Apartment (APT), ~ Layer-1 Blockchain networks have seen significant growth in key metrics during the fourth quarter of 2023 (Q4), following the overall recovery in the cryptocurrency market. Moreover, according to a recent survey, report With Messari, Aptos has experienced notable advancements in various aspects of its ecosystem.
Inflation and Genesis Supply Unlocked
APT’s market capitalization reached $2.9 billion, showing a remarkable quarter-on-quarter increase of 126%. This growth surpassed the growth of similar market capitalization projects, leading to an improvement in APT. market capitalization From 35th to 33rd (currently 30th).
Even though the price of APT did not rise as much as the market capitalization, it recorded a solid increase of 75% compared to the previous quarter.
Revenue generated by Aptos, represented by fees collected through the protocol, also continued to grow in the fourth quarter after recovering from the lowest point in the second quarter. Quarterly revenue as expressed in APT increased 10% QoQ to exceed 46,000.
With gratitude APT price, USD-based sales increased 30% QoQ, totaling $345,000. Especially at the end of December, daily profits surged due to the ‘inscription craze’.
Aptos has also implemented an inflation model for APT, which starts at an annual rate of 7% and gradually decreases by 1.5% per year until it reaches 3.5%. By mid-October, the inflation rate had fallen below 6.9% based on an initial total supply of 1 billion APT.
Additionally, APT is facing inflationary pressures due to the unlocking of the Genesis supply, which includes 1 billion APT tokens initially allocated.
By the end of the fourth quarter, more than 23% of Genesis supply had been distributed, an increase of 30% compared to the previous quarter.
An additional 7.5% of Genesis supply will be unlocked in Q1 2024, with 48% allocated to core contributors and 34% to individual investors. This unlock is expected to result in the release of $574 million worth of APT tokens, equivalent to 20% of the quarter. circulating supply.
Additionally, while these tokens may not be distributed immediately, $91 million worth of APT will be unlocked into the ecosystem category. It is important to note that prior to distribution, 80% of these tokens will be held by the Foundation and 20% by Aptos Labs.
These tokens are for grants, incentives and other initiatives. So far, just over 20 million APTs have been airdropped from this allocation.
Aptos Deep in Network Activity
Network activity on the Aptos blockchain, measured by transactions and active addresses, decreased slightly in the fourth quarter but remained high compared to the first half of 2023. Average daily transactions decreased sequentially by 1% to 483,000, while average daily active addresses decreased to 483,000. 60,000, a 31% decrease from the previous quarter.
According to the report, soaring network activity The third quarter was primarily driven by Aptos’ integration with social media platforms Chingari and Oracle Pyth. Two notable events contributed to increased network usage in the fourth quarter. The Graffio collaborative art creation event in mid-October and the epitaph in late December.
However, the number of new addresses created per day decreased by 33% in the fourth quarter, following a 419% increase in the third quarter. The weighted average one-month retention rate also decreased by 41% compared to the previous quarter to 5%, recording the lowest rate since December 2022 for the October and November 2023 cohort.
Looking ahead, Aptos explained: Key priorities Q1 2024 will include further strengthening 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 subsequent distribution of APT tokens will be an important event to monitor as it could impact token prices and overall market dynamics.
APT is currently trading at $9.82, which corresponds to a price adjustment of 5.9% in the last 24 hours.
Featured image from Shutterstock, chart from TradingView.com
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