Aptos Network, a Layer 1 (L1) blockchain, has seen significant growth in key metrics during the first quarter (Q1) of the year, according to a report by Messari. This growth can be attributed to the surge in Bitcoin prices and increased capital inflow in the market. However, Aptos’ native token, APT, has struggled with price performance compared to other top cryptocurrencies.
The report highlights that Aptos’ circulating market cap has increased by 127% quarter-on-quarter (QoQ) to reach $6.6 billion. This growth has improved Aptos’ market cap rank from 33 to 22. Despite this impressive growth, APT’s price has only experienced a modest increase of 76% QoQ.
Aptos’ revenue, which includes all fees collected by the protocol, has grown by 37% to $475,000. However, when denominated in APT, the revenue has decreased by 10%. It is worth noting that all revenue generated by Aptos is burned, but this has not significantly reduced inflation.
In terms of decentralized finance (DeFi), Aptos has also experienced growth in its total value locked (TVL), which increased by 376% QoQ to $573 million. This increase in TVL is not solely due to APT price appreciation, as TVL has also grown by 170% QoQ in APT terms. Additionally, Aptos’ stablecoin market cap has nearly doubled QoQ, reaching $97 million.
Despite these positive developments, APT’s price performance has faced challenges. The native token has declined by over 16% in the past month, resulting in a modest 2.7% surge year-to-date. This is in contrast to the double or triple-digit gains seen by other top cryptocurrencies.
Currently trading at $8.46, APT has struggled to surpass its nearest resistance wall at $8.80, leading to a consolidation phase between $8.20 and $8.70 over the past month.