Aptos wants a bigger piece of the Bitcoin pie with this update

As someone who has been closely following the DeFi and crypto space for quite some time now, I must say that Aptos’ latest move is an intriguing development. By enabling Bitcoin holders to bridge their BTC to its blockchain and use it for yield farming, Aptos seems to be leveraging a proven strategy used by networks like Solana. This could potentially lead to increased network activity, which is always a positive sign for any blockchain.

Aptos is actively growing its Decentralized Finance (DeFi) network to foster greater expansion. Notably, their recent announcement outlines a strategy to explore additional avenues using Bitcoin.

Through a recent partnership, Aptos and Echo Protocol have enabled Bitcoin owners to transfer their BTC onto the blockchain. This collaboration makes it possible for Echo Protocol to be implemented on Aptos’ platform. Consequently, Bitcoin holders can now exchange their BTC for aBTC, which they can subsequently utilize in yield farming activities.

This advancement might increase the level of activity on the Aptos blockchain, similar to how other networks like Solana have leveraged decentralized finance (DeFi) with high returns to stimulate their network activity.

The Aptos network has experienced a significant increase in activity during the current year. This rise is clearly demonstrated through its Total Value Locked (TVL) increase over the past 12 months, which was initially under $100 million and has now escalated to $407 million. Additionally, this surge has also led to an uptick in on-chain transaction volume.

Aptos wants a bigger piece of the Bitcoin pie with this update – Explained

So far this month, Aptos’ daily on-chain transaction volume consistently exceeds $30 million. To give you a sense of the growth, the network typically handled less than $1 million per day in on-chain transactions back in August 2023.

APT set to close August in the green

Since the 5th of August, Aptos’ native digital currency, APT, has been experiencing an upward surge in value, suggesting a bullish comeback. This trend has significantly increased the possibility that APT will end the month at a price higher than its initial opening price ($6.41). However, this week saw a temporary reversal for APT, potentially indicating a less-than-ideal August closing.

After a 6.25% rebound in the past 24 hours, APT now trades at $7.25. This surge might be due to announcements about their partnership with Echo protocol. Notably, this current price is above where it started in August, marking an increase over its opening price that month.

Aptos wants a bigger piece of the Bitcoin pie with this update – Explained

On the charts, APT‘s Relative Strength Index (RSI) continues to stay above its average, suggesting that the current bullish trend is robust. This could be the reason why APT has been able to recover swiftly. It also hints at the potential for APT to continue rising, meaning it might end August with a positive balance if it sustains this momentum until the month’s end.

Stepping back for a broader perspective, APT‘s price remains significantly lower than 60% of its Year-to-Date peak. In simpler terms, the cryptocurrency is still experiencing a massive selloff across the market. This observation could potentially reinforce the optimistic predictions for APT’s future price trends on the charts.

2024-08-29 11:03

APT set to close August in the green

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