Aptos Foundation partners with Echo protocol to offer bitcoin staking
Aptos Weekly Overview - August 29, 2024
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By The Numbers
Aptos transactions this week: 2.8M (-99.5%)
Network transactions per second (TPS): 23.6
Active users: 230.7K (-68.8%)
New users this week: 121.9K
Total staked APT: 870.71M (+0%)
Aptos total value locked (TVL): $425.7M (+8%)
NFT weekly sales: 2.9K (+86.4%)
The percentages and metrics are based on a 7-day timeframe from Flipside data as of Aug. 26, unless noted otherwise.
Inside the blockchain
🌐What happened: Echo, a bitcoin liquidity staking and yield platform, announced it will integrate its services into the Move ecosystem on the Aptos network.
🌐Why does it matter: Echo’s integration into the Aptos ecosystem represents a milestone in the expansion of bitcoin utility within the decentralized finance (DeFi) sector and other chains. This initiative introduces aBTC, a cross-chain token backed 1:1 by bitcoin, as the platform’s liquid staking token on Aptos.
This development aims to enhance the interoperability of bitcoin with a robust ecosystem like Aptos, which is built with the Move programming language.
As bitcoin continues to be seen as a store of value by some investors, as opposed to a tradable asset, holders can take advantage of a yield-bearing platform without having to compromise liquidity or worry about security implications.
This means that investors can continue to use their assets across various platforms without being locked into a single protocol.
🌐The big picture: Echo’s partnership with Aptos Foundation hopes to integrate bitcoin further into the DeFi landscape and bring enhanced liquidity and utility to the Aptos ecosystem.
As more institutional and individual participants gain exposure to Aptos, Echo’s innovations can play an important role in shaping the future of onchain finance across the network.
Echo aims to increase the utility of bitcoin and lay the groundwork for more complex financial instruments, such as Core, to operate more seamlessly in a decentralized environment.
Ecosystem wins
Echelon, a liquidity lending market built on Aptos, raised $3.5M in its seed round
ERAGON announced its integration of Kana Labs to provide cross-chain DeFi services to its Aptos-powered platform
Merkle, a gamified decentralized exchange on Aptos, introduced its Token Generation Event, featuring genesis staking and a liquidity bootstrapping auction
Amnis Finance surpassed 20M in total staked APT
Aries Markets exceeded over $453.31M in TVL, making it the top-ranked protocol on Aptos (shown below)
The community is makin’ Moves
ICYMI: ScaleBit hosted a space on X about the integration of bitcoin into the Move ecosystem
Aptos Labs hosted an X space featuring its founding engineer team to answer developer-related questions
Check out this analysis created by X user nftscan_com on the Aptos network and its activity over the last 30D
X user apt_everstake wrote a thread that explained how delegated staking on Aptos works
Overlai released its Aptos-powered creator ownership app to the iOS store
By the headlines
You might have seen these Aptos-related headlines recently…
Aptos Labs Head of Engineering David Wolinsky spoke on a podcast and shared his insights about the network and its latest developments (Aptos After Dark)
Rarible Integrates with Aptos Blockchain and PetraWallet for NFT Trading (The Defiant)
Nillion integrates Aptos, offering developers next-level privacy features like Blind Computation with the advantages of Move (Cointelegraph)
Join in the fun
Want to dive into the ecosystem full-time? Find the latest job postings on Aptos Foundation here.
Meet with other developers at Code Jam, an event in Paris on Sept. 11 in conjunction with the Aptos Code Collision Hackathon
Register for Aptos Move Bootcamp, a 6-week coding bootcamp to learn how to build with the Move language
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This product was built by Token Relations.
This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.