Cryptocurrency

Aptos surges 343% to new all-time high amid renewed interest in L1 blockchains

Aptos (APT), a layer 1 proof-of-stake blockchain developed by former Meta Staff to support smart contracts and decentralized applications, was one of the biggest winners this January, with tokens lasting 30 years. surged by more than 343.76% in days.

30D APT Chart, Token Soars Over 343% Last Month
30D APT Chart, Token Soars Over 343% Last Month

The V-shaped recovery of APT occurs somewhat later. tumultuous start, despite raising $350 million in two funding rounds in 2022 from a16z, Tiger Global, Multicoin Capital and others. In July, the company Raises $150M in Series A funding round led by Sam Bankman-Fried’s FTX Ventures and jump crypto.

However, while some criticized its tokennomics after its initial launch as being a bit greedy, the coin is currently one of the hottest at a time of renewed interest in Layer 1 (L1) blockchains. It has been proven to be one of the

L1 blockchain refers to the base-level chain that makes up a particular network, allowing an ecosystem of other potential applications to be built on top of it. What makes Aptos unique is that developers who previously worked on Diem, Meta’s now shelved blockchain initiative, took charge of the project.

Aptos blockchain uses the Rust-based programming language. white paper, It can handle over 130,000 transactions per second using a process known as the Parallel Execution Engineer (Block-STM). This is a significant upgrade over other blockchains such as Bitcoin, which can only process 7 transactions per second, and Visa, which can only process about 1,700 transactions per second.

Aptos therefore aims to create an L1 that will allow its blockchain to be used for other services and applications, allowing apps to use its computing power.

According to on-chain analysis, not much is clear. Even under the community section, the volume is small. Some say Aptos continues to control his 80% of community supply, unfairly positioning early adopters, developers and investors.

But Aptos founding engineer Josh Lind, meanwhile, has been working on updating the blockchain roadmap, doubling down on his promise to deliver a blockchain that can bring mainstream adoption to Web3 applications. Leveraging DeFi as a new potential source of downstream revenue from participants. A network that deploys his Aptos blockchain in its own applications.

Today, the market cap is well over $2 billion ($2.55 billion), APT is up more than 18% in the last 24 hours, and the token hits an all-time high of $16.04.

Posted In: DeFi, Pricewatch

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