TPS rise 3000%! Can Aptos quietly rise and become the next star of public chains?

Question

In the public chain industry, the competition between various public chains is becoming increasingly fierce. It is well known that users are the key to success. The well-established public chain Ethereum holds an absolute advantage, but due to high GAS fees, users are hesitant. Solana, with its low fees and faster speed, has become a more popular choice for users. With the help of memes, the number of users on Solana has changed dramatically.

This year, TON and SUI have successively erupted with their respective potential technologies. On the other hand, Aptos seems to have been silent all the time. Is it really unable to develop or is it accumulating energy?

This article will explore Aptos' performance in competition with other public chains from the indicators such as TVL, daily active users, daily volume, memes, etc., and whether it has the potential to explode.

The current competition of public chains
TVL data comparison:

Image Source: Deep Tide TechFlow

From the perspective of overall TVL, Solana stands out and leads other public chains in chasing Ethercoin. The total TVL is about 4-5 times higher than other public chains, thanks to its early release, which has gained a competitive advantage.

In the past year, Solana has grown by about 1,596.79%, SUI has grown by about 2,037.15%, Aptos has grown by about 2,951.21%, and TON has grown by about 3,934.39%.

The highest rise is $TON, with a rise rate of 3,934.39%, which means its TVL has risen nearly 40 times in a year. The big explosion of $TON is due to the launch of important Tokens on it, such as $NOTCOIN in May, $DOGS in August, $CATI in September, $RBTC, and $HMSTR. All these Tokens were distributed to Telegram mini-program users in the form of Airdrop. In less than a week since the first Airdrop, all Tokens have covered over 1 million holders. With the mini-program, $TON has attracted a large number of users in a short period of time. Following $TON, the next highest rise is $Aptos, with a rise of 2951.21%, setting a new historical high.

User growth data comparison:

Image Source: Deep Tide TechFlow

As shown in the figure, there is a rise in the on-chain daily active users of each on-chain in the past year.

The rise rate of Aptos is about 672.23%, Ether's rise in the past year has slightly decreased, about -27.14%, Solana's rise rate is about 743.46%, TON's rise rate is about 2,483.45%.

SUI has the highest user growth rate, with the daily activity increasing from 19,758 people on January 1, 2024, to 656,249 people on October 8, 2024, an increase of 3,221.43%, which is the largest among all competing L1 chains.

Aptos Comprehensive Performance Analysis:

Image source: TechFlow Chart for the recent three months' increase

Performance in the past year

Keeping up with competitors, overall not falling behind: In the fiercely competitive environment of public chains, Aptos demonstrates strong competitiveness. It keeps up with competitors and does not fall behind overall, and shows no disadvantages in various data aspects. This means that it has a certain competitiveness in technology, ecology, or market strategy.

The gap between the daily active users of Aptos and Solana: Solana is a relatively mature public chain that has accumulated a certain user base after a period of development. It is understandable that there is a gap between Aptos, as an emerging public chain, and Solana in terms of total daily active users.

Performance in the last three months

Overtaking and Leading: In the past three months, Aptos has been leading in terms of daily activity and daily trading volume. Its strong Decentralized Finance ecosystem has attracted more users and trading activities, while the influx of capital has further proved the market's recognition of it. Investors may see the development potential and rising trend of Aptos and believe that it has higher investment value, so they have invested a lot of capital into the project.

Market Recognition of Potential: Market recognition of a project is usually reflected in various aspects, such as rising prices, increased user volume, etc. Aptos has exhibited these characteristics in the past three months, indicating that its potential is gradually being recognized by the market. There is also substantial basis for its potential development in the future. If it can continue to maintain its current development trend, constantly optimize and innovate, further expand its user base and ecosystem, then it is very likely to achieve greater success in the future.

The importance of memes in the entire ecosystem
SOL Ecological Meme:

Image Source: Deep Tide TechFlow

Based on the analysis of the above chart, the influence of memes on Solana is increasing day by day. 40% of Solana's volume comes from memes, with pump.fun accounting for 35% of the total volume on Solana DEX. Currently, Solana has a dominant position in on-chain volume, surpassing Ethereum in short-term volume.

Solana: $51 billion Ethereum: $46 billion

And Solana is still dominating the Token generation: market share has risen from 60% in early September to 86%, and the weekly Token generation has surged from 45,000 to 110,000.

2、SUI ecological meme:

On-chain data analysis shows that the Token plays a crucial role in the SUI ecosystem, with nearly 50% of the volume coming from the Token. At the market peak, its volume even accounted for 90% of the entire ecosystem. The big pump of the Token led the entire ecosystem to rotate.

Compared to the total TVL data, volume can more intuitively reflect the activity of participants in Decentralized Finance, and is a key indicator for evaluating the health of the ecosystem. Active on-chain transactions not only bring more lucrative returns to Liquidity Providers, but also higher network transaction fees demonstrate the network's self-generating ability.

In this cycle, SUI public chain stands out with its excellent performance and extensive community support, not only rekindling the market's follow-up to the MOVE language, but also attracting a large number of developers and users. As the representative of the MOVE language public chain, SUI is regarded by many as the leader of the next public chain and the preferred choice for deploying the MOVE ecosystem.

3, APT ecological meme:

With the rise of the SUI ecosystem, Aptos, which is also a MOVE language twin, will naturally receive more attention.

Image Source: Deep Tide TechFlow

According to market data, in 2024, the market performance of meme coins is better than all other zones of cryptocurrencies, and there is no sign of slowing down afterwards.

Due to the wealth effect brought by memes, institutions' interest in meme Tokens is also growing. This may indicate a potential shift in the overall market concept. According to data from Coingecko, the current total Market Cap of the meme coin sector is about 58 billion US dollars, accounting for only 2.4639% of the total industry Market Cap of 2.354 trillion for Cryptocurrency. This also implies that the meme coin sector still has huge potential for development and rise space in the future.

From the early Solana to the present SUI, it has been proven that memes are an irresistible force. Aptos and SUI have very similar backgrounds, with development teams coming from Meta (formerly Facebook)'s encryption asset project Diem and encryption asset Wallet Novi. After seeing fellow classmates catching the meme express train, Aptos is likely to follow suit, and with the help of this wave of enthusiasm in the meme race.

Three, Potential Advantages of Aptos

Technical architecture and performance:

High performance and high scalability: Aptos adopts the 'Block-STM' Consensus algorithm, combined with parallel processing and in-memory transaction technology, capable of processing thousands of transactions per second, significantly improving the throughput and scalability of the Blockchain. This enables it to have higher efficiency in processing large-scale transactions, meeting the increasing demands of the rising Blockchain applications. Compared to some lower-performing public chains, Aptos can provide users with a faster and smoother user experience.

Advanced state synchronization technology: Full nodes can read the Merkle Tree root of other nodes that have reached consensus to achieve state synchronization, skipping history and directly processing the latest block; light nodes can choose to synchronize partial block information, such as specific account information. This method reduces the workload of nodes, improves the synchronization efficiency of the network, and enables nodes to participate in network validation and transaction processing more quickly.

2、Security aspect:

Node distribution is wider: involving 22 countries and 48 cities. If attackers want to launch an attack on the Aptos network, they need to simultaneously attack Nodes in multiple different geographic locations, greatly increasing the difficulty and cost of the attack. Compared to some public chains where Nodes are concentrated in a few areas, Aptos' network is more capable of resisting malicious attacks, ensuring the stability and security of the network.

Secure Move programming language: Move programming language was initially developed for the stablecoin project Meta, and has higher security. Assets are stored in the owner's Address, not the contract's Address, and the execution result of each transaction is fully predictable, which greatly reduces the security risk of Smart Contracts. Compared with other high-level languages used by public chains (such as Ethereum's Solidity), Move language is more secure, reducing the possibility of vulnerabilities and attacks.

Conclusion

Based on the comprehensive analysis above, the following conclusions can be drawn: Aptos has shown tremendous development potential and seems to be on the verge of an outbreak. Although its TVL and daily active user total are still lower than some leading projects in the industry, its strong performance in the past three months indicates that Aptos has achieved rapid rise in daily active users, daily trading volume, and capital inflow, adding many possibilities for its future development.

Of course, Aptos also faces challenges from various aspects. In terms of decentralization, when facing the issue of the public chain 'The Impossible Triangle', Aptos chose high performance as the direction, which to some extent weakens the decentralization feature of Node. From the perspective of technological innovation, Aptos is currently mainly focused on improving the performance of the public chain and has not proposed more disruptive new technologies. In addition, in terms of ecosystem construction, the advantages of Aptos projects have not yet emerged, and many projects come from other ecosystems, which may lead to serious multi-chain deployment and homogenization phenomena within the ecosystem, lacking unique innovative points.

The public chain market is extremely competitive, with established public chains like Ethereum and Solana solidifying their market positions with their respective advantages, and challenges brought by emerging public chains like SUI and TON. In such a market environment, it is not easy for Aptos to stand out.

If Aptos can overcome the above challenges, effectively leverage emerging forces such as memes, continuously innovate and improve technology, expand ecological construction, then it still has the hope of occupying a place in the competitive public chain market.

[Disclaimer] The market is risky, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, perspectives, or conclusions in this article are applicable to their specific situation. Invest at your own risk.

This article is authorized to be reprinted from: "Shenzhen TechFlow"

Original author: Ice Frog