- Aptos faces pressure as its TVL drops below $650M and daily revenue stays weak, raising doubts about long-term growth.
- APT’s $3.7B valuation looks stretched amid falling liquidity, shrinking user activity, and low on-chain earnings.
- Investors pull back as Aptos network revenue slows to $1.4K daily, signaling declining confidence in the ecosystem.
Aptos is facing growing scrutiny after a steep drop in both market value and network activity, sparking renewed debate over its long-term strength. According to CryptoCondom on X, “$APT’s founder exited the moment vesting was done. Although the tech is good, the chain has no moat and $APT is a worthless governance token which is excessively valued at $3.7b FDV despite TVL decline and chain revenue of only $1.4k/day.” This criticism follows a 61% yearly drop in APT’s price, leaving investors questioning the blockchain’s sustainability.
The chart shared by CryptoCondom highlights significant weakness across the Aptos ecosystem. The total value locked (TVL) in decentralized finance currently stands at $649.13 million, showing a 3.33% decline in the past 24 hours. The data further shows a steady downtrend since early 2025, following a strong rally that once pushed TVL above $1 billion. This shift marks fading investor enthusiasm and declining liquidity across major DeFi protocols.
Falling Liquidity and Reduced Network Confidence
Aptos’s stablecoin market capitalization remains at $1.417 billion, reflecting active liquidity but also slowing momentum. Besides, chain revenue and fees hover around $1,477 per day, signaling weak transactional earnings. Moreover, the ecosystem’s application revenue of $932,345 contrasts with $986,688 in application fees, implying sustained user interaction but limited profitability.
Every day, $91.95 million is traded on decentralized exchanges, and $30.15 million is traded in perpetual futures. These numbers, however, are comparatively low when compared to prior quarters, supporting the general cooling trend. With $134.34 million in bridged TVL, network efforts have raised a total of $350 million, indicating that money is still going out to additional chains.
APT trades at $3.21, giving it a $2.312 billion circulating market cap and a $3.799 billion fully diluted valuation. As a result, the token’s price is still high in comparison to its declining network characteristics. It is evident from the historical TVL trajectory that it will expand through 2024 before going into a contraction phase in the middle and end of 2025.
