- Assessing the state of Aptos and APT after the recent downtime incident.
- Recap of Aptos’s 1 year performance after mainnet launch.
Aptos released an update regarding its latest downtime incident on 18 October where the network went offline for hours. The network has regained operations since then but the report reveals details regarding the reasons for the downtime.
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According to the report, a transaction with insufficient gas fee triggered the downtime. The incident resulted in validators not being able to decide on the amount of gas used, thus triggering non-determinism.
This reportedly occurred due to a code change implemented in August but the code has since been reversed and the problem solved.
Aptos Mainnet Incident Report: On Aug a performance-focused code change was committed to the Aptos-core code base. Validators agreed that a transaction had an insufficient gas budget to execute a transaction and they were unable to agree upon the amount of gas used up to that… https://t.co/3ByNvnnTpe
— Wu Blockchain (@WuBlockchain) October 20, 2023
The downtime incident puts Aptos on the list of blockchain networks that have experienced network disruptions.
Perhaps Solana holds the crown for that but what really matters in this case is that such incidents tend to trigger trader FUD and sell pressure. But is that the case for the Aptos’ native crypto APT?
APT attempts to escape bottom range
APT’s price action did not react adversely to Aptos’ downtime incident. However, this could be because the cryptocurrency has already been heavily discounted considering its overall bearish price action since January.
The APT cryptocurrency’s price action in the last two weeks suggests that it might be ready for a relief rally. Its performance since 12 October reveals that bullish momentum has been building up. This was particularly evident in the last 24 hours during which APT rallied by almost 5% to its $5.13 press time price.
Source: TradingView
Despite the bullish momentum, APT’s MFI indicator still suggests that strong liquidity is yet to flow into the coin. If that happens, we could witness more enthusiasm from the bulls.
Nevertheless, the current market sentiment remains bullish as indicated by the weighted sentiment which is currently at its highest monthly level.
Source: Santiment
In addition, Developer Activity registered a substantial rally in the last 2 weeks, although it is now starting to show signs of a slowdown. As far as the network’s current state is concerned, the network is celebrating its 1-year anniversary. It has so far achieved substantial growth since its mainnet launch.
Read about Aptos price prediction for 2024
The Aptos network has so far achieved over 303 million transactions and the number of unique addresses recently soared above 8.8 million addresses. It also boasts over 866 million APT active stakes.
1/
Congratulations to @Aptos_Network and the @AptosLabs team on the 1-year anniversary of mainnet launch.🎂These numbers are a testament to the remarkable growth & engagement within the network.📊
Join us in applauding a year of unparalleled growth and impact.🧵 👇 pic.twitter.com/pdzgAAKzGP
— Luganodes (@luganodes) October 20, 2023
These growth figures are also supplemented by healthy TVL growth. The last 7 days have been particularly good for APT as its TVL bounced to a new high of $67.63 million.
Source: DeFiLlama