- Aptos simplified the process of airdrops and NFT transfers for creators on its blockchain.
- The project is launching a new digital asset standard, an improvement over Ethereum and Solana’s token standards.
- APT price recovery is likely to be catalyzed by the development as it could boost Aptos adoption.
Aptos announced the launch of a Digital Asset Standard (DA) to scale NFTs for creators on its chain. The launch is an improvement over the chain’s existing token standard TokenV1, Ethereum’s ERC-721 and Solana network’s SPL.
The DA is focused on seamless airdrops and enhanced performance on the Aptos blockchain. This development is likely to fuel a bullish narrative for APT price recovery in the long term.
Also read: CRV price extends losses as Curve tokens flood exchanges, whales shed holdings
Aptos reveals new Digital Asset Standard
Aptos Labs, founded by developers of Facebook’s scrapped Diem project, focused on airdrops and transfers on its chain, expanding its services with a new token standard. The project identified the limitations of Ethereum’s ERC-721 and Solana’s SPL, developing an improvement over its own TokenV1 standard.
1/ Introducing Aptos Digital Asset Standard (DA)
— Aptos (@Aptos_Network) August 22, 2023
Token standards are pivotal in establishing a shared foundation to create, manage, and interact with digital assets in a blockchain ecosystem. The new Aptos DA offers builders unrivaled flexibility, composability, and scalability. pic.twitter.com/GmxZLuyyqF
The move was aimed at boosting the flexibility and programmability of tokens on Aptos and provide more efficient on-chain data management. According to Aptos, SPL had interoperability issues, while ERC-721 proved to be inefficient and their TokenV1 standard lacked flexibility. All these issues have been addressed by the new DA.
Aptos’ standard is based on real-world applicability of NFTs and tokens, through airdrops, and soul binding of tokens (a technology to boost digital identity tokens).
Project’s in the Aptos ecosystem: Metapixel, a web3 gaming project, Mokshya, an open-source protocol to build smart contracts and BRAWL3R, an online platform fighter game, have adopted the new token standard.
APT price is $5.907 at the time of writing. APT price yielded 0.97% gains over the previous day on Binance. The token’s price recovery is likely to be catalyzed by the new developments in the project.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Week Ahead: Crypto market eyes a bullish turnaround Premium
A new week has begun, but crypto markets seem to be doing the same thing they have for the past few weeks – consolidate. However, this week will likely bring new opportunities as Bitcoin begins to show signs of revival.
Eigenpie announces EGP token airdrop for 100,000 centralized exchange users
Eigenpie is a SubDAO protocol, a multichain project that manages digital assets. The project focuses on staking Ethereum Liquid Staking Tokens (LSTs) like EIGEN and offers points to stakers.
SEC vs. Ripple lawsuit update: All related parties to file letters to seal motions and evidence
Ripple, SEC and any third parties are expected to file letters to seal proceedings and supporting evidence by Monday. Ripple CEO voiced concerns over the SEC’s treatment of the largest stablecoin, USD Tether.
Top AI tokens bleed despite reports of Apple closing deal to use OpenAI features
Apple has closed a deal with OpenAI to use the latter’s technology in its new iPhone, Bloomberg reports. The giant’s iOS 18 could come packed with ChatGPT features, per the report.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.