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According to CoinGecko, no cryptocurrency or token has climbed more in the past day or week than Aptos.

The Aptos blockchain native coin, APT, has more than doubled in price over the past seven days and is up 47%, to $18.46, in the past day alone. Year-to-date, Aptos has jumped 350%. Why?

It’s hard to pinpoint a specific reason, but data shows that about half of APT’s $2 billion volume in the past day comes from the South Korean won exchange pair on Singapore-based exchange UpBit, according to CoinGecko. At the time of writing, APT was priced at $18.63 on UpBit.

That’s almost $0.50 more than it sells for on Binance and most other exchanges and a sign that at least some of the activity is coming from arbitration professions. Simply put, arbitrage traders profit from price gaps. They buy at the lowest price available and sell at the highest price they can get.

South Korean exchanges so frequently list crypto assets at higher prices than their global counterparts that the difference has been dubbed the “Kimchi bounty.” Just last year, the Seoul Central District Prosecutor’s Office opened an investigation into 2 billion Korean won worth of illegal remittances generated by arbitrage traders profiting from it.

It’s also worth noting that while Aptos is still only the 20th largest DeFi ecosystem, according to DeFi Llama, it has grown significantly over the past month. DeFi volume on Aptos has grown from $14 million last month to $51 million in January — and the month isn’t even over yet.

Growth in Aptos trading volume on decentralized exchanges. Image: DeFi Llama

An additional 10% of APT volume over the past day came from Binance’s APT and Binance USD (BUSD) trading pair. Binance, the world’s largest crypto exchange by volume, also recently introduced two APT liquidity pools, which now account for an additional 18% of APT’s trading volume.

Liquidity pools power peer-to-peer trading of crypto assets. Users are incentivized to “pool” or deposit their tokens so that they can be traded with other users. They are essential to the functioning of decentralized exchanges, like Uniswap and Curve. But centralized exchanges like Binance also use them.

On January 20, the Binance Liquid Swap platform launched its APT/Tether and APT/Bitcoin liquidity pools. The platform rewards users with BNB, the utility token of the exchange, for depositing funds into the pools.

At the time of writing, Binance promises a 92.42% return on APT/USDT and a 99.49% return on APT/BTC liquidity pool deposits. Of this amount, users would receive 0.71% and 1.07% BNB rewards respectively, paid hourly.

Aptos has consistently outperformed the market since the start of the year. But it started hard when his main network launched in October.

The project received a lot of backlash for not publishing your tokenomics sooner that he did. Critics piled up when the blockchain, which promised speeds of up to 150,000 transactions per second, showed speeds of 4 transactions per second after its big debut.

At the time, Aptos co-founder Mo Shaikh said on Twitter it was a sign that “the network is idling before projects go live”.

Aptos backers include many venture capital firms that have become industry stalwarts: Andreesen Horowitz, Multicoin Capital, Jump Crypto, Tiger Global Management, Blocktower Capital, and Coinbase Ventures. And ahead of launch, the project closed a $200 million strategic round and a $150 million Series A round.

This list also includes two companies that have since filed for bankruptcy: hedge fund Three Arrows Capital and FTX Ventures, the venture capital arm of Sam Bankman-Fried’s crypto empire.

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