Aptos is a high-performance blockchain platform, based on the Move programming language, and has made significant progress in 2024.
Author: Jake Kennis
Translation: Deep Tide TechFlow
Disclaimer: Nansen has collaborated with Slice Analytics to produce the following report, which is part of its existing contract to provide services to Aptos ("the client"). While Aptos has the right to review and provide feedback to Nansen, Nansen retains full editorial control over the publication of this report. All views are the independent opinions of Nansen's research analysts (the authors listed in this report). This report is for informational reference only and does not constitute investment, financial, professional, or other advice. For more information, please refer to the disclaimer at the end of this report and our terms of service.
Overview
Aptos is a high-performance blockchain platform, based on the Move programming language, and has made significant progress in 2024. Key innovations include a collaboration with Tether to introduce USDT to the Aptos platform. Aptos has also improved their technology by introducing the Aptos Wallet Standard developed in collaboration with Nightly Wallet, simplifying wallet integration for developers. Chainlink has integrated its data sources and cross-chain interoperability protocol with Aptos, enhancing the network's data services. Additionally, Aptos has partnered with NBCUniversal to integrate Web3 fan experiences and gaming into mainstream entertainment.
In the decentralized finance (DeFi) space, Aptos has expanded its products, integrating real-world assets through https://ondo.finance/ and Cellana Finance has launched its mainnet, adopting the FungibleAsset Standard, which are assets that are both fungible and have specific properties. In the gaming and NFT space, Supervillain Labs has launched Supervillain Idle RPG, and Aptos has partnered with Cripco to launch WARP3, a platform that connects Web2 and Web3 intellectual property.
On the enterprise front, Aptos Labs has launched Aptos Connect, a self-hosted wallet that simplifies user registration processes. Shoal++ is a DAG BFT system, with its release achieving sub-second latency at 100k TPS throughput, setting a new performance standard for the blockchain industry.
Key Progress: 2024 to Date
Tether Operations Limited will launch its leading stablecoin USDT on the Aptos network, making it the first stablecoin available on a Move-powered blockchain. This integration expands Tether's influence in emerging markets and aims to promote global financial inclusion by leveraging Aptos' scalability, high efficiency, low transaction fees, sub-second transaction latency, and 99.99% uptime, making it an ideal platform for microtransactions and large-scale operations.
Chainlink has integrated with Aptos, introducing its data sources and Cross-Chain Interoperability Protocol (CCIP) to the network. As part of the Chainlink SCALE program, this integration provides Aptos with critical tools and industry-leading data, making Aptos the first Move-based network to integrate with Chainlink.
Aptos Labs and NBCUniversal have entered into a long-term partnership to introduce innovative Web3 fan experiences, customer loyalty programs, and gaming to the entertainment giant. This collaboration is expected to fundamentally change the way fans interact with all of NBCUniversal's content, using Aptos' blockchain technology to create immersive next-generation entertainment experiences.
The Aptos Foundation hosted the first online Aptos RaNd0M Hack, with 280 applicants participating. The hackathon showcased the community's enthusiasm for the Aptos on-chain randomness application programming interface (API) Aptos Roll. The community voted for the top five projects, with Move Mania securing the first place.
Aptos Labs has introduced a new feature called Passkeys, allowing users to log in to applications with just two clicks, similar to Face ID or Touch ID. This innovation simplifies interactions in Web3, making it more secure and user-friendly, especially for non-technical users. Passkeys represents an important step towards mainstream blockchain adoption as it lowers the barrier for new users to enter the blockchain.
The Aptos Foundation and Movement Labs have achieved a significant milestone by successfully integrating Aptos' data availability feature with the Move Stack. This integration connects Aptos to Ethereum and EVM-compatible applications, networks, and frameworks, enhancing interoperability and further expanding the application scope of the Aptos ecosystem.
Leading developer platform Shinami has partnered with the Aptos Foundation to bring its full suite of products to the Aptos network, providing developers with the necessary tools to build decentralized applications (dApps). Shinami has also launched a gas fee credit program aimed at improving the user experience on Aptos, making it easier and more cost-effective for developers to build applications on the platform.
Aptos Labs has collaborated with io.net to make AI technology more accessible on the Aptos network by providing distributed, scalable GPU resources, as well as a set of AI models and inference products.
Aptos Labs announced the launch of Aptos Ascend at the DeFi Days summit, marking a significant milestone in the integration of traditional finance with blockchain technology. This initiative, created in collaboration with Microsoft, SK Telecom, Brevan Howard, and BCG, aims to provide secure and flexible solutions for institutions.
Nightly Wallet and Aptos Labs have jointly launched the Aptos Wallet Standard, a new feature that allows teams to seamlessly inject wallets into decentralized applications (dApps) without the need for direct dApp integration. This standard is expected to fundamentally change the way wallets are integrated into the Aptos ecosystem, simplifying the developer process and improving the overall user experience. Aptos Wallet Standard reflects the ongoing innovation within the Aptos network, aiming to enhance interoperability and usability.
Ecosystem
DeFi
Ondo Finance has partnered with the Aptos Foundation to introduce real-world assets (RWAs) to the Aptos blockchain, with the first step being the integration of USDY. These collaborations combine traditional finance with blockchain technology to provide more secure and efficient financial products. By integrating RWAs, Aptos expands its decentralized finance (DeFi) products, making the platform more attractive to institutional investors.
Cellana Finance has launched its mainnet, becoming the first decentralized finance (DeFi) product on Aptos to adopt the FungibleAsset standard and Ve(3,3) model. This standard allows the creation of fungible tokens with detailed metadata, meaning these tokens can represent items that are both fungible and have specific properties. Cellana allows users to lock their CELL tokens as veCELL ("ve" = voting escrow) for governance and rewards. Unlike in traditional models where these locked tokens can only stay in one account, Cellana tokenizes them as NFTs, making them transferable. This approach not only enhances liquidity but also allows users to trade their locked positions, making the system more flexible and efficient.
Pontem has launched Liquidswap V1, the first automated market maker (AMM) on the Aptos network, achieving functionality on par with many top decentralized exchanges (DEX). Liquidswap V1 supports centralized liquidity pools, enabling more efficient trading and liquidity management.
Kana Labs has integrated its Paymaster service with Chingari to enable gas-free transactions for users on the Aptos network. This integration has processed over 250,000 transactions, significantly improving the user experience by eliminating transaction costs.
Echelon has launched on Aptos, aiming to ensure a secure, composable, and capital-efficient future for Move DeFi. This launch introduces advanced lending features, emphasizing the security provided by the virtual machine core and the capital efficiency driven by E-Mode, which is crucial for the development of DeFi on Aptos.
The Aptos Foundation has proposed to deploy Aave V3 on the Aptos mainnet, marking Aave's first deployment on a non-EVM blockchain if approved. Aave Labs has built the integration code and deployed it to the Aptos testnet, laying the foundation for this groundbreaking integration.
Superposition has announced the launch of multi-chain products on Aptos, aiming to achieve interoperability in DeFi. The plan will start from Aptos and expand to other networks such as Solana and Avalanche, enhancing the composability and interconnectedness of DeFi in the Aptos and other blockchain ecosystems.
TruFin has launched its TruStake product on Aptos, providing an institutional-grade DeFi solution for the network. TruStake allows users to stake APT, contribute to network security, and earn rewards, seamlessly integrating with platforms like Liquidswap, Superposition, and Aries Markets.
Econia Labs has launched emojicoin.fun on the testnet, a digital asset launch platform that uses emojis as symbols, bringing unique fun and interactive experiences to users.
NFTs & Gaming
Aptos Labs has partnered with Supervillain Labs to launch Supervillain Idle RPG, a new immersive gaming experience running on the Aptos blockchain. Developed by the METAPIXEL team, the game marks a significant expansion of the Aptos gaming ecosystem. The collaboration aims to attract gamers and developers to explore and engage in blockchain-based gaming, enhancing the overall gaming experience quality on Aptos.
Aptos Foundation has partnered with MON Protocol to strengthen the on-chain gaming ecosystem and provide MON's development tools to game developers on Aptos, aiming to accelerate social awareness and adoption. Known for its work on the metaverse project Pixelmon, MON Protocol will support existing and future game developers on Aptos, increasing the visibility and success of gaming projects within the ecosystem.
Aptos Labs has collaborated with Cripco to launch WARP3, a platform aimed at bridging Web2 and Web3, focusing on the aggregation, curation, and payment of intellectual property. This collaboration enables Aptos users to easily access, own, and monetize intellectual property, further expanding the practicality of the Aptos network in the creative and intellectual property fields.
Aptos Labs has partnered with Toymak3r to revolutionize the world of collectibles by creating immersive fan experiences, with the first project being deadmau5's 25th-anniversary tour. This collaboration combines physical and digital collectibles to provide fans with a unique experience, connecting the real and virtual worlds.
Under the leadership of Aptos Monkeys, Wapal, Mercato, and Kana Labs, the "It’s An Aptos Thing" event attracted 26,000 unique creators, minting 1 million NFTs on Aptos through its aggregator function. This community-driven event showcased the speed and capacity of the Aptos network, reinforcing its ability to support large-scale NFT projects.
Aptos Labs welcomes Google Cloud to join Aptos GameStack, enabling game developers to integrate Google Cloud's data, analytics, and AI/ML solutions with a range of Web3 game tools provided by Aptos. This collaboration significantly enhances the gaming ecosystem on Aptos, providing developers with powerful resources to improve game development and player experience.
KYD Labs has signed a four-year partnership agreement with Le Poisson Rouge, making this long-standing New York venue the first fully on-chain major venue in the United States, with all performances and ticketing conducted on the Aptos blockchain.
Enterprise
Aptos Foundation has deepened integration with Stargate and LayerZero, simplifying the DeFi experience on Aptos by enhancing cross-chain interoperability and transaction efficiency. This collaboration addresses key barriers in DeFi, enabling users to seamlessly access the Aptos ecosystem.
Aptos Labs has released a series of performance and latency improvements, making Aptos the first blockchain to achieve end-to-end latency of less than one second for all transaction types. This technological milestone sets new speed and efficiency standards for the blockchain industry, making Aptos the fastest blockchain on the market capable of achieving true real-time transactions.
Aptos Labs has launched Aptos Connect, a next-generation Web3 onboarding tool that provides a keyless self-custody wallet for secure access. Aptos Connect simplifies user onboarding through familiar Web2 login methods, enabling one-click account creation and eliminating the need for private keys or mnemonic phrases.
The research team at Aptos Labs has introduced Shoal++, a next-generation Directed Acyclic Graph Byzantine Fault Tolerance (DAG BFT) system designed to achieve sub-one-second latency and a throughput of 100,000 transactions per second, tested on a comprehensive test network. This development, deployed in ten regions across six continents with 100 nodes, highlights the global scalability and robustness of Aptos technology. Shoal++ represents a significant leap in blockchain performance, setting new speed and efficiency standards for the industry.
Elliptic has integrated with Aptos to provide advanced cryptocurrency compliance solutions for the entire ecosystem. This integration introduces enhanced security features, including transaction screening and Web3 transparency, crucial for maintaining trust within the ecosystem. By leveraging Elliptic's tools, Aptos strengthens its position as a secure and compliant blockchain network.
Semgrep has added support for Move to Aptos, providing initial security rules to help developers discover vulnerabilities and enhance the overall robustness of smart contracts and applications on the Aptos blockchain. This integration enables security researchers to conduct audits more efficiently, improving the overall resilience of smart contracts and applications on the Aptos blockchain.
As of the end of 2024, the daily transaction volume on the Aptos network has experienced significant fluctuations, reaching a peak of 326 million transactions on May 25, 2024. This surge is mainly attributed to the popularity of the tap-to-earn game Tapos Cat and other gaming projects on the platform. This unprecedented level of transaction activity was achieved without any technical glitches, highlighting the robust infrastructure of the Aptos network.
Excluding the significant surge in May, the Aptos network showed steady growth in transaction volume from January to June, averaging 1.5 million transactions per day. The spikes at the end of February and mid-March were due to internal load testing.
Daily Active Addresses
The trend of active addresses is closely related to transaction volume. The number of active addresses shows a gradual increase, fluctuating between 200,000 and 300,000 daily active addresses. The most significant event was the surge to 500,000 daily active addresses in early June, attributed to the popularity of the tap-to-earn game Tapos Cat. Overall, the data shows a steady increase in user activity, with the brief surge in June adding a highlight to this trend.
Summary
The year 2024 marked a period of rapid growth for Aptos, driven by key technological innovations and strategic partnerships. Aptos introduced the Aptos Wallet Standard, simplifying wallet integration, and partnered with Chainlink to enhance data services and cross-chain interoperability. Collaborations with NBCUniversal and Supervillain Labs expanded Aptos' influence in the entertainment and gaming sectors, while the launch of Cellana Finance and integration of real-world assets elevated its decentralized finance (DeFi) ecosystem.
The on-chain activity reflects this growth, with Aptos processing as many as 1.17 billion transactions in a single day, primarily driven by popular gaming projects like Tapos Cat. The average daily transactions were 1.5 million, and user engagement saw significant surges, especially in February and March. The number of active addresses also showed steady growth, reaching a peak of over 500,000 in early June, indicating a continuously expanding user base and increased network activity.
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