Over the past 30 days, the total value locked (TVL) in the decentralized finance (DeFi) sector of Aptos, a Layer 1 (L1) blockchain network, has seen an impressive surge. This Aptos’ TVL growth of nearly 29% has eclipsed the progress of leading L1 chains such as Ethereum, BNB Chain, and Cardano, whose TVL growth rates have decelerated in the same timeframe.
Resilience Amid Industry Setbacks
DeFi ecosystems recently suffered a jolt following a hacking incident on 30 July involving Curve. This resulted in a contagion effect that led to a sharp decrease in Ethereum’s TVL. Other chains faced a liquidity exodus and reduced user activity as liquidity providers clung to their funds. However, Aptos’ protocols seem to have weathered the storm well, with no significant aftermath from the hack.
Specifically, Thala, Aptos’ leading protocol in terms of TVL, has recorded an 82% growth in TVL over the last 30 days, according to data from DefiLlama.
A Mixed Bag for Aptos
Despite the impressive Aptos’ TVL growth, the network has seen a mix of positive and negative trends. For instance, while there has been a rise in the number of addresses executing transactions, the overall count of transactions executed on the chain in the past month has dropped by a significant 69%. Moreover, despite the addition of new protocols to the chain, the network is yet to generate new demand.
On the other hand, the daily count of distinct addresses with signed transactions has surged by over 100% in the last month, indicating an uptick in network activity on the chain.
Partnership with Microsoft and Price Dynamics
Aptos recently announced a partnership with tech behemoth Microsoft, which led to a 10% intraday rally in the price of APT, Aptos’ native token. However, the token has since lost most of these gains, trading at $7.16 at the time of writing, marking an 8% decline. This drop in value is largely attributed to a decrease in accumulation following the brief rally.
Yet, despite the decline, the market has sufficient liquidity to prevent any sharp price drops, thanks to key momentum indicators like the token’s Relative Strength Index (RSI) and Money Flow Index (MFI), which remain above their respective neutral points.
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