Aptos (APT) saw over £3.54 million bridge from Ethereum (ETH) in two days after leading exchanges listed the blockchain on October 19. This was reported by Nansen, the data analytics and insights platform for Ethereum, on October 21.
Aptos integrated the LayerZero protocol to its chain as part of its plan for improved accessibility to Decentralized Applications (DApps). The protocol serves as the foundation for connecting APT with other blockchains.
It’s interesting to note that it also introduced the additional measures for guaranteeing quick transfer between APT and these chains. According to LayerZero Labs, APT can be bridged with ETH, Tether (USDT), Circle (USDC), Polygon (MATIC), and others.
According to Nansen, USDC was leading in terms of transactions on the Ethereum bridge. As of press time, USDC accounted for £3.1 million, or 83% of the total. USDT registered £357,000, while Wrapped Etheruem (WETH), which uses smart contracts, bridged £249,000 in value.
Despite this feat, APT had not yet broken out of the pump and dump it had put itself into since its airdrop took place. APT had dropped 31.38% of its trading volume over the past day, according to data. APT experienced a 24 hour rise of 3.43% while trading at £6.63 despite the loss. APT price stability might fall short of expectations given its current standing.
Many would have expected APT to thrive in on-chain development in light of its interaction with numerous chains and this new milestone. The reality, though, was quite different. Santiment reported that APT’s growth has drastically decreased from 8.55 to 0.61. This may support the notion that things haven’t quite lived up to expectations.
Aptos saw a rise in social influence and volume, particularly on the day that the coin’s price increased by 600%. However, it appeared that the community was gradually losing interest in APT.
According to Santiment, APT has a social dominance of 0.224% as of press time. As a result, there was less FUD and subsequently less chance that APT would go on a protracted bull run.
Less investors are now interested in APT, as evident form its social volume valuing at 7. The current social volume was bleak after the phenomenal spike on October 21.
As at the time of writing, Aptos Explorer displayed 11.79 transactions per second (TPS), much to the disappointment of APT enthusiasts.
The total number of transactions on the Aptos chain also did not significantly rise. In order for investors to continue to have faith in the short-term performance of APT, a general network turnaround may be necessary.