CJ - Cryptocurrency Specialist
Just two days after the blockchain was listed on tier-one exchanges on October 19, the blockchain analytics company Nansen tweeted on October 21 that more over $4 million had been transferred from Ethereum (ETH) to Aptos (APT).
Aptos implemented the LayerZero protocol to their chain to make scalable Decentralized Applications (DApps) available. This protocol serves as the foundation for connecting APT to other blockchains.
Nansen's further study showed that USD Coin (USDC) was the most active transaction type on the Ethereum bridge. At the time of publication, USDC represented little over $3.4 million, or around 83% of the total. Additionally, Wrapped Ethereum (WETH), which uses smart contracts, spanned $282,000 and Tether (USDT) registered $404,000.
Despite this, APT has yet to leave the "pump and dump" phase that was set in motion when its airdrop was distributed. In fact, according to CoinMarketCap, a service that tracks the cryptocurrency market, APT has lost 27.83% of its 24-hour trading volume.
APT is now trading at $7.04 as of this writing.
One would have assumed that APT would thrive in on-chain development and activities given the interface with several chains. Unfortunately, this is not the case, as statistics from Santiment show that the exact reverse is true. According to the statistics above, APT's development has drastically decreased from 8.55 to 0.61. This might support the current market discussion that things aren't quite living up to expectations yet.
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