From ournetwork xyz
Welcome to the third installment of the Aptos Mega Issue series. As we typically see with next-gen smart contract platforms who quickly find product-market fit with both users and developers, there continues to be rapid growth in Aptos’ DeFi sector. A lot has happened since our first issue in April, when Aptos’ total value locked (TVL) sat at $342M, and even in our second September issue, as TVL reached $679M.
Now TVL on Aptos has now passed $1B, a mark which represents 19x growth year-over-year for the blockchain. Daily active addresses have also grown 10x year-to-date, jumping from 70K in January to hit a high of 1.2M in late November. By all accounts, this is amazing growth.
Aptos has also attracted new protocols like Echo, which is bridging BTC into the ecosystem on its way to becoming the third largest protocol on the chain by TVL. There are new experiments going on around a launchpad for tokens which can be represented by emojis as well. And of course, heavy hitters like Amnis, Thala and Kana Labs continue to boost Aptos’ amazing run in 2024.
However, the current Aptos story doesn’t just stop with rapid DeFi growth, as there are also new consumer-focused applications emerging onchain too.
Read on for more onchain insights.
📊 Aptos Mega Issue 📊
👥 Haley | Website | Dashboard
📈 Aptos' Second Year Has Total Value Locked, Addresses, and Transactions Hitting Highs
- In 2024, Aptos TVL grew by 1,800%—nearly 20x—to $1.2B thanks to increased adoption from institutions, next-generation DeFi protocols, stablecoins and builders. Aptos’ ecosystem is now home to over 330 projects and nearly 9M monthly active users, ranking 6th overall in daily active addresses. Its robust, reliable network has processed over 2B transactions and currently holds the top two daily transaction records of any blockchain — 326M transactions in a single day on Aug. 15, and 156M in May 2024.
- Bridging volumes on Aptos are nearing $3B year-to-date with nearly $3M bridged in the past month alone and almost 2x from $1.7B in the past quarter. Bridging transactions are driven primarily by LayerZero’s Stargate Bridge, with bridging volume accounting for nearly $500M of Aptos overall TVL to date.
- Aptos builders are committed to shipping tech fast. In just under two years, 102 Aptos Improvement Proposals have been submitted (~1 API/week). Meanwhile, enhancements to the network’s scalability & performance demonstrate Aptos’ ability to process 2B transactions and mint 1M NFTs in 4 hours.
DeFi Overview 🌐
👥 Haley | Website | Dashboard
📈 Momentum with Stablecoins and Institutions push Aptos to Surpass $1B Total Value Locked Milestone
- Aptos' total value locked (TVL) broke $1B for the first time this quarter—a 19X increase year-over-year highlighted by institutional and DeFi innovation. Case in point: daily decentralized exchange (DEX) volumes climbed nearly 30x to $21M in the past year while top DeFi protocols like Amnis Finance and Aries Markets increased TVL by 10-40x year-over-year. Echo also recently launched on Aptos to bring Bitcoin utility to the Move ecosystem and is already the third-largest DeFi protocol on Aptos by TVL.
- TradFi players are embracing Aptos to support their financial use cases — Franklin Templeton brought its U.S. Government Money Fund to Aptos with $20M+ in subscriptions at launch. Blackrock expanded its USD Institutional Digital Liquidity Fund to Aptos & Bitwise launched an Aptos Staking ETP.
- Since November, Aptos’ stablecoin market cap has surpassed $320M—up nearly $50M month-over-month following the native integration of Tether’s USDT on Aptos with USDC, crypto's second largest stablecoin, launching soon. Stablecoins now make up more than 25% of TVL on Aptos, with a host of Aptos dApps and exchanges supporting Aptos-native USDT.
Amnis Finance 🌊
👥 Eric Nguyen | Website | Dashboard
📈 Amnis Finance is the #1 LST protocol on Aptos with $390M TVL and 357K stakers
- Amnis Finance is the number one liquid staking token (LST) protocol on Aptos and ranks second in TVL, managing $352M in $APT as of December 2024. Since its launch in October 2023, Amnis Finance has experienced exponential growth, with an year-over-year growth of 1,882.1%. The protocol also boosts capital efficiency by integrating staking tokens into other DeFi protocols, bringing more active users and driving TVL across the chain.
- Amnis Finance offers impressive rewards for APT staking with a median APY of 9.19%, good for the highest among LST projects in the Aptos ecosystem and surpassing some LST projects on Ethereum and Solana. The high yield attracts more capital flow from other chains to the Aptos ecosystem to earn rewards.
- In October, Amnis Finance's unique active wallets (UAW) surged 770%, from 15,300 to 134,200. Weekly active wallets grew 4x, from 5K to 20K. With enhanced rewards and community engagement, Amnis Finance is now the fastest-growing protocol on Aptos.
DappRadar🔦Transaction Spotlight:These transactions represents three recent campaigns: Referral Cashback, Lucky Wheel and Lottery. These transaction hashes show example of users claiming rewards from the campaigns.
Thala ❄️
👥 Adam Cader | Website | Dashboard
📈 Thala Generates $3B in Cumulative Volume and Attracts $150M+ in APT Staking TVL
- Thala Swap has become the first-ever DEX on Aptos to surpass $3B in cumulative spot volume — the DEX tripled its volume, from $1B to $3B, in less than six months. Currently, it hosts the deepest available liquidity for pairs such as APT-thAPT, MOD-zUSDC, MOD-THL, zUSDC-zUSDT, APT-zUSDC, and many more, with a total TVL of ~$50M.
- Thala crosses $150M+ in APT staking TVL. Thala’s liquid staking follows a two token model, including thAPT and sthAPT. thAPT is a non-rebasing deposit receipt that is pegged to APT at a 1:1 ratio, whereas sthAPT is a rebasing deposit receipt that grows as validator rewards accrue over time.
- Thala's total TVL crossed $220M and is nearing its peak TVL of $250M. These highs are happening while Thala is generating a healthy annualized fees of ~$3M.
Echo 💿
👥 Bill | Website | Dashboard
📈 Echo Secures 2,400+ BTC in 3 Months on Aptos, Becoming the Third Largest Protocol with $228M+ in TVL
- Echo has introduced BTC into ecosystems like Aptos, with TVL significantly growing from October to December, surpassing $250M. This highlights Echo's remarkable success in attracting BTC liquidity. The rapid accumulation of substantial locked value in a short period reflects users' strong confidence in Echo's BTC Lending offerings. The borrowed amount has also grown alongside the TVL, indicating that users are beginning to explore more BTC-based DeFi use cases.
- Echo Bridge experienced steady growth from September to December, surpassing $250M in December. This trend reflects the strong trust and widespread adoption of Echo Bridge among BTC holders and ecosystem participants.
- Echo Liquid Staking has just launched, and the chart below highlights an immediate surge in adoption, with TVL rapidly exceeding $1M shortly after its debut. This swift growth showcases the strong interest and demand for Echo's liquid staking solutions.
Kana Labs 💱
👥 Surbhi Singh | Website | Dashboard
📈 Kana's DeFi Suite has Generated $4B in Total Volume, Hitting $191.9M in Volume in a Single Day this Month
- As of Dec. 6, 2024, Kana Labs has exceeded $4B total spot and swap volumes, showcasing its scalability and consistent user activity. Over the last 30 days, volumes reached $310.7M, fueled by anticipation for its perpetual futures DEX. The platform also engaged 2.71M unique active users in the past month, highlighting its ability to sustain high throughput and strong participation despite volatile macroeconomic conditions and shifting crypto market sentiment.
- On Dec 6, 2024, Kana Labs' daily volumes spiked to $191.9M, up from $110M on December 5, driven by BTC price momentum and interest in its upcoming Perp DEX. This surge underscores Kana’s ability to adapt to market shifts, efficiently managing volume with liquidity aggregation and optimization.
- Kana Labs’ Paymaster has processed 70.74M transactions at an average gas cost of 0.0003396 APT, solving gas fee challenges and enabling sponsored user transactions. Backed by 10+ partners, it optimizes network resources and reduces friction, cementing its role as a key efficiency driver in the Aptos ecosystem.
emojicoin.fun ⬛
👥 Kristina Tubera | Website | Dashboard
📈 emojicoin.fun Generates Over $30M USD in Volume
- Emojicoin.fun is a token launchpad which allows users to launch coins as emojis. In less than a month since launching on mainnet, 1,933 tokens launched, 27,559 unique addresses engaged as the platform hit $1M in TVL.
- Within less than a month of mainnet launch, emojicoin.fun saw ~$33.6M USD in total volume traded. The metrics below are denominated in APT and taken from an internal dashboard.
- In the past few days there's been exponential growth in correlation to bullish news like BTC's historic move past $100,000. The metrics below are denominated in APT and taken from an internal dashboard.
emojicoin.fun (internal)
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