- Aptos has a new token standard which might be a game-changer for long-term growth
- A recap of APT’s recently bearish performance and evaluation of its prospects.
Major networks such as Ethereum [ETH] have thrived off having token standards that streamline interactions. The Aptos [APT] blockchain looks to be following a similar path with its latest announcement revealing a new token standard.
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In its latest announcement, Aptos stated that token standards are important in facilitating network growth. The network revealed the launch of its Aptos Digital Asset (DA) standard as its latest offering which is also aimed at leveraging growth.
1/ Introducing Aptos Digital Asset Standard (DA)
Token standards are pivotal in establishing a shared foundation to create, manage, and interact with digital assets in a blockchain ecosystem. The new Aptos DA offers builders unrivaled flexibility, composability, and scalability. pic.twitter.com/GmxZLuyyqF
— Aptos (@Aptos_Network) August 22, 2023
According to the official announcement, this new standard will offer several benefits as far as real-world applicability is concerned. It will particularly make it possible to develop composable NFTs. Speaking of, NFT trading activity took a substantial hit in the last three months.
Source: Santiment
Aptos’ total NFT trades count peaked at 5,751 in mid-June and recently dropped to a single-digit count. This underscored just how the slow market conditions have affected the network.
The new token standard highlights the network’s efforts to boost NFT trading activity. Meanwhile, APT’s development activity also took a hit and fell to its lowest three-month levels on Monday (21 August).
Will the token standard put APT on a bullish trajectory?
APT had a promising start after delivering an impressive performance in January 2023. However, it has maintained an overall bearish slide since February and recently bottomed out at $4.92.
It has since bounced back to its $5.82 press time price. Nevertheless, its Money Flow Index (MFI) suggested that the token was still experiencing outflows. Hence, short-term prospects remain bearish for now.
Source: TradingView
So what does the future have in store for this coin? Well, the new Aptos DA standard may unlock more growth opportunities, hence potentially boosting demand for the coin in the network.
Note that this is still a hypothetical scenario for now. But, if it were to succeed, then that would boost its long-term bullish prospects.
How many are 1,10,100 APTs worth today
As far as recent on-chain observations were concerned, Aptos’ social dominance metric showed signs of stimulation in the last 24 hours at press time. Despite this, on-chain volume remained low. This reflected the recent market conditions underpinned by uncertainty and low confidence in the market’s ability to bounce back.
Source: Santiment
Aptos’ new token standard has the potential to boost the network’s adoption in the long term hence the magnitude of this development.
Nevertheless, the APT cryptocurrency has shown an affinity for the downside in the last few months. It was still trading at a premium compared to its lowest 2023 price level.
