Aptos 3Q23 Review

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Bohyeon Park외 1명
Xangle Partner Research
Nov 10, 2023

Table of Contents

1. Project Overview

2. 3Q23 Highlights

2-1. Key Events & Updates

2-2. Key Metrics

3. On-Chain Performance

3-1. Network Activity

3-2. Network Security

3-3. Development Activity

4. Governance, Partnership & Key Updates

4-1. Governance (AIPs)

4-2. Partnership

4-3. Key Events & Features

5. Closing Thoughts

 

 

 

1. Project Overview

Created by Diem developers, Aptos is a monolithic PoS blockchain prioritizing speed and stability. Leveraging exceptional technologies like AptosBFT and BlockSTM, Aptos is designed to theoretically achieve over +100,000 TPS (Transactions Per Second) and latency of less than one second. Furthermore, it provides a dependable, swift, and adaptable development environment using the Move language, delivering a blockchain experience that caters to the needs of both developers and users.

2. 3Q23 Highlights

2-1. Key Events & Updates

Partnerships bridging Web2 and Web3: Microsoft, Sushi, Pyth, and Flowcarbon

  • In collaboration with Microsoft, Aptos foundation is working towards the integration of the "Aptos Assistant" feature, aiming to bridge the AI ecosystem with the blockchain. This strategic move positions Aptos at the forefront of the AI and DeFi revolution.
  • Aptos is the first non-EVM chain on SushiSwap.
  • Aptos foundation will work with Pyth to introduce Oracle solutions that power the Peace data feed. This will grant Aptos ecosystem dApps permissionless access to these data feeds.
  • In partnership with Flowcarbon, Aptos foundation will launch a new program on the Aptos network, offering high-quality carbon removal credits.

Q3 Key Events: Release of Wormhole Connect v0.0.7, introduction of mobile APT staking support in the Petra wallet, launch of Surf, and the unveiling of the Martian asset management tool

  • The latest Wormhole Connect v0.0.7 provides developers with a user-friendly development interface.
  • The Petra mobile wallet app enhances staking accessibility by enabling mobile staking.
  • Thala Labs has launched Surf, an Aptos SDK TypeScript interface, improving development convenience.
  • The Martian Wallet introduces a portfolio dApp that allows users to manage tokens and NFTs associated with their Aptos network accounts. This app offers various features, including bridging, price tracking, and staking.

Suspension of the METAPIXEL Project

  • On September 3rd, the Meta Division of NPIXEL, which was actively developing the highly anticipated Metapixel (METAPIXEL) project within Aptos, abruptly declared its dissolution.

In the third quarter, a total of 8 AIPs were passed and integrated into the protocol, with the most notable ones being AIP-35, AIP-39, and AIP-37

  • AIP-35 addresses network losses and boosts security by charging fees for transactions causing errors, rather than simply reverting them.
  • AIP-39 enhances user convenience and stimulates network activity by introducing mechanism for specifying a different gas payer account from the transaction sender.
  • AIP-37 establishes a more streamlined network by filtering duplicate transactions within blocks.

Aptos accomplished additional significant technical milestones, including the introduction of the Digital Asset Standard.

2-2. Key Metrics

3. On-Chain Performance

3-1. Network Activity

Daily transaction count on Aptos has demonstrated gradual growth since 4Q22 when the mainnet was launched, and it has witnessed significant upsurge since 3Q23. In particular, during 3Q23, the platform witnessed a total of 489,000 daily transactions, marking a remarkable 207% surge from the preceding quarter. While the mainnet launch in 4Q22 generated elevated transaction volumes due to airdrop activities, the Aptos token unlock event led to a sharp increase in transaction volumes in July and August.

Daily active wallet count mirrors the trend of daily transactions, reflecting a relatively even distribution of transactions across various wallets instead of being concentrated in one specific wallet. The peak numbers were recorded in Q4 of the previous year, coinciding with the mainnet launch and associated airdrops. Subsequently, similar to daily transaction count, the daily active wallet count has risen to approximately 69,000 in Q3, marking a substantial 329% increase over the preceding quarter.