Aptos’ transaction speed advantage could cement itself as the ‘Solana killer’.
With its growing list of partnerships and product launches, Aptos [APT] has made the crypto world sit up and take notice. It recently wrapped up the first leg of its ambitious hackathon world tour in Seoul.
On February 4, Aptos Network tweeted the following:
“Seoul, that’s a wrap! Thank you to the rockstar hackers who made the first stop on the #AptosWorldTour such a success. We’re blown away by the talent, ideas, and potential on Aptos. This is where culture meets building.”
Furthermore, it also expanded its footprints in the web 3 gaming ecosystem. Its partner METAPIXEL announced the upcoming release of ‘Pixelcraft’ on the Aptos network via an official title reveal video.
However, the next question on everyone’s mind would be whether all this hype is enough to dethrone Solana [SOL] against, which APT has consistently positioned itself.
Aptos Has a Clear Advantage in this Domain
Aptos is a Layer 1 Proof-of-Stake Blockchain launched in October 2022 by engineers at Meta (formerly Facebook) after Meta was unable to launch its own Blockchain. The string is developed using a Rust-based programming language called MOVE.
Unlike other Blockchains, Aptos uses a parallel execution mechanism that helps reduce latency and generate faster transaction speeds. Aptos challenges Solana in precisely this department.
According to ZebPay, Solana can process 65,000 transactions per second (TPS), while Aptos could record more than double 150,000 TPS. This performance difference could shift momentum decisively in favor of APT in the long run.
Solana has also experienced several network outages in 2022. In an interview, Solana co-founder Anatoly Yakovenko called network outages Solana’s curse.
Aptos NFT and DeFi Spaces Are Promising
APT’s Total Volume Locked (TVL), while considerably smaller than Solana’s, has seen better growth of late. While SOL grew 0.44% in the last seven days, APT increased by almost 4% in the same time period, DeFiLlama data showed.
APT’s TVL stood at $61.38 million, driven mainly by Pancakeswap [CAKE] which had nearly 60% dominance.
Aptos’ growth has also been fueled by its NFT collections. NFT trading volume on the network reached its three-month high of $1.92 million recently. The expansion has been meteoric in the past two weeks.
The growing appeal of Aptos has been reflected in its price action of late, during which it became one of the most profitable cryptocurrencies on the market.
The price has skyrocketed from around $3 at the beginning of the year to $15.57. Meanwhile, its market capitalization has skyrocketed to over $2.6 billion. That being said, the price action of the last 10 days indicated a retracement.
The Relative Strength Index (RSI) turned down from the overbought region. Although still above the neutral 50 level, there were early signs of a pullback.
On Balance Volume (OBV) also started a move south, implying that traders were looking to book profits after the bullish surge. The Awesome Oscillator (AO) was also in red.
By Audy Castaneda
