Aptos up 343% to new all-time high on renewed interest in L1 blockchains
Aptos up 343% to new all-time high on renewed interest in L1 blockchains
The L1 blockchain is also up 18% in the last 24 hours.
Cover/illustration via Cryptooshala
Aptos (APT), a Level 1 Proof-of-Stake blockchain developed by former Meta employees that powers smart contracts and decentralized applications, was one of the biggest winners this January, with tokens up over 343.76% in last 30 days.
The V-shaped APT recovery occurs after some stormy start, despite raising $350M in 2022 in two funding rounds from a16z, Tiger Global and Multicoin Capital, among others. In July the company raised $150 million in a Series A funding round led by FTX Ventures Sam Bankman-Freed. and jump crypto.
But after the initial launch led to criticism of tokenomics as being a bit greedy, the coin is now proving to be one of the hottest in a period that has seen renewed interest in Tier 1 (L1) blockchains.
What are L1 blockchains?
L1 blockchains are among the base layer chains that make up this network, allowing an ecosystem of other potential applications to be built on top of it. What makes Aptos unique is that the project was implemented by developers who previously worked on Diem, the now shelved Meta blockchain initiative.
The Aptos blockchain uses a programming language based on Rust, which, according to its White paper, can process over 130,000 transactions per second using a process known as Parallel Execution Engineer or Block-STM. This is a significant upgrade over other blockchains such as Bitcoin, which can only process seven transactions per second, or even Visa, which can only process around 1,700 transactions per second.
Consequently, Aptos aims to create an L1 that will allow its blockchain to be used for other services and applications, allowing applications to use its computing power.
What led to the APT pump?
According to on-chain analysis, little is clear. The volume is small, even under the community section. Aptos still controls 80% of the community’s supply, which some say unfairly positions early adopters, developers, and investors.
However, Aptos founding engineer Josh Lind, meanwhile, has been working on updating the blockchain roadmap, doubling down on his promise to provide a blockchain that can power the mass adoption of web3 applications, using DeFi as a new potential source of income from on-chain participants. networks that deploy the Aptos blockchain for their own applications.
With a total market capitalization now firmly in excess of $2 billion ($2.55 billion), APT’s rise of over 18% in the past 24 hours has seen the token now at an all-time high of $16.04.
Credit : cryptoslate.com
