- Aptos introduced delegated staking, which requires 11 APT to stake on the network.
- However, TVL and APT were on a decline in recent days.
Aptos [APT] has just released several new features to its user base, with a bonus for APT holders. The innovative platform introduced a novel way for APT holders to participate in APT staking with a lower barrier of entry.
Read Aptos (APT) Price Prediction 2023-24
Aptos launches delegated staking
Aptos made an exciting announcement on 20 April, which revealed new staking features for their APT token. These features not only made staking on the platform more accessible but also reduced the entry barrier.
With the introduction of delegated staking, users can now earn staking rewards without the need to operate nodes themselves.ย
Moreover, the minimum number of APT tokens required to participate in staking has been lowered.ย Interestingly, only 11 APT tokens are now needed for users to stake on the platform. Earlier 11 million APTs were required to become a validator and to stake in the network.
Delegated staking on Aptos enables users to leverage the expertise of a trusted validator to stake on their behalf. This allows token holders to benefit from locking up their cryptocurrency for predetermined periods without the need to obtain special hardware or pay fees to run code for blockchain transaction verification.
Users can stake APT directly on the Aptos Explorer or select from staking interfaces offered by Aptos’ partners.
The current state of Aptos staking and TVL
Based on data obtained from Aptos Explorer, the total supply of APT currently exceeds one billion. Over 857 million tokens are being actively staked. This indicated that more than half of the total supply is already being utilized.
At the time of writing, the platform boasted 106 validators. With the latest developments in staking, the number of staked APT will likely continue to rise.
Furthermore, a glance at the platform’s Total Value Locked (TVL) indicated a dip. According to DefiLlama, the current TVL as of this writing was $60.24 million, with a decline noticeable from 20 April.
Source: DefiLlama
An APT bear trend on a long timeframe
A closer look at Aptos on the daily time frame chart indicated that the token was on a downward trend for four consecutive days. The price range tool revealed a significant decline of over 23% during this period.
As of this writing, APT was trading at about $10.1, experiencing a less than 1% loss. The Relative Strength Index (RSI) further confirmed the bearish trend, with the RSI line below 40 and indicating a potential for further decline.
Source: TradingView
– How much are 1,10,100 APTs worth today
The delegation feature on Aptos has the capability to generate increased interest in the token, which could result in a rise in buying pressure and, consequently, the token’s value.
However, the direction of the APT token in the coming weeks will be heavily influenced by how effectively and efficiently the new feature is implemented. Only time will tell how successful the integration will be and whether it will positively drive the token’s price.
