Aptos Market Cap Skyrockets, $574 Million Worth Of APT Tokens Set To Shake The Market In Q1 2024
16 Februar 2024 - 8:43PM
NEWSBTC
Aptos (APT), a Layer-1 blockchain network, has shown significant
growth in key metrics during the fourth quarter (Q4) of 2023,
following the overall recovery of the crypto market. Furthermore,
according to a recent report by Messari, Aptos experienced notable
advancements in various aspects of its ecosystem. Inflation And
Genesis Supply Unlocking The circulating market cap of APT
witnessed a remarkable 126% quarter-on-quarter (QoQ) increase,
reaching $2.9 billion. This growth surpassed that of similar market
cap projects, leading to an improvement in APT’s market cap rank
from 35 to 33 (currently 30). Although the price of APT did not
rise as much as its market cap, it still recorded a solid 75% QoQ
increase. Revenue generated by Aptos, represented by the fees
collected through the protocol, also continued to grow in Q4 after
recovering from lows in Q2. Denominated in APT, quarterly revenue
grew by 10% QoQ, exceeding 46,000. With the appreciation of
APT’s price, revenue in USD experienced an even greater surge of
30% QoQ, totaling $345,000. Notably, there was a spike in daily
revenue towards the end of December due to an “inscription craze”.
Moreover, Aptos implemented an inflation model for APT, beginning
at a 7% annualized rate and gradually decreasing by 1.5% each year
until it reaches 3.5%. In mid-October, the inflation rate reduced
to just under 6.9% as per the initial total supply of 1 billion
APT. Additionally, APT faced inflationary pressure from the
unlocking of the genesis supply, which includes the initially
allocated 1 billion APT tokens. By the end of Q4, over 23% of the
genesis supply was distributed, marking a 30% QoQ increase. Related
Reading: VeChain Rules Top 100 Crypto List With 67% Rally Ahead Of
Major Announcement In Q1 of 2024, another 7.5% of the genesis
supply is set to unlock, with 48% allocated to core contributors
and 34% to private investors. This unlocking is expected to release
$574 million worth of APT tokens, representing 20% of Q4’s
circulating supply. Additionally, $91 million worth of APT
will unlock towards the Ecosystem category, although the immediate
distribution of these tokens may not occur. It is important to note
that, before distribution, 80% of these tokens are held by the
Foundation, while 20% are held by Aptos Labs. These tokens
are intended for grants, incentives, and other initiatives. So far,
slightly over 20 million APT from this allocation has been
airdropped. Aptos Dip In Network Activity Network activity on the
Aptos blockchain, as measured by transactions and active addresses,
decreased slightly in the fourth quarter, but remained at elevated
levels compared to the first half of 2023. Average daily
transactions decreased 1% sequentially to 483,000, while average
daily active addresses decreased 31% sequentially to 60,000.
According to the report, the surge in network activity during Q3
was primarily driven by the integration of the social media
platforms Chingari and Oracle Pyth with Aptos. In Q4, two notable
events contributed to increased network usage: the Graffio communal
art creation event in mid-October and inscriptions towards the end
of December. However, the number of new addresses created per day
decreased by 33% QoQ in Q4, following a significant increase of
419% in Q3. The weighted average one-month retention rate also fell
by 41% QoQ to 5%, marking the lowest rates since December 2022 for
the October and November 2023 cohorts. Related Reading: Investment
Firm Forced To Sell XRP Worth $2.5 Million: Here’s Why Looking
ahead, Aptos has outlined key priorities for Q1 2024, which include
further enhancing the stability and scalability of the network,
expanding partnerships and integrations, and implementing new
features and improvements based on community feedback.
Additionally, the upcoming unlocking of the genesis supply and the
subsequent distribution of APT tokens will be a significant event
to monitor, as it may impact the token’s price and overall market
dynamics. APT is currently trading at $9.82, which corresponds to a
price correction of 5.9% over the past 24 hours. Featured image
from Shutterstock, chart from TradingView.com
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