Today, let's talk about @Aptos, as it has been a hot topic on Twitter lately and has come back into my view. The price of the coin still hasn't improved, but in reality, there are many positive news items emerging, including movements from projects within the ecosystem that were announced some time ago. Since I still have some small accounts and a position in $APT, I want to organize my thoughts and write objectively; my goal is to neither hype nor criticize. First of all, I've observed that Aptos has experienced quite rapid growth in the first half of the year: • The market cap of stablecoins grew by 85.9% to about $1.2 billion. • TVL remains around $1 billion. • The on-chain scale of RWA has surpassed $540 million, making it one of the top three public chains in the RWA market. The second half of the year is also about to welcome two major developments: ❶ The Decibel trading engine is going live, a DEX that is considered Aptos's flagship, seen as a key step towards achieving CEX-level performance. ❷ Aave V3 will launch on Aptos, marking the first deployment outside of the EVM ecosystem. With continuous technical upgrades and rapid rise in the RWA field, Aptos's fundamentals can now be said to be quite solid. However, the coin price has been on a downward trend since February of this year, with no signs of a rally. I tried to analyze and think there are two factors at play: On one hand, the price of APT is constrained by structural supply pressure, with a monthly unlock of 2-3% of the circulating supply requiring an equal scale of new demand to maintain price stability. On the other hand, Aptos aims to position itself as a global trading engine, currently focusing on stablecoins and the RWA sector. However, the previous phase was more about meeting technical requirements and compliance, leading to a lag in demand growth. Therefore, the key to Aptos's development in the coming months lies in whether Decibel and Aave can successfully attract mainstream DeFi users and liquidity. As for longer-term development, it will depend on how far the narrative around stablecoins and RWA can go. It has already accumulated enough, so it remains to be seen if Aptos can sustain its momentum in this bull market. #Aptos