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What to expect as Aptos network activity falls off a cliff

Press Releases Crypto News AMB-Crypto What to expect as Aptos network activity falls off a cliff

The demand for Aptos has declined in the last month.
APT’s open interest has seen a significant drop since the beginning of November.

On-chain data has revealed a steady decline in Aptos’ [APT] network activity over the past month.

Data from Artemis showed that key ecosystem metrics, including total transactions, active addresses, and transaction volume, have all trended downward in the last 30 days.

According to the data provider, as of 16th November, the number of unique wallet addresses that completed at least one transaction on the Layer 1 (L1) network totaled 51,220.

This represented a 92% decline from the 613,890 daily active addresses Aptos recorded a month ago.

Source: Artemis

Due to the decline in daily active addresses on the chain, the daily count of transactions on Aptos fell as well. During the period under review, the total number of daily transactions registered on-chain plummeted by 84%.

Further, Aptos’ network’s total value locked (TVL), which recently soared to an all-time high, has witnessed a decline in the past few days. Data from DefiLlama showed that on 7th November, the blockchain’s TVL rose to $77 million.

However, it initiated a decline a day after, to be pegged under $65 million at press time.

Between 7th November and press time, Aptos’ TVL has dropped by 17%.

APT not spared from the decline

The overall decline in demand for Aptos in the last month has also impacted the performance of its native coin APT.

While its price took advantage of the general market rally to post a double-digit gain in the last month, it has continued to see a steady drop in accumulation.

The coin’s Relat

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Author: Abiodun Oladokun

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