Welcome back to Aptos’ Weekly Overview. The best place for Aptos community members to get up to speed on the chain’s latest updates, metrics, releases, insights, ecosystem developments and more. All in one place.
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Aptos transactions this week: 32.8M (+28.9%)
Network transactions per second (TPS): 54.3
Active users: 3.8M (+12.4%)
Total staked APT: 868.01M (+0%)
Aptos total value locked (TVL): $1.2B (-3.6%)
NFT weekly sales: 4.7K (+46.3%)
The percentages and metrics are based on a 7-day timeframe from Flipside data as of May 26, unless noted otherwise.
🌐What happened: Bitcoin DeFi (BTCfi) is heating up on Aptos as OKX integrated its wrapped bitcoin, xBTC, on the network and deployed it to the OKX trading exchange. This deployment coincides with Echo Protocol, a bitcoin stake and yield protocol for the Move ecosystem, reaching an all-time high in TVL on Aptos of nearly $275 million, DefiLlama data shows.
🌐Why does it matter: OKX’s launch of xBTC on Aptos is the exchange’s way to provide bitcoin holders access to the network’s decentralized finance (DeFi) opportunities, while maintaining security. The xBTC is a token that maintains a 1:1 ratio with bitcoin, and comes with no minting or redemption fees unlike other wrapped versions. These aspects are often a common barrier for users wanting to use their bitcoin in DeFi applications because in most cases, a user would have to exchange their bitcoin for a wrapped version.
Separately, Echo Protocol has played a pivotal role in Aptos’ growing BTCfi ecosystem. Its recent TVL milestone, at the same time of the release of xBTC, showcased strong demand for bitcoin-backed DeFi solutions on Aptos.
OKX’s xBTC has been integrated to protocols including Echo Protocol, as well as other Aptos-native projects like Aries Markets and Hyperion. This creates a more robust BTCfi infrastructure that can support diverse use cases such as lending and high-frequency trading.
Bitcoin is the largest cryptocurrency by market cap and the release of xBTC allows an extra avenue of liquidity to flow to Aptos. While this move looks to enhance bitcoin’s utility, it can also position the Aptos network as a contributor to the evolving BTCfi landscape. In turn, it may attract new developers and users that want to access – or use – their bitcoin for DeFi.
🌐The big picture: There is a growing trend across the broader web3 sector where bitcoin is becoming more than just a store of value. Users are turning to ways to access their bitcoin in order to participate in DeFi protocols.
Aptos is emerging in this sector as a hub for BTCfi, with over 370 million bitcoin wrapped on the network, the team shared on X.
Moar Market and Hyperion collaborated to release leverage trading for Concentrated Liquidity Market Makers
Tokimonster launched its AI-powered launchpad on X for users to launch and deploy tokens to Aptos
Listen to this X Space to learn how Orbital Pay powers Aptos payments and REFERENDUM is leveraging a vote-to-earn model
GUI INU revealed GUInited Care, a charity initiative for its GUI token holders to donate and support causes in Africa
FlipVault launched the mainnet of its peer-to-peer trading platform for tokens and NFTs on Aptos
Funtasy announced it is creating a launchpad designed for web3 games on Aptos
Hear from Defi Cattos, Amnis Finance and Kofi Finance and their teams’ journeys of building on Aptos
Mirage shared it raised $1.6M for its liquidity layer protocol for the Move ecosystem
Thala released an article on X about its staked farming feature for its upcoming concentrated liquidity markets
Read details about Kofi Finance’s mainnet launch and how its liquid staking platform can expand DeFi on Aptos
ByBit integrated native USDC on Aptos and deployed it to the ByBit trading exchange
The network recorded an all-time high for daily DEX volume on May 23 of $136.8M, DefiLlama data shows
Aptos stablecoin market cap hit a new high of $1.25B (shown below)
Source: DefiLlama
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.