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Aptos Hits Record Transaction Volumes with 115 Million Transactions in One Day

Activity on the Layer 1 blockchain Aptos surged last week, reaching record transaction volumes. From May 21 to May 24, transactions on the network skyrocketed from 875,000 to 16 million, a 2,000% increase.

This growth continued, with Aptos processing 97 million transactions on May 23 and peaking at 115 million on May 24, setting an all-time high. Although transactions cooled to 24 million on May 25, they remain significantly above average.

Aptos aims to achieve 1 million transactions per second (TPS), and on May 24, it hit a record of 1,078 TPS. The price of APT has also seen a 6% increase today, reaching $9.65, according to CoinMarketCap. Despite this, its market cap has dropped 30% from its peak of $7.1 billion on March 26 to $4.1 billion.

This transaction spike has positioned Aptos ahead of major blockchains like Solana, which recorded 32 million transactions, according to Coin98 analytics. Sui and Near Protocol followed with 19 million and 9 million transactions, respectively.

Several factors are driving users to Aptos. Thala Labs, a DeFi liquidity engine, is integrating USDM for tokenization on Aptos, and the TruFin protocol is enabling institutional-grade staking on the network. However, some users speculate that the spike might be due to bots or voting activity typical in proof-of-stake ecosystems like Aptos. Only time will tell if this surge in activity is temporary.

Aptos, developed by former Facebook employees, gained significant attention before its launch in October 2022. The project highlights its upgradeability, the Move programming language, and a “people-first user experience” as key differentiators from other Layer 1 networks.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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