Today let's talk about Aptos, as it has been receiving a lot of attention on Twitter recently and has come back into my view.
The coin price still hasn't improved, but in fact, there have been many positive news, including movements from the projects launched within the ecosystem earlier.
Since I still have some small accounts and positions in $APT, I will do some organizing, aiming to write objectively, without exaggeration or criticism.
First, I observed that Aptos experienced quite rapid growth in the first half of the year:
• The market capitalization of stablecoins grew by 85.9% to approximately $1.2 billion.
• TVL remained around $1 billion.
• The on-chain scale of RWA exceeded $540 million, making it one of the top three public chains in the RWA market.
The second half of the year is about to welcome two major moves:
❶ The Decibel trading engine is launching, a DEX that is considered Aptos' flagship, seen as a key step towards achieving CEX-level performance.
❷ Aave V3 will launch on Aptos, marking the first deployment confirmed in a non-EVM ecosystem.
After continuous technical upgrades and a rapid rise in the RWA field, Aptos' fundamentals can now be said to be quite solid.
However, the coin price has been on a downward trend since February of this year, with no signs of a rally.
I tried to analyze and I think there are two factors at play:
On one hand, the APT price is constrained by structural supply pressure, with a monthly circulation of 2-3% requiring an equivalent scale of new demand to maintain price stability.
On the other hand, Aptos aims to position itself as a global trading engine, currently focusing on stablecoins and the RWA field. However, previous stages focused more on meeting technical needs and compliance, and demand growth has a lag effect.
Therefore, the key to Aptos' development in the coming months will depend on whether Decibel and Aave can successfully attract mainstream DeFi users and liquidity.
As for longer-term development, it will depend on how far the narrative of stablecoins and RWA can go. It has already accumulated enough, so we will see if Aptos can continue to make an impact in this bull market.
