Aptos’ TVL growth shades Ethereum, BNB Chain, and Cardano

• Aptos’ TVL has risen by 29% in the last 30 days
• Following a brief price uptick on 9 August, APT accumulation has flattened 

In the last month, the decentralized finance (DeFi) vertical of Layer 1 (L1) blockchain network Aptos [APT] has seen significant growth in its total value locked (TVL). 

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In fact, according to data from Artemis, Aptos’ TVL has grown by over 25% in the last 30 days, while the TVLs of leading L1 chains such as Ethereum [ETH], BNB Chain [BNB], and Cardano [ADA] have all slowed.

Curve’s hack episode of 30 July  triggered fears of a contagion effect across the DeFi ecosystem. This, for example, impacted leading network Ethereum, which suffered a sharp fall in TVL two days after the re-entrancy exploit of the decentralized exchange. 

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Total Value Locked (TVL) in #Ethereum DeFi has fallen by almost 8% since Sunday. The decline, likely triggered by the uncertainty following the #Curve attack, represents a sharp decrease. To put this in context, the decrease amounts to $3.55B, with Curve’s TVL on ETH comprising… pic.twitter.com/lZXWwvBfWQ

— IntoTheBlock (@intotheblock) August 1, 2023

While other chains have grappled with liquidity exit and decreased user activity as liquidity providers hold onto their funds, protocols on Aptos appear to have been shielded from the aftermath of the hack. 

For example, according to data from DefiLlama, Aptos’ leading protocol in terms of TVL – Thala – has seen an 82% growth in TVL over the last 30 days. 

Source: DefiLlama

It is not all smiles on Aptos

Amid the growth in TVL, an assessment of network activity on the chain revealed a corresponding uptick in the daily count of distinct addresses with signed transactions. In fact, according to Aptos Explorer, this has climbed by over 100% in the last month. 

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However, while there has been a surge in the number of transaction-executing addresses, the overall count of transactions executed on the chain in the past month has fallen. 

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As of 12 August, 606,501 transactions were completed on the L1 network. This represented a 69% drop from the 1.94 million transactions completed on 19 July.

Source: Aptos Explorer

Moreover, despite the influx of new protocols to the chain over the past few weeks, it is yet to attract new demand. Also, as per Aptos Explorer, the daily count of new addresses created on the chain has declined steadily over the past month. 

Source: Aptos Explorer

How much are 1,10,100 APTs worth today?

Microsoft juice no more?

On 9 August, Aptos announced its partnership with tech giant Microsoft. This resulted in a 10% intraday rally in APT’s price. 

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Today, we’re making Aptos history.@AptosLabs is partnering with @Microsoft to unlock Web3 on the @Aptos_Network.

As an @msPartner, our joint suite of AI-supported tools will offer developers and users around the world effortless access to Web3. (1/6) pic.twitter.com/zWsrVWhSql

— Aptos Labs (@AptosLabs) August 9, 2023

The altcoin, however, has shed most of these gains o verthe past four days. Exchanging hands at $7.16 at press time, the token’s value has since declined by 8%. 

The fall in value has been due to a drop in accumulation following the brief rally on 9 August. Especially as many daily traders sought to profit. On the D1 chart, key momentum indicators have since trended south, suggesting a drop in APT accumulation among these traders.

However, sell-offs have also been kept at bay, with these indicators still positioned above their respective neutral points. For example, the token’s Relative Strength Index (RSI) and Money Flow Index (MFI) were 51.97 and 59.16, respectively, at press time.

Likewise, APT’s Chaikin Money Flow returned a positive value of 0.03, suggesting that the market had enough liquidity to prevent any sharp price declines. 

Source: APT/USDT on TradingView