- Aptos attempted to fuel more development through its grant program.
- APT struggled with low volume but growth prospects may support it in the long-term.
Aptos [APT] is among the newer blockchain networks to enter the highly competitive industry. Nevertheless, it is currently trying to push for more adoption of its services but this will require it to on-board new projects.
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Aptos is trying to play catch up with other top smart contract networks with its current plan to support more development on its network. Its latest announcement revealed that Aptos awarded over $3.5 million to more than 50 projects as part of the first phase of its grant program.
An exciting finish to Phase 1 of the Aptos Ecosystem Grant Program! In total, we’ve awarded 50+ projects over $3.5M in funding – and we’re just getting started.
Phase 2 applications are now open! We encourage all Web3 builders to apply.
Learn more ⬇️https://t.co/lCfpbyXYYj
— Aptos (@Aptos_Network) May 2, 2023
Blockchains deploy such grants to attract more projects. Since Aptos is using the same playbook, this means we might see a surge in development activity in the next few months. But just how much has Aptos grown in its short existence?
It has achieved an impressive TVL in less than 12 months. For perspective, Aptos had a $3.47 million TVL in October 2022 and it peaked at $64.4 million at its ATH on 19 April. It has since cooled slightly to its $52.08 million press-time level.
Source: DeFiLlama
The TVL outflows reflect the return of declining confidence across the crypto market, especially in the last two weeks. As far as more on-chain observations are concerned, Aptos development activity slowed down significantly and was at its lowest level in the last 4 weeks at press time.
Source: Santiment
The recent grants issued as part of the Aptos grants program may stimulate more development activity in the future. But is this enough to support demand for Aptos’ native cryptocurrency APT?
Well, more development will unlock more network utility which may in turn boost investor sentiment. So far APT’s weighted sentiment was still within its monthly lows.
Source: Santiment
The low sentiment reflected lack of confidence, especially in APT’s ability to bounce from the current level. This is backed by low volumes, which also indicate the current state of the market. As a result, APT has struggled to recover from its current range.
How many are 1,10,100 APTs worth today
APT has been hovering just above its short-term support near the $9.28 price range for almost two weeks.
Source: TradingView
APT’s MFI demonstrated some upside which indicated some accumulation. However, the price is still at risk of losing its current support if the market conditions worsen. On the other hand, the support may hold and act as a bounce-off point in case the market sees a bit of demand recovery.