APX Investors Reap Huge Rewards After Token Surge
This week, crypto investors who had put $226,000 into APX two years ago are now looking at returns exceeding $7 million. It’s quite the turnaround, wouldn’t you say?
Data from Arkham Intelligence reveals that Wallet 0x9D22 amassed 3.62 million APX tokens back in 2022 through a combination of swaps and transfers. At that time, the tokens were valued at less than $0.07 each. Fast forward to now, and APX is trading around $1.95—making that same stash worth about $7.07 million.
In a surprising turn of events, APX saw its price rise over 120% within 24 hours, briefly hitting a peak of $1.98, according to CoinmarketCap. This remarkable rally has driven its market capitalization to $827 million, with daily trading volumes reaching $79 million. The tokens are now nearly 8,000% above their historical lows from 2022.
APX is the native token of APX Finance, a decentralized exchange specializing in cryptographic derivatives on the BNB Chain and Arbitrum. It offers features like order books and on-chain perpetual trading with leverage options up to 1001x, along with unique opportunities for liquidity providers through a stable LP pool.
The Boost Following Token Swaps to Aster
The recent surge in price is largely attributed to the long-awaited launch of token upgrades. APX holders can now exchange their tokens for Aster, which is the native token of the Aster protocol.
The exchange opened up on Wednesday, and those who participated early were rewarded with favorable swap rates. The exchange ratio is designed to decrease over five time frames, which may prompt some to act quickly.
An announcement from Aster clarified that APX DAO stakers were able to unlock their positions without penalties starting Tuesday. Tokens could be exchanged under these same favorable conditions, although all DAO rewards wrapped up last week.
Astor Aims for $2 Billion in Total Value Locked
According to Cointelegraph, Aster has briefly shot above $2 billion in Total Value Locked (TVL) after its initial token launch sent it crashing to $545 million.
The debut of the token generated $434 million in just 24 hours, positioning it among the most active DeFi derivatives platforms and boosting trading volumes. Still, it faces tough competition from rival services.
Earlier, Binance Link YZI Lab incubated Aster as well as its predecessor, Asels. A spokesperson for the BNB chain noted that Aster received mentorship, visibility, and technical assistance through this program, labeling it a robust Dex on the chain.
