• Aptos’s NFT trading volume has declined; development activity is rebounding.
• Martian Wallet and Jujube Finance have partnered up, while METAPIXEL announced the dates for Gran Saga Unlimited community testing.
• The ‚Solana Killer‘ has lost over 30% of its value since February, wiping out nearly $780 million of its market cap.
Aptos’s Market Performance
Aptos started 2023 with a bang, with much of this meteoric rise being powered by its growing list of partnerships and product launches. However, the juggernaut has come to a halt. Since the start of February, the ‚Solana Killer‘ lost over 30% in its value, wiping out nearly $780 million of its market cap.
Decline in DeFi and NFT Activity
One of the primary drivers for APT’s pump in January was growth in DeFi protocols on the network. However, activity has significantly tapered down; according to data from DeFiLlama, Aptos’s total value locked (TVL) declined 15% since the start of February. Additionally, NFT momentum has been waning; trading volume has plunged while there was a substantial decrease in number of NFT transactions as well.
Rebound in Development Activity
Despite these market conditions, development activity showed clear signs of rebound at the time of writing; implying that the network was steadfast towards its technical milestones and could meet deadlines. Investor sentiment also soared as indicated by Aptos’s weighted sentiment metric as well.
On 24 February, Aptos provided key updates on some popular projects: Martian Wallet partnered with Jujube Finance allowing users to access features from latter; METAPIXEL announced dates for Gran Saga Unlimited community test; BloctoApp closed Series A funding round at $80M; Mises001 announced a new partnership with Kanalabs too.
While it is difficult to predict how far Aptos will go given current market conditions, it is undoubtedly trying to make strides through strategic partnerships and product launches which bodes well for future prospects if maintained consistently over time.