- 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
Chainlink surges amid World Liberty purchase, Emirates NBD partnership and CCIP launch on Ronin network
Chainlink price surges around 15% on Thursday, reaching levels not seen since mid-November 2021. The rally was fueled by the Donald Trump-backed World Liberty Financial purchase of 41,335 LINK tokens worth $1 million on Thursday.
Ethereum, Chainlink and Aave rally after Donald Trump’s World Liberty buys $12 million worth of tokens
Donald Trump-backed DeFi platform, World Liberty Financial (WFLI), spent $12 million on Ethereum (ETH), Chainlink (LINK), and Aave (AAVE) on Thursday, sparking a 2% rise in ETH and over 20% rallies in LINK and AAVE.
Sui hits new all-time high of $4.9 as Backpack integration sparks $466 million DEX volume surge
Sui price reaches a new all-time high of $4.9 on Thursday after increasing more than 20% in the previous week. The rally was fueled by the announcement that the Backpack exchange and wallet integration with SUI and DEX volume reached record levels.
XRP investors realized $800 million in profits amid signs of massive rally to $4.75
Ripple's XRP continued its rally on Wednesday as it looks to test the upper boundary of a key flag channel. Following the recent price rise, investors booked profits worth nearly $800 million while options traders bet on the remittance-based token hitting the $5 mark.
Bitcoin: Long-awaited $100K milestone meets profit taking
Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.