Aptos: Decoding Why the Blockchain Saw a Surge in Stablecoin Supply

• Aptos saw an increase in stablecoin volume while TVL decreased.
• APT’s daily active addresses rose, and the token’s value showed potential for a bullish trend.

There has been an interesting development on the Aptos blockchain. A significant increase has been observed in the volume of stablecoins flowing into the network.

This increase in activity comes after the chain’s successful launch more than five months ago. Now the question is: How has the chain and its original token, APT, fared since its inception?

Realistic or not, here is APT market value in BTC’s terms

Aptos sees an increase in the influx of stablecoins

Artemis data revealed that Aptos had experienced a significant increase in stablecoin volume on the network. In the last 24 hours, $8 million worth of stablecoins were added to the network, marking the highest growth seen in 2023.

Interestingly, a similar increase was seen earlier this year, albeit in the opposite direction. There was a negative flow of around 14 million dollars in March.

Source: Artemis

Aptos blockchain is a distributed ledger technology that operates in a decentralized manner. Aptos blockchain aims to provide a secure and scalable platform.

In particular, the blockchain uses a consensus mechanism known as “Proof of Identity” (PoI) to reach consensus. Compared to other consensus mechanisms, such as Proof of Work (PoW) and Proof of Stake (PoS), PoI is more energy efficient and secure.

Daily active and unique addresses increase

Based on data from Aptos explorer, the Aptos network has witnessed a significant number of daily active addresses. In the past 30 days, the network has seen more than 10,000 active addresses, with the number currently at over 18,000. Furthermore, Aptos scan reported that the network had over 3.3 million unique addresses registered.

Daily Time Frame Analysis

At the time of writing, Aptos’ (APT) value was on the verge of breaking through the resistance level created by the short-term moving average (yellow line).

The token was trading at approximately $12, showing a 6% increase. That was an increase from the previous trading period which had a loss of less than 1%.

Source: TradingView

On a daily time frame, the Moving Average Convergence Divergence (MACD) indicated a potential weakening of the bearish trend. While the MACD had turned above zero, indicating a bullish crossover; the trend’s movement remained relatively weak.

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

A review of Total Value Locked (TVL) on Aptos, per DefiLlama, indicated a decline in value. As of this writing, TVL was at $37.7 million.