A Crypto Investor’s Journey: From $226,000 to Over $7 Million with APX
A crypto investor who initially invested $226,000 in APX two years back now finds themselves with more than $7 million due to APX’s remarkable rally this week.
Data from Arkham Intelligence reveals that the wallet 0x9d22 accumulated 3.62 million APX tokens in 2022 through a series of swaps and transfers. At that time, the token was priced below $0.07. With APX currently around $1.95, that same amount is valued at $7.07 million.
APX’s Significant Surge
APX experienced a tremendous upward movement of over 120% in just the past 24 hours, reaching an all-time high of $1.98 on Sunday per data from CoinMarketCap. This surge has pushed its market capitalization to $827 million, while daily trading volume surged to $79 million. The token has seen an almost 8,000% increase from its all-time low in 2022.
As the native token of APX Finance, APX serves a vital role in a decentralized exchange for crypto derivatives on BNB Chain and Arbitrum, providing both order book and on-chain perpetual trading with leverage options up to 1001x. Additionally, it offers attractive high-yield opportunities for liquidity providers through stablecoin-heavy LP pools.
The latest price increase follows the roll-out of a highly anticipated token upgrade. APX holders now have the opportunity to exchange their tokens for ASTER, the native token of the Aster protocol.
Exchange windows opened on Wednesday, rewarding early participants with better swap rates. The exchange ratio is set to decrease across five time periods, incentivizing quick decision-making.
According to announcements from Aster, APX DAO stakers were allowed to unlock their positions without penalties starting Tuesday and could swap their recovered tokens under identical terms. All DAO rewards concluded last week.
As reported, Aster briefly exceeded $2 billion in total value locked (TVL) following the launch of its native token, APX, before quickly retracting to $545 million.
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This token launch spurred a notable surge in trading activity, with Aster reporting $434 million in trading volume within 24 hours, positioning itself among the most active DeFi derivatives platforms. However, it still lags behind competitors like Hyperliquid, which claims higher volume and open interest.
Notably, YZi Labs, associated with Binance, previously incubated Aster and invested in its predecessor, Astherus. A spokesperson from BNB Chain confirmed that Aster received mentorship, exposure, and technical support through this program, praising it as the leading perpetual DEX on the chain.
