In a notable collaboration, Aptos Labs, the developer of the Aptos (APT) Layer-1 (L1) blockchain, announced a partnership with tech giants Microsoft, Brevan Howard, and South Korean telecommunications company SK Telecom for a new decentralized finance (DeFi) platform.

Aptos Labs Unveils Aptos Ascend

The announcement, made on Thursday, revealed that Aptos Labs is launching Aptos Ascend, which will leverage the technologies of cloud computing platform Microsoft Azure, Azure OpenAI service, and SK Telecom while benefiting from the expertise of Brevan Howard and Boston Consulting Group (BCG) to provide digital currency and asset management services to its user base. 

This partnership effort aims to set new benchmarks for secure and scalable financial solutions built on the Aptos blockchain, specifically through the launch of Aptos Ascend.

Aptos Ascend introduces advanced Digital Asset Controls designed to provide precision and adaptability in asset management.

Key features include customizable tokens tailored to specific financial requirements, access control limited to approved transactions and participants, and increased confidentiality through Zero-Knowledge Proofs (ZKP) that ensure compliant transaction details remain secure.

Furthermore, Aptos Ascend’s Network Controls empower financial institutions to upgrade their infrastructure and address future financial challenges.

This is achieved through customizable solutions that allow adaptation of network settings to meet regulatory requirements, implementation of multi-signature protocols for improved security, and maintenance of transparency through comprehensive audit trails.

Convergence Of AI And Blockchain

Mo Shaikh, Co-founder and CEO of Aptos Labs, believes the project will “unlock the on-chain potential that financial institutions have been eagerly awaiting.” 

Shaikh emphasized that this collaboration signifies the beginning of a ‘financial revolution” and expressed excitement about the future pioneers who will leverage the capabilities of the Aptos Ascend suite.

In August 2023, Aptos Labs had already announced their utilization of Microsoft’s infrastructure to deploy new offerings that combine artificial intelligence (AI) and blockchain technology.

Among these offerings was Aptos Assistant, a chatbot that provides increased user experiences. Shaikh highlighted the convergence of AI and blockchain as “transformative forces” that shape the internet and society and emphasized the shared vision of Aptos Labs and Microsoft to make this technology accessible to a wider audience.

APT Breaks Month-Long Downtrend

Following the collaboration and the introduction of the new platform, APT has experienced a significant breakthrough in its month-long downtrend, which amounted to a decline of over 40%. The unlock event of a substantial portion of APT tokens primarily drove this decline.

Before the unlock event on April 12, APT had already witnessed a price drop of nearly 16%. In this event, $141 million worth of tokens were distributed, with $100 million allocated to investors, $38 million among community members, and $16 million earmarked for the ecosystem development foundation. The released APT tokens account for 6% of the current circulating supply.

Currently, APT is trading at $9.54, recording a surge of 6% concurrent with the collaboration unveiling.  Moreover, according to data from CoinGecko, the token’s trading volume has experienced a remarkable increase, reaching $238 million, reflecting a 46% surge compared to the trading volume on Wednesday.

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Layer 1 (L1) blockchain platform Aptos has experienced a significant surge in key metrics, accompanied by a 12% price rally of its native token APT within the past 24 hours. On Tuesday, the token’s price approached its all-time high (ATH) level of $19,92, reaching above $19.

APT Eyes $20 Milestone

Despite the recent price correction across the broader cryptocurrency market, Aptos’ APT token has been on an impressive uptrend since early March. Over the past 30 days, the token has surged by more than 94%, showcasing its strong performance.

Aptos has also gained recognition in crypto, climbing to the 23rd position among the largest cryptocurrencies by market capitalization. Currently valued at $7.3 billion, the token has experienced a substantial increase from the $4 billion recorded at the beginning of the month. 

The trading volume of Aptos (APT) has seen a significant surge, reaching $542,531,437 in the last 24 hours, a notable 90.70% increase from the previous day, according to CoinGecko data.

Analyzing the daily APT/USD chart, no significant resistance levels are observed, indicating that reaching the $20 milestone may be within reach, which would mark a new all-time high for the token. 

The sustainability of the bullish momentum and the ability of investors to hold on to their gains will play a key role in determining the coin’s future performance. Nevertheless, a possible retest of the next support level at $17.36 cannot be ruled out in the event of profit-taking and selling pressure.

If the $17.36 support level fails to hold, the next significant support level for APT is at $16.31. However, it is important to note that APT’s bullish structure remains intact as long as the $12.14 support level remains unbroken, suggesting that the bulls currently have the upper hand as long as a sharp 30% decline does not occur.

Aptos Attracts 11 Million Tokenholders In 30 Days

Coupled with the increase in the price of its native token, Aptos has seen significant growth in key metrics over the past 30 days. According to Token Terminal data, token holders have grown significantly, increasing by 3.4% to 11.79 million individuals over the past 30 days. 

In terms of fees generated, Aptos has seen a notable uptick. Over the past 30 days, fees generated were $209.16 thousand, representing a growth rate of 87.8%. Annualized fees reached $2.54 million, a slight increase of 0.2%.

In a longer time frame, the Aptos token’s trading volume has experienced significant expansion, reaching $10.82 billion over the past 30 days, indicating a significant increase of 178.2%. 

Featured image from Shutterstock, chart from TradingView.com

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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.

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.

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.

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