How High Will Aptos Climb as DEX Volume Hits $1.23B Weekly ATH?

Key Insights:

• Aptos DEX volume surged to a record $1.23 billion, marking the strongest weekly on-chain activity to date.
• The Shelby protocol by Aptos Labs and Jump Crypto positions Aptos as a major Web3 storage layer.
• APT price tests a long-standing falling wedge pattern with upside potential above 100% upon breakout.

Aptos DEX ecosystem recorded $1.23 billion in weekly trading volume, marking its highest level of decentralized exchange activity. Meanwhile, stablecoin liquidity is near all-time highs, and the network infrastructure has grown with the introduction of Shelby- a decentralized, cloud-grade storage protocol.

Although the Aptos token (APT) is still in a long-term downtrend, the bullish momentum is growing, which suggests a strong upward breakout.

Aptos DEX Volume Sets New Weekly Record

Since February, decentralized exchange volume on Aptos has been skyrocketing, reaching a new all-time high of $1.23 billion last week (ending June 21).

This has been a gradual and consistent growth, as there is high demand of on-chain trading and decentralized liquidity. Hyperion already has over 70% of the 30-day volume, with Thala Labs, Cellana Finance, and LiquidSwap coming in second, third, and fourth, respectively.

Heightened institutional participation and capital inflows into DeFi protocols are taking centre stage in this growth. Increased DEX volume is also an indicator of increased user confidence and a more capital-efficient Aptos ecosystem.

Furthermore, this activity enhances the liquidity of tokens, which in the long term may positively affect the mood of investors and decrease volatility.

Moreover, Aptos is experiencing high stablecoin usage, and on-chain supply of stablecoins is currently close to its all-time high of $1.2 billion.

This liquidity boosts trading in the network of DEXs. The increasing stablecoin base is also an indication of a maturing financial layer on Aptos, which is appealing to traders and builders to the ecosystem.

The transaction fee is averagely at 0.0005, and Aptos is very cost-effective to both DeFi and retail users. This low cost, along with the increasing supply of stablecoins, creates a perfect atmosphere where developers can introduce financial applications.

The more stable assets circulate, the more the network is attractive to institutional users who need deep and stable liquidity.

Aptos Launched Shelby to Power Web3 Storage

Meanwhile, Aptos Labs and Jump Crypto have announced Shelby, a decentralized hot-storage protocol to power real-time Web3 applications. Shelby introduces a new dimension to Aptos since it makes it possible to access data rapidly, safely, and monetize it in the AI, DePIN, and streaming verticals.

The project is meant to substitute the static cloud storage with a dynamic solution that is specifically designed to operate Web3 workloads.

Shelby is driven by a decentralized fiber network, an auditing protocol, and a novel encoding model that allows retrieving data instantly. This enables the developers and content creators to serve and monetize data without losing control or ownership.

The team also states that the system will reward node operators to share high-value data, and this incentive-based flywheel will resemble Web2 scaling models.

The protocol is chain-agnostic but will deploy Aptos as its first settlement layer, anchoring early adoption to the Aptos ecosystem. Metaplex and Story Protocol are also contributing to it, adding to its use case, like NFT infrastructure and intellectual property services in Web3.

The fact that it incorporates storage monetization mechanics allows distinguishing Shelby among the conventional decentralized storage systems such as IPFS or Arweave.

APT Price Approached Falling Wedge Breakout

APT price tested the upper boundary of a 150-day falling wedge, trading around $3.80. It had recently bounced from key support at $3.79, which had held firm throughout multiple cycles since Aptos launched.

Technical analysis showed that a daily close above the wedge could trigger a breakout toward $6.60 or higher. This would represent a potential 100% rally, especially if volume increased and sentiment flipped bullish.

The $3.79 level remained a reliable floor, having held through past downtrends. A breakout required strong follow-through on the daily chart, but the setup indicated that bulls were still active in lower price zones.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.