Aptos Surges Past Solana In Daily Transactions

Activity on Layer 1 blockchain Aptos soared last week, with the network spiking 2,000% from 875,000 transactions on May 21 to 16 million the following day.

According to Aptoscan, the network maintained its momentum on May 23 and May 24, processing 97 million transactions on Friday and 115 million on Saturday, an all-time high.

Transactions cooled off to 24 million on May 25, but remain well above the average.

Aptos aims to top 1 million transactions per second (TPS), and on May 24, it achieved an all-time high of 1,078 TPS.

APT has spiked 6% today to $9.65, according to CoinGecko. At $4.1 billion, its market cap is down 30% from its March 26 peak of $7.1 billion.

The spike in transactions has now placed Aptos ahead of some leading blockchains. Solana, which usually lands first for transactions, registered 32 million, according to Coin98 analytics. Sui and Near Protocol rounded out the top 4 with 19 million and 9 million, respectively.

It appears a number of factors are driving users to use 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 reckon that spikes in transactions happen all the time, usually induced by bots or voting activity on proof-of-stake ecosystems like Aptos. Time will tell whether the flurry in activity is temporary.

Aptos is a Layer 1 developed by former Facebook employees that saw a lot of hype in the build-up to its launch in Oct. 2022. The project touts upgradeability, the Move programming language and a “people-first user experience” as some of its key differentiators from existing Layer 1 networks.