• Aptos price has been in a strong bullish trend in 2023, peaking at $20.44.
• The total value locked (TVL) in Aptos terms is at an all-time low of 4.26 million APT.
• On-chain metrics also show a decrease in user activity on the platform.
Aptos (APT/USD) price has seen remarkable gains in 2023, making it one of the top-performing coins in the industry. The coin surged from its lowest point this year of $3.72 to its peak of $20.44 in January. The bullish trend the coin has seen has been driven by its strong fundamentals and increasing adoption in the industry.
However, a closer look at the network’s on-chain metrics reveals a different story. The Total Value Locked (TVL) in Aptos terms has been on a steady decline over the past few months. It stands at an all-time low of 4.26 million APT, significantly lower than its all-time high of over 17.6 million APT. This indicates a decrease in user activity on the platform.
The same can be said for the number of transactions in the network. According to AptosScan, the number of transactions has been decreasing. The number of active addresses has also been declining, which further confirms the decrease in user activity. This paints a worrying picture of the network’s health and future prospects.
Despite the worrying metrics, there are still some positives to take away from the network. For one, its DeFi TVL has been increasing in dollar terms. This indicates that more users are entering the DeFi space. Additionally, the Aptos team has been working hard to improve the platform and add new features. This could be the catalyst that drives the network to new heights.
Overall, the future of Aptos is uncertain. Its on-chain metrics have been concerning, but its DeFi TVL has been increasing. If the platform can continue to add new features and attract more users, it could be on the path to recovery. For now, all we can do is wait and see what the future holds for Aptos.
