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Aptos Sees $4 Million in Ethereum Bridges but Development Activity Plummets

Despite significant capital inflows from Ethereum, Aptos faces challenges with declining on-chain development and market performance.
Published on 2022-10-24

Significant Capital Flows from Ethereum to Aptos

Over $4 million has been transferred from Ethereum to Aptos, with USD Coin (USDC) dominating these transactions. USDC accounts for approximately 83% of the total, followed by Tether (USDT) and Wrapped Ethereum (WETH). This surge in activity occurred shortly after Aptos listed on major exchanges, highlighting growing interest in the blockchain.

LayerZero Protocol Integration Enhances Interoperability

Aptos has integrated the LayerZero protocol to improve cross-chain interoperability. This move aims to make scalable Decentralized Applications (DApps) more accessible, positioning Aptos as a competitive player in the blockchain space.

On-Chain Development Activity Drops Sharply

Despite these positive developments, Aptos' on-chain development activity has plummeted. According to Santiment data, development activity has fallen from 8.55 to 0.61, raising concerns about the blockchain's long-term viability and ability to meet expectations.

Market Performance Reflects Volatility

APT has struggled in the market, with its price dropping 5.92% and trading volume decreasing by 27.83% over 24 hours. This volatility suggests that APT is still in a "pump and dump" phase following its airdrop distribution.

Conclusion

While Aptos has made strides in interoperability and attracted significant capital, its declining development activity and market performance indicate challenges in meeting investor expectations.

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