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Home»ADOPTION NEWS»Aptos reports record on-chain activity, but skepticism about bot activity remains
ADOPTION NEWS

Aptos reports record on-chain activity, but skepticism about bot activity remains

By Crypto FlexsSeptember 14, 20242 Mins Read
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Aptos reports record on-chain activity, but skepticism about bot activity remains
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Layer 1 Blockchain apartment appropriate

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Even in a lukewarm cryptocurrency market, it is showing signs of growth. But as with all things in the blockchain world, the devil is in the details and the data.

Aptos recorded 5.4 million active monthly addresses last month, which is comparable to some existing chains. The platform also recorded a record high of 578 million user transactions last month, indicating a lot of activity within the ecosystem.

Meanwhile, the APT token has shown resilience, with a small but positive gain of 4.9% over the past 12 months. This is no mean feat in a market with frequent ups and downs.

While these numbers paint a picture of a thriving ecosystem, it’s important to approach on-chain metrics with a healthy dose of skepticism.

  • High transaction volumes and active addresses can be inflated due to bot activity or airdrops.
  • A high number of transactions does not necessarily mean that there is significant economic activity. This is one of the fan favorite indicators, but it is important to always keep in mind that it can be misleading.
  • Promotional campaigns and token distributions can cause temporary spikes in activity. It is always interesting to track whether volume and activity continues after an airdrop, or if the hype subsides.
  • Rapid growth can be exciting, but a sustainable ecosystem requires a balance between new users and retained, engaged participants.

When navigating the ocean of blockchain data, it’s important to remember that while numbers are bright, they don’t tell the whole story. The true measure of blockchain’s success is its ability to solve real-world problems, foster innovation, and build sustainable ecosystems.

This is an excerpt from The Block’s Data & Insights newsletter, where we dig into the numbers that make up the industry’s most thought-provoking trends.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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