Blockchain

Aptos Flips Solana in Daily Transactions, Here’s Why

Published

6 months ago

May 25, 2024

Coin2049 Newsletter

Aptos has achieved a new milestone in blockchain transactions, surpassing Solana by recording 96.6 million transactions in a single day, compared to Solana’s 31.7 million.

This surge in transaction volume is a record high in the Layer 1 blockchain industry, surpassing the record set by Sui Network by more than 50%.

Factors Behind Aptos’ Surge in Transactions

Increased transactional activity on Aptos can be linked to the release of a new tap-to-earn game called Tapos Cat. This game has been quickly adopted, and within the first day on the mainnet, it processed 10 million transactions.

Tapos Cat is a game that enables users to accumulate $HEART tokens as a reward for engaging in the game, which entails ‘tickling’ a virtual cat. The structure of the game provides for multiple transactions, and no gas fees are taken for the first 72 hours of the game’s operation.

Source: Artemis

Moreover, Aptos has kept the gas fees and the success rates relatively constant even though the transactions are quite frequent. Such stability is achieved due to the Aggregator functionality provided on the Aptos platform, which allows for multiple transactions to be performed simultaneously.

This technical capability has evidently been instrumental in addressing the issue of increased load on the network without negatively impacting the performance.

Criticism and Defense of New Transaction Models

Despite the entry of Tapos Cat, not everybody raised the baton to celebrate its arrival on the scene. The CEO of the Helius Labs has recently shared his doubts about the game’s longevity and practical application. He notes that the game mainly encourages users to click and buy, which he believes is done to manipulate numbers rather than serve users’ needs.

Hatred should not be our anthem

We are in a time in crypto where hatred is prominent.

As a collective, we forget that we are a small community trying to change the global order by building trustless systems that can operate at scale.

But what do we do instead?

We shill our… https://t.co/aWdW2NOXWl

— Naresh | Aptos (@NareshKx) May 25, 2024

In defense of the Aptos approach, its supporters have pointed out that innovation is the key to success and that the company is staffed with the best professionals. They state that although Tapos Cat might seem to lack an intrinsic use case at first, it is a crucial engineering endeavor that establishes the viability and durability of the Aptos network.

Thus, reaching high transaction volumes without increasing gas fees or having failed transactions, the game proves the network can operate large-scale operations.

Meanwhile, amid this development, Aptos (APT) price has been bullish in the last 24 hours. At press time, APT was exchanging hands at $9.05, a 1.46% surge from the day’s support. Solana (SOL) price, however, has had a tough time in the last 24 hours, failing to breach the $170 resistance. Trading at $167 at press time, SOL was down 0.96% from the intra-day high.