Will Aptos catch the Inscriptions fever?

Journalist

Posted: December 26, 2023

• Over 1,000 inscriptions have been deployed on the Aptos network.
• Aptos’ TVL has entered the $100 million range.

The Aptos [APT] network is preparing for Inscriptions following its latest announcement. What is the current status of the network, and what potential impact might this development have on it?

Aptos APT-20 completes its first Inscription

Aptos Inscription recently announced the successful completion of its first platform inscription. As per APT-20 statistics, more than 1,000 inscriptions have been deployed.

Also, over 5.5 million inscription transactions have been done. Furthermore, the platform now has over 32,000 holders.

With the rise in popularity of inscriptions on Bitcoin [BTC], the most notable impacts were observed in fees and transactions. The network experienced a substantial increase in transaction numbers, setting new records during this period.

The increased transaction activity also resulted in a significant rise in fee volumes, reaching record figures similar to the transaction records.

An examination of EVM-compatible networks revealed that Inscriptions similarly influenced their fee structures and transactions.

The analyzed chart showed that certain platforms experienced a record number of transactions attributed to inscriptions. In line with the patterns observed in Bitcoin and EVM platforms, Aptos may also witness a rise in transaction numbers.

This increase in transaction volume could also lead to a rise in network fees.

Current volume and transactions on Aptos

The Aptos network has experienced a notable rise in transactions within the last 24 hours. As of this writing, the daily transaction count was over 3 million.

This represented a remarkable increase of over 39% in transaction numbers during the same period.

Despite this rise in transactions, data from DefiLlama showed that there has not been a significant impact on the network volume. The current volume, around 3 million, reflects an increase without substantial additional volume.

While the volume maintained a consistent trend, the network’s Total Value Locked (TVL) has shown a rising trend. According to the chart, the TVL has broken into the $100 million range, indicating a positive development.

APT maintains a strong bull trend

Analysis of Aptos’ daily timeframe chart showed that it had experienced a period of trading gains in recent days. Despite these, the cumulative gains have stayed within 1%.

How much are 1,10,100 APTs worth today?

As of this writing, the trading value was around $9.3, indicating an increase of less than 1%. Notwithstanding this slight uptick, it continued to show a strong bull trend.

Source: TradingView

The Relative Strength Index (RSI) at the time of this analysis was over 60, emphasizing the strength of its prevailing bull trend.