Disclaimer: Nansen has produced the following report in collaboration with Slice Analytics as part of its existing contract for services provided to Aptos (the "Customer") at the time of publication. While Aptos has the right to review and provide feedback to Nansen, Nansen maintains full editorial control over the publication of this report. All views expressed are the independent opinions of Nansen's research analyst(s) who are the author(s) named in this report. This report is intended for informational purposes only and does not serve as investment, financial, professional, or other advice. For more information, please refer to the disclaimer at the end of this report, as well as our Terms of Service.

Overview

• Aptos, a high-performance blockchain platform utilizing the Move programming language, has made significant strides so far in 2024. Key innovations include the partnership with Tether, bringing USDT to Aptos. Aptos also improved upon their technology by introducing the Aptos Wallet Standard, developed with Nightly Wallet, which streamlined wallet integration for developers. Chainlink integrated its Data Feeds and Cross-Chain Interoperability Protocol with Aptos, enhancing the network’s data services. Additionally, Aptos partnered with NBCUniversal to bring Web3 fan experiences and gaming into mainstream entertainment.
• In DeFi, Aptos expanded its offerings with Ondo Finance integrating real-world assets and Cellana Finance launching its mainnet with the FungibleAsset Standard, or assets that are both fungible and have specific attributes. In gaming and NFTs, Supervillain Labs launched Supervillain Idle RPG, while Aptos partnered with Cripco to introduce WARP3, a platform for intellectual property aggregation bridging Web2 and Web3.
• On the enterprise side, Aptos Labs introduced Aptos Connect, a self-custodial wallet that simplifies user onboarding. The release of the Shoal++, a DAG BFT system that achieved sub-second latency at 100k TPS throughput, sets a new performance standard in the blockchain industry.

Key Developments: YTD 2024

• Tether Operations Limited is set to launch its leading stablecoin, USDT, on the Aptos Network, making it the first stablecoin available on a Move-powered blockchain. The integration expands Tether's reach into emerging markets, aiming to boost global financial inclusion by leveraging Aptos' scalability and efficiency. Aptos’ low gas fees, sub-second transaction latency, and 99.99% uptime make it an ideal platform for both micro-transactions and large-scale operations.
• Chainlink integrated with Aptos, bringing its Data Feeds and Cross-Chain Interoperability Protocol (CCIP) to the network. As part of the Chainlink SCALE program, this integration provides Aptos with mission-critical tools and industry-leading data, marking Aptos as the first Move-based network to integrate with Chainlink.
• Aptos Labs and NBCUniversal inked a long-term partnership to bring innovative Web3 fan experiences, customer loyalty programs, and gaming to the entertainment giant. This collaboration is expected to revolutionize how fans interact with NBCUniversal’s properties, using Aptos’ blockchain technology to create immersive, next-generation experiences.
• The Aptos Foundation launched the first-ever online Aptos RaNd0M Hack, which concluded with 280 applicants. The hackathon showcased the community's enthusiasm for Aptos' on-chain randomness API, Aptos Roll. The community voted on the top five projects, with Move Mania taking first place.
• Aptos Labs introduced Passkeys, a new feature that allows users to log into applications with just two clicks, akin to Face ID or Touch ID. This innovation simplifies Web3 interactions, making them more secure and user-friendly, particularly for non-technical users. Passkeys represent a significant step toward mainstream blockchain adoption, as they lower the barrier to entry for new users.
• The Aptos Foundation and Movement Labs achieved a significant milestone by integrating Aptos' Data Availability capabilities with the Move Stack. This integration connects Aptos with Ethereum and EVM-aligned apps, networks, and frameworks, enhancing interoperability and broadening the scope of Aptos's ecosystem.
• Leading developer platform Shinami partnered with the Aptos Foundation to bring its full product suite to the Aptos network, offering developers essential tools for building dApps. Shinami also introduced a gas credits program designed to improve user experience on Aptos, making it easier and more cost-effective for developers to build on the platform.
• Aptos Labs and io.net partnered to make AI technology more accessible on the Aptos network by providing distributed, scalable GPU resources and a suite of AI models and inference products.
• Aptos Labs announced the launch of Aptos Ascend during the DeFi Days summit, marking a significant advancement in the integration of traditional finance with blockchain technology. This initiative, created in partnership with Microsoft, SK Telecom, Brevan Howard, and BCG, aims to provide institutions with secure and adaptable solutions on the Aptos network.
• Nightly Wallet and Aptos Labs unveiled the Aptos Wallet Standard, a new feature that allows teams to inject wallets into dApps seamlessly without requiring direct dApp integration. This standard is expected to revolutionize the way wallets are integrated across the Aptos ecosystem, simplifying the process for developers and improving the overall user experience. The Aptos Wallet Standard reflects the ongoing innovation within the Aptos network, aimed at enhancing interoperability and ease of use.

Ecosystem

DeFi

• Ondo Finance teamed up with Aptos Foundation to bring real-world assets (RWAs) onto the Aptos blockchain, starting with the integration of USDY. These collaborations bridge traditional finance with blockchain technology, offering more secure and efficient financial products. By integrating RWAs, Aptos expands its DeFi offerings, making the platform more attractive to institutional investors.
• Cellana Finance launched its mainnet, becoming the first DeFi product on Aptos to use the FungibleAsset Standard with the Ve(3,3) Model. This standard allows for the creation of fungible tokens with detailed metadata, which means the tokens can represent items that are both fungible and have specific attributes. Cellana builds on this by letting users lock their CELL tokens into veCELL ("ve" = vote-escrowed) for governance and rewards. Unlike traditional models where these locked tokens are stuck in one account, Cellana tokenizes them into 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 launched Liquidswap V1, the first automated market maker on the Aptos network, achieving feature parity with many top DEXs today. Liquidswap V1 supports concentrated liquidity pools, enabling more efficient trading and liquidity management.
• Kana Labs integrated its Paymaster service with Chingari, enabling gas-free transactions for users on the Aptos network. This integration has already processed over 250,000 transactions, significantly improving user experience by eliminating transaction costs.
• Echelon launched on Aptos, focusing on ensuring a secure, composable, and capital-efficient future for Move DeFi. This launch introduces advanced lending and borrowing features, emphasizing security from the VM core and capital efficiency powered by E-Mode, which are vital for the evolution of DeFi on Aptos.
• The Aptos Foundation introduced a proposal to deploy Aave V3 on Aptos Mainnet, which, if approved, would mark Aave's first deployment on a non-EVM blockchain. Aave Labs has already built the integration code and deployed it onto the Aptos testnet, setting the stage for this groundbreaking integration.
• Superposition announced the rollout of a multi-chain offering on Aptos, aiming to unlock DeFi interoperability. This initiative will begin on Aptos and expand to other networks like Solana and Avalanche, enhancing the composability and interconnectedness of DeFi across Aptos and other blockchain ecosystems.
• TruFin launched its TruStake product on Aptos, bringing institutional-grade DeFi solutions to the network. TruStake allows users to stake APT, contribute to network security, and earn rewards, with seamless integration alongside platforms like Liquidswap, Superposition, and Aries Markets.
• Econia Labs launched emojicoin.fun on testnet, a launchpad for digital assets using emoji ticker symbols, adding a unique layer of fun and engagement for users.

NFTs & Gaming

• Aptos Labs partnered with Supervillain Labs to launch Supervillain Idle RPG, a new immersive gaming experience on the Aptos blockchain. Developed by the team behind METAPIXEL, this game represents a significant expansion of Aptos’s gaming ecosystem. The partnership aims to attract both gamers and developers to explore and engage with blockchain-based gaming, enhancing the overall gaming experience on Aptos.
• The Aptos Foundation partnered with MON Protocol to strengthen the on-chain gaming ecosystem, offering game developers on Aptos access to MON’s developer tools for accelerated social awareness and adoption. MON Protocol, known for its work on the metaverse project Pixelmon, will provide support to both existing and future game developers on Aptos, enhancing the visibility and success of gaming projects within the ecosystem.
• Aptos Labs partnered with Cripco to launch WARP3, a platform designed to bridge Web2 and Web3 for intellectual property aggregation, curation, and payments. This partnership enables Aptos users to effortlessly access, own, and monetize intellectual property, further expanding the utility of the Aptos network in the creative and intellectual property sectors.
• Aptos Labs teamed up with Toymak3r to revolutionize the world of collectibles by creating immersive fan experiences, starting with deadmau5's 25th-anniversary tour. This partnership merges physical and digital collectibles, offering fans unique experiences that bridge the gap between reality and the virtual world.
• Led by Aptos Monkeys, Wapal, Mercato, and Kana Labs, the "It’s An Aptos Thing" event saw 26,000 unique minters participate, minting 1 million NFTs on Aptos through its Aggregators functionality. This community-led event showcased the speed and capacity of the Aptos network, reinforcing its ability to support large-scale NFT projects.
• Aptos Labs welcomed Google Cloud to Aptos GameStack, a move that enables game developers to integrate Google Cloud’s data, analytics, and AI/ML solutions with Aptos's suite of Web3 game tools. This partnership is a significant boost for the gaming ecosystem on Aptos, providing developers with powerful resources to enhance game development and player experiences.
• KYD Labs signed a four-year partnership with Le Poisson Rouge, making the historic NYC venue the first major US venue to go fully on-chain, powering all shows and tickets on the Aptos blockchain.

Enterprise

• The Aptos Foundation deepened its integration with Stargate and LayerZero, streamlining the DeFi experience on Aptos by improving cross-chain interoperability and transaction efficiency. This partnership addresses key barriers in DeFi, making it easier for users to navigate to the Aptos ecosystem seamlessly.
• Aptos Labs released a series of performance and latency improvements, making Aptos the first blockchain to achieve sub-second, end-to-end latency for all transaction types. This technical milestone sets a new standard for speed and efficiency in the blockchain industry, positioning Aptos as the fastest blockchain on the market with truly instant transactions.
• Aptos Labs introduced Aptos Connect, a next-generation Web3 onboarding tool that offers a self-custodial wallet with keyless, secure access. Aptos Connect simplifies user onboarding with one-click account creation through familiar Web2 logins, eliminating the need for private keys or mnemonics.
• The Aptos Labs research team unveiled Shoal++, a next-generation DAG BFT system designed to achieve sub-second latency at 100k TPS throughput, tested across a comprehensive testnet. This advancement includes 100 nodes spanning 10 regions over six continents, highlighting the global scalability and robustness of Aptos’s technology. Shoal++ represents a major leap forward in blockchain performance, setting new standards for speed and efficiency in the industry.
• Elliptic integrated with Aptos to provide the entire ecosystem with advanced crypto compliance solutions. This integration introduces enhanced security features, including transaction screening and Web3 transparency, which are crucial for maintaining trust within the ecosystem. By leveraging Elliptic’s tools, Aptos strengthens its position as a secure and compliant blockchain network.
• Semgrep added support for Move on Aptos, providing initial security rules to help developers report bugs and secure the ecosystem. This integration allows security researchers to perform audits more efficiently, improving the overall robustness of smart contracts and applications on the Aptos blockchain.

On-chain Data

Daily Transactions

So far in 2024, the Aptos network witnessed significant fluctuations in its daily transaction counts, hitting a daily txn count of 326 million transactions on May 25th, 2024. This surge can primarily be attributed to the popularity of the tap-to-earn game Tapos Cat, alongside other gaming projects on the platform. This unprecedented level of transaction activity with zero technical disruptions underscores the robust infrastructure of the Aptos network.

Excluding the significant spike in May, the Aptos network demonstrated a steady increase in transactions from January through June, maintaining an average of 1.5 million transactions per day. Surges in late February and mid-March were driven by internal load testing.

Daily Active Addresses

The trajectory of active addresses closely mirrors that of transactions. Active addresses show a gradual increase, with notable fluctuations around 200k to 300k daily active addresses. The most significant event is a spike to 500k daily active addresses in early June. This increase is attributed to the popularity of the tap-to-earn game Tapos Cat. Overall, the data suggests a steady upward trend in user activity, punctuated by this brief surge in June.

Closing Thoughts

2024 has been 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’ presence in entertainment and gaming, while the launch of Cellana Finance and integration of real-world assets boosted its DeFi ecosystem.

On-chain activity reflected this growth, with Aptos processing up to 117 million transactions in a single day, largely driven by popular gaming projects like Tapos Cat. Daily transactions averaged 1.5 million, with significant spikes in user engagement, particularly in February and March. Active addresses also saw a steady increase, peaking at over 500,000 in early June, indicating a growing user base and increased network activity.