Aptos achieved triple-digit growth in key indicators, but the APT price struggled at $8.40.

According to a report, Layer 1 (L1) blockchain Aptos experienced significant growth in key metrics in the first quarter (Q1) of this year. This growth was driven by the surge in Bitcoin prices to new highs and increased market capital inflows. However, the price performance of Aptos' native token APT has been poor, with relatively small gains compared to other top cryptocurrencies.

The report emphasizes that Aptos' circulating market capitalization rose by 127% compared to the previous period, reaching 6.6 billion US dollars. This growth surpassed other projects with similar market capitalization and raised the market cap ranking from 33 to 22. Despite this growth, the price of APT rose by 76% compared to the previous period, which is relatively moderate.

Aptos revenue (including all fees charged by the protocol) rose by 37%, reaching $475,000. However, when priced in APT, the revenue dropped by 10%. All revenue generated by Aptos will be burned, but the burned tokens do not significantly reduce inflation.

APT inflation rate started at 7% and then decreased by 1.5% each year until it reached 3.5%. By mid-October, the inflation rate had dropped to slightly below 6.9%. In addition, there is inflation pressure from the release of the Genesis supply, with nearly 31% of the Genesis supply allocated by the end of the first quarter.

From the perspective of network activities, the trading and active addresses of APT have significantly increased in the first quarter. The daily trading volume and address volume increased by 66% and 97% respectively compared to the previous period. Despite the increase in trading activity, the average transaction fee decreased by 45% to 0.0006 APT (0.007 USD) compared to the previous period. In addition, the daily new addresses increased by 91% to 44,000, and the weighted average retention rate increased by 82% to 14% compared to the previous period.

Staking-wise, APT staking decreased by 5%, to 861 million tokens. However, when measured in USD, the staking market capitalization rose by 68% MoM, exceeding 14 billion USD. Aptos' Total Value Locked (TVL) in decentralized finance (DeFi) also saw growth, rising by 376% MoM to 573 million USD.

Messari said the rise is not only due to the rise in APT price; calculated in APT, TVL also rose by 170% compared to the previous month. In addition, the market value of Aptos stablecoin almost doubled, reaching $97 million.

Despite these positive developments, the cost-effectiveness of APT still faces challenges. Over the past month, the native token has fallen by more than 16%, with a small increase of 2.7% year-to-date. This is in stark contrast to the double or triple-digit gains seen in other top cryptocurrencies.

APT's current trading price is $8.46, and it has been struggling to break through the recent resistance level of $8.80, resulting in a consolidation between $8.20 and $8.70 over the past month.

(Data source: Ronaldo Marquez)