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APT Still Not Living Up to Expectations as Development Drops by coinEdition

APT Still Not Living Up to Expectations as Development Drops
  • More than $4 million was bridged between Aptos and Aptos.
  • (USDC), is the leader in ETH bridge transaction.
  • On-chain development for APT fell from 8.55 % to 0.61 %.

Nansen, a blockchain analytics firm, tweeted that $4 million was transferred from Ethereum (ETH), to Aptos(APT) on the 21st October. This happened just two days after the blockchain was listed on tier-one exchanges.

Aptos has added LayerZero protocol as part of its efforts to make scalable Decentralized Applications accessible. This protocol acts as an infrastructure to connect APT with other blockchains.

Nansen’s further analysis revealed that the Ethereum bridge had USD Coin leading in transactions. USDC accounted roughly 83% of the total at press time. It accounted for just $3.4 million. (USDT) also registered $404,000, while Wrapped Ethereum (WETH), a smart contract-based bridge, reached $282,000.

Despite this, APT has not exited the “pump and dump” mode that was activated with the distribution of its airdrop. CoinMarketCap, a cryptocurrency market tracking website, shows that APT lost 27.83% in trading volume over 24 hours.

This loss in daily trading volume is also accompanied by a 5.92% decrease in APT’s price over the same time period. APT currently trades at $9.54 as of press time.

APT would have been expected to excel in on-chain development and activities given its interaction with many chains. According to Santiment data, the opposite is true.

APT’s development activity (Source: Santiment)

The above data shows that APT’s development had taken a massive downturn from 8.55 to 0.61. This may further back up the current market talk that APT is not living up the expectations.

Coin Edition published the article APT Not Yet Living Up to Expectations as Development drops appeared first on Coin Edition.

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News Source and Credit

Stocksak Editorial

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