Aptos TVL Soars To A Record $74 Million, Reflecting Growing Investor Confidence

Christian Encila

1 year ago

3 mins read

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Since the second week of October, there was a noticeable surge in demand for Aptos’ native cryptocurrency APT. This increased interest led to a robust phase of Total Value Locked (TVL) growth.

Ultimately, this surge in demand for APT resulted in Aptos achieving its highest-ever TVL value of $74 million during the trading session on Thursday, October 26th.

This surge in TVL is a crucial metric for decentralized finance (DeFi) platforms, showcasing the total value of assets, tokens, or cryptocurrencies locked within the platform’s smart contracts.

Aptos TVL. Source: DefiLlama

Aptos Surges Amidst Rising Investor Confidence

The increase in demand for Aptos’ native cryptocurrency, APT, further demonstrates growing investor confidence and interest in the platform’s utility, potentially indicating an expanded user base or enhanced use case scenarios within the Aptos ecosystem.

At the time of writing, APT was trading at $6.69, up 4.5% in the last 24 hours, and etching a notable 31.5% increase in the last seven days, according to figures by crypto market tracker Coingecko.

Source: Coingecko

This rally can be partially due to Aptos’ distinct position as a proof-of-stake blockchain that uses a cutting-edge smart contract programming language, to facilitate quicker and less expensive transactions on its network.

For this reason, a lot of cryptocurrency fans frequently associate Aptos with certain decentralized Web3 applications, with a focus on the domain of non-fungible tokens (NFTs).

1/ 🎉 Aptos Community, we’re celebrating #AptosOne in style! Introducing Graffio: a unique canvas where YOUR art shapes a special commemorative NFT.

Dive in and be a part of Aptos history! 🎨🌐 pic.twitter.com/pKAaQtwhi3

— Aptos (@Aptos_Network) October 18, 2023

AptosOne recently launched Graffio, an NFT-based art display platform. This tool simplifies NFT art creation, with standout features including waived gas fees for social media logins and the creation of an exclusive Graffio wallet.

APTUSDT currently trading at $6.80 billion on the daily chart: TradingView.com

APT Price On Bullish Run With 24% Gain

The announcement led to a surge in Aptos (APT) price from $4.88 to $6.03 between October 20 and 23, a nearly 24% increase, prompting experts to predict a bullish trend continuing to $7.20 around end of next month.

Its current value of $6.69 reflects a notable climb of 36% since mid-October, demonstrating a robust upward trend. The increase in price underscores the promising prospects for the future of Aptos and its indigenous digital currency, APT.

APT seven-day price action. Source: Coingecko

As Aptos achieves its all-time high in Total Value Locked (TVL), the soaring trajectory of APT’s price and the platform’s advancements in NFT technology have sparked significant optimism.

The recent market surge and robust momentum hint at the potential for sustained growth and increased interest in APT. Despite concerns looming over a possible market retraction, the record-breaking TVL and the remarkable rise in APT’s value prompt a hopeful outlook, suggesting that Aptos and its native token may be well-positioned to weather potential market fluctuations and maintain their upward trajectory in the near future.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.