• Aptos (APT/USD) price has seen a strong increase in 2023, reaching a peak of $20.44 in January.
• Despite this, a closer look at its on-chain metrics shows that its DeFi TVL in APT terms has been falling.
• The number of users in its ecosystem has also been declining.
The digital asset Aptos (APT/USD) has had an impressive year so far in 2023. After reaching a low point early in the year, it has seen a steady increase in its market price, eventually reaching a peak of $20.44 in January. This is a great achievement for the project, and it shows that the market is bullish on its future prospects.
However, a closer look at the project’s on-chain metrics paints a different picture. The Total Value Locked (TVL) in its DeFi space has been steadily increasing in dollar terms, currently sitting at an all-time high of $76 million. However, when viewed in terms of APT, the TVL has been falling. This means that the project’s DeFi ecosystem is not doing as well as one might expect.
The number of users in the Aptos ecosystem has also been declining in recent months. According to AptosScan, the number of transactions on the network is also down. This could indicate that the project is struggling to attract new users and retain existing ones.
Overall, while the price of Aptos (APT/USD) has seen an impressive increase in 2023, its on-chain metrics suggest that the project is not doing as well as one might expect. The declining TVL in APT terms and the falling number of users could be a cause for concern for the project. It will be interesting to see if the project can turn things around in the coming months.