APT Not Yet Living up to Expectations as Development Drops

• More than $4 million has been bridged from Ethereum to Aptos.
• USD Coin (USDC) is leading the way in ETH bridge transactions.
• On-chain development for APT has plunged from 8.55 to 0.61.

According to a tweet made by the blockchain analytics firm, Nansen, on the 21st of October, over $4 million has been bridged from Ethereum (ETH) to Aptos (APT) just two days after the blockchain listed on tier-one exchanges on the 19th of October.

As part of its effort to make scalable Decentralized Applications (DApps) accessible, Aptos added the LayerZero protocol to its chain. This protocol acts as the infrastructure that helps bridge APT with other blockchains.

Further analysis done by Nansen revealed that the Ethereum bridge had USD Coin (USDC) leading in transactions. At press time, USDC accounted for just over $3.4 million of the total, amounting to approximately 83%. Furthermore, Tether (USDT) registered $404,000, and the smart contract-based Wrapped Ethereum (WETH) bridged $282,000.

Despite this, APT has not exited the “pump and dump” mode that was activated with the distribution of its airdrop. In fact, the crypto market tracking website, CoinMarketCap, shows that APT has lost 27.83% of its trading volume over the last 24 hours.

This loss in daily trading volume is also accompanied by a 5.92% decrease in APT’s price over the same time period. At press time, APT is currently trading at $9.54.

Given the interaction with many chains, one would have thought that APT would excel in on-chain development and activity. Unfortunately, this is not the case and the complete opposite is true, according to data published by Santiment.

The above data shows that APT’s development had taken a massive downturn from 8.55 to 0.61. This might further vindicate the current talk in the market about not living up to the expectation yet.