Aptos (APT) decreased about 4% in the last 24 hours to $11.2452 at the time of writing, according to CryptoSlate data.
The decline in value was mainly due to the imminent unlocking of 4.5 million APT tokens which analysts say would increase selling pressure on the asset. According to DeFillama’s data, the unlock is valued at around $50 million based on current prices.
The unlock would increase the circulating supply of APT by 0.5% to 186 million tokens, according to data from CryptoSlate. The blockchain network had had three previous unlocks in tranches of 4.5 million each within the first three months of the year.
Aptos DeFi ecosystem thrives
Decentralized finance (DeFi) activity on the Aptos network has been thriving recently, rising more than 50% in the last seven days and more than 80% in the last month, according to DeFillama data.
During the period, the total value of assets locked (TVL) within the ecosystem exceeded $50 million for the first time since February.
However, the TVL fell 0.11% in the last 24 hours to $55.27 million. The dominant protocol on the network is the decentralized exchange PancakeSwap which controls 40% of the TVL.
Aptos’ new proposal makes transactions cheaper
Aptos has released a new AIP-17 proposal that makes grid transactions cheaper by significantly increasing gas efficiency.
According to the protocol, “users will see a 100x improvement in execution gas usage with 90% of transactions seeing at least a 10x improvement.”
“Aptos introduced gas-efficient data structures through smart vectors and smart tables, as well as storage footprint improvements through the way we manage Move resources.”
Various protocols within the ecosystem acknowledged the development and noted how user experiences have improved.
On an April 10 cheep, Aptos partnered with blockchain security firms such as Otter Sec, Halborn Security, and Move Bit to conduct “rigorous” network tests. According to the protocol, the tests led to crucial improvements in its security type, Move VM, and Aptos framework code.
The Aptos post was down 4% as the 4.5 million APT token unlock neared and appeared first on CryptoSlate.
This post Aptos down 4% as 4.5M APT token unlock nears
was published first on https://cryptoslate.com/aptos-down-4-as-4-5m-apt-token-unlock-nears/