Recently, the market performance of the Move system public chains has been exceptionally eye-catching, from the strong rise of the Sui ecosystem and the meme craze to the highly anticipated launch of the Movement ecosystem mainnet, the Move system public chains are gradually stepping onto the center stage of the market. Even the relatively low-key Aptos (APT) has recently begun to show signs of rally.
As the popularity of APE gradually wanes, APT has quickly taken over. Even amidst yesterday's market downturn, where altcoins generally plummeted, APT remained strong, even breaking through $11 today, reaching a new six-month high. Meanwhile, the locked value (TVL) in the Aptos ecosystem has also been steadily increasing. According to DefiLlama data, the current Aptos ecosystem TVL has risen to $900 million, with a nearly 9-fold increase this year, showcasing significant growth potential.
Recently, the Korean community of Aptos has been exceptionally active. With the continuous rise of APT, the Korean community has even shouted a new slogan: "APT APT APT APT APT APT," which is rapidly spreading. This unexpectedly increased APT's visibility within the Korean community.
So, what is the connection between the recent rise of APT and this song? What is the story behind it? Let’s delve into the background of this song that is gaining popularity globally (APT), while also examining which projects in the Aptos ecosystem are rising due to this momentum and are worth paying attention to.
Amidst a rising trend, the development of the Aptos ecosystem is remarkable. This year, the significant growth of Aptos TVL has attracted attention, primarily due to the rooting and expansion of several excellent DeFi projects within the ecosystem. Here are some noteworthy projects in the current Aptos ecosystem:
1. Aries Markets - The largest lending project in the Aptos ecosystem
Aries Markets is the largest DeFi lending project on Aptos and the first OG project to launch in this ecosystem. Currently, the project's TVL has reached $260 million, accounting for more than a quarter of the total TVL in the Aptos ecosystem. To date, the borrowing amount of this protocol has exceeded $400 million, demonstrating its importance within the ecosystem.
Aries Markets offers various functions such as lending, leveraged trading, and interest-bearing assets. Recently, the project launched the "Efficiency Mode," aimed at improving capital utilization. This feature was initially applied to APT-type assets, allowing users to use APT/amAPT/stAPT as collateral to borrow corresponding assets, with a loan-to-value ratio of up to 90%.
2. Amnis Finance - The largest liquid staking project
Amnis Finance is the first liquid staking protocol in the Aptos ecosystem and one of the largest projects in this field. Currently, its TVL exceeds $250 million, with over 300,000 stakers and a staking amount close to 25 million APT. The project's community is highly active, with the official team frequently interacting with users.
Users can immediately receive an equivalent amount of stAPT after staking APT in Amnis Finance and use it in other DeFi protocols within the ecosystem. Additionally, Amnis Finance introduces the concept of yield tokenization, wrapping stAPT into standardized yield tokens (SY) and splitting them into principal tokens (PT) and yield tokens (YT).
3. Echo Protocol - An emerging capital introducer
Recently, the launch of Echo Protocol brought significant TVL growth to the Aptos ecosystem, injecting $147 million into the ecosystem in just one month. Echo is a multifunctional protocol focused on the Move ecosystem, providing services such as cross-chain, liquid staking, and re-staking.
This project aims to bring the liquidity of BTC into the Move ecosystem and innovate re-staking solutions. Users can convert uBTC across chains to aBTC on Aptos through Echo, which is pegged to BTC. Users holding aBTC can earn multiple rewards from Aptos, BTC Layer 2, and Echo, while also using it in lending protocols and decentralized exchanges.
4. Conclusion
As a twin star of the Move system alongside Sui, Aptos has been relatively low-key during this cycle, but leveraging Sui's successful experience, the rise in coin price has indeed attracted market attention and activated the entire ecosystem. Given APT's past growth and the enthusiasm of the Korean community, we have reason to believe that APT is likely to continue developing and achieve greater success in this wave of popularity.