Aptos Plunges: DeFi & NFT Activity Slows, Development Activity Rebounding
- Aptos’s NFT trading volume has plummeted, leading to a decrease in total value locked (TVL) and declining market cap.
- Key updates were provided by Aptos, including a partnership with Jujube Finance and the community test of Gran Saga Unlimited.
- Development activity showed signs of a rebound at the time of writing, however transaction volume had decreased significantly.
Overview
Aptos’s NFT trading volume has declined substantially, causing its total value locked (TVL) and market capitalization to drop. Development activity is showing signs of a rebound but transaction volume has decreased significantly. Key updates have been provided by Aptos including partnerships with Jujube Finance and an upcoming community test for Gran Saga Unlimited.
Decline in NFT Trading Volume
Aptos’s NFT trading volume has plunged, leading to a substantial decrease in the number of transactions as well. This decrease has impacted the total value locked (TVL) on Aptos’s network – dropping 15% since the start of February. The decline in momentum has wiped out nearly $780 million from its market cap since the beginning of February 2023.
Updates from Aptos
On 24 February, Aptos [APT] provided key updates on some popular projects such as Martian Wallet’s partnership with Jujube Finance and METAPIXEL announced dates for the community test of Gran Saga Unlimited.
Decrease in Transaction Volume
The ‚Solana Killer‘ lost over 30% in its value since the start of February, and transaction activity also decreased by almost 66%. However, development activity showed clear signs of a rebound at the time of writing which indicated that milestones could be met on schedule. Investor sentiment rose due to this increase in development activity according to Apto’s weighted sentiment metric.