Aptos, once looked upon as a rising star in the Layer 1 blockchain race, is now wrestling with an on-chain user activity that is rapidly collapsing. After months of ecosystem expansion and a surge in wallet creation, the network is now experiencing a fast reversal of fortunes. Recent analytical reports show that both active and new wallet addresses have plummeted—leaving many to wonder whether Aptos’ earlier momentum was ever really sustainable. Active addresses on the network have dropped over 40% since February 2023, while new wallet creation has been hit even harder, with an over 80% drop. What was once
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