominated in APT, up 162% QoQ to 42,000.”
Regarding what led to the blow-up of network activity on the chain, Messari found that it was attributable to “social media platform Chingari, which began integrating on Aptos in early July.”
How much are 1,10,100 APTs worth today?
Aptos’ DeFi and NFT ecosystems
Messari assessed the performance of the decentralized finance (DeFi) protocols housed within Aptos and found that during the period under review, the chain’s total value locked (TVL) grew by almost 5%.
At press time, the network’s TVL was$77.89 million, growing by 47% since the year began, according to data from DefiLlama. As for NFT trading activity on the chain, the report found that it saw a total trading volume of $425,600 between July and September.
Source: DefiLlama
