- Aptos has a new token standard that could be a game-changer for long-term growth
- A summary of APT’s recent bearish performance and a review of the outlook.
Large networks like Ethereum [ETH] are thriving on symbolic standards that streamline interactions. The Aptos [APT] blockchain appears to be following a similar path, with the latest announcement revealing a new token standard.
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In its latest announcement, Aptos stated that token standards are important in facilitating network growth. The network unveiled the launch of its Aptos Digital Asset (DA) standard as its latest offering, which also aims to leverage growth.
1/ Introducing Aptos Digital Asset Standard (DA)
Token standards are crucial in establishing a shared foundation for creating, managing and using digital assets in a blockchain ecosystem. The new Aptos DA offers builders unparalleled flexibility, composability and scalability. pic.twitter.com/GmxZLuyyqF
— Aptos (@Aptos_Network) August 22, 2023
According to the official announcement, this new standard will offer several benefits in terms of real-world applicability. In particular, it will make it possible to develop composable NFTs. Speaking of which, NFT trading activity has taken a significant hit over the past three months.
Source: Sentiment
Aptos’ total number of NFT transactions peaked at 5,751 in mid-June and recently dropped to a single-digit number. This underlined how slow market conditions have affected the network.
The new token standard highlights the network’s efforts to boost NFT trading activity. Meanwhile, APT’s development activity also took a hit, falling to a three-month low on Monday (Aug. 21).
Will the token standard put APT on a bullish trajectory?
APT had a promising start after an impressive performance in January 2023. However, it has maintained an overall bearish slide since February, recently reaching a low of $4.92.
It has since returned to its press-time price of $5.82. Nevertheless, the Money Flow Index (MFI) suggested that the token was still experiencing an outflow. Therefore, the short-term outlook remains bearish for now.
Source: TradingView
What does the future hold for this coin? Well, the new Aptos DA standard could unlock more growth opportunities, potentially increasing demand for the coin in the network.
Keep in mind that this is still a hypothetical scenario for now. But if successful, it would boost the long-term bullish outlook.
How much are 1,10,100 APTs worth today?
As for recent on-chain observations, Aptos’ social dominance metric has shown signs of stimulation over the past 24 hours at the time of writing. Despite this, volume along the chain remained low. This reflected recent market conditions, underpinned by uncertainty and low confidence in the market’s ability to recover.
Source: Sentiment
Aptos’ new token standard has the potential to drive long-term adoption of the network, hence the magnitude of this development.
Nevertheless, the APT cryptocurrency has shown an affinity for the downside in recent months. It was still trading at a premium compared to its 2023 low price level.