Aptos Q1 Report: Aries Markets TVL Grows 714% to $249 million, Becoming Aptos TVL's Highest Deal

Aptos released the 2024 Q1 report, Aptos DeFi TVL increased by 376% to $573 million month-on-month. Driven by the incentive program, lending agreement Aries Markets TVL increased by 714% to $249 million month-on-month, making it the highest agreement for Aptos TVL.
APT's circulating market cap increased 127% month-on-month to $6.60 billion. It grew faster than companies with similar market capitalizations, with its market cap ranking rising from 33 to 22 quarter-on-quarter. As supply increased this quarter, APT's price rose less than its market cap, but still up 76% from the previous quarter.
Aptos revenue (i.e., all fees charged by the agreement) grew 37% to $475,000, but fell 10% when denominated in APT. However, last year's Q4 figure saw a spike near the end of December due to the inscription boom. Excluding this, APT Quarter 1 saw an increase in total revenue.
APT inflation started at an annualized rate of 7% and has since declined by 1.5% annually until it reached 3.5%. This annual change occurred in mid-October last year, with inflation falling to just under 6.9% (the rate is based on an initial total supply of 1 billion APT). Genesis supply includes the 1 billion APTs initially allocated, but excludes pledge rewards. By the end of Q1, nearly 31% of Genesis supply had been allocated, up 32% month-on-month. An additional 4.7% of APT Genesis supply will be unlocked in Q2 2024.