Top 3 DeFi Protocols in APTOS

Aptos is a new blockchain that was launched in late October 2022. Many projects are building on Aptos nowadays, and Its ecosystem has plenty of DeFi and NFT projects.

In TVL, APT, it’s native token, currently takes spot #32. However, note that the combined Aptos TVL keeps growing. So, we are looking into three of the top 3 DeFi apps on Aptos.

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Cinema magic meets Web3 innovation – brought to life by… pic.twitter.com/74M4rEhmSQ

— Aptos (@Aptos_Network) March 24, 2023

1) Tortuga Finance

The first is Tortuga Finance. It’s the original liquid staking platform for the Aptos DeFi space. According to DeFiLlama, it has a TVL of $7.4 million. This makes it the third biggest DeFi project according to TVL in Aptos. PancakeSwap takes the lead, with a 67% dominance. You can get the tAPT token in 2 ways, for example:

1. Buy it on an exchange. For instance, on Hippo or PancakeSwap.
2. Stake APT on Tortuga Finance.

1/ Tortuga Finance is now LIVE on mainnet!

Starting now, you’ll be able to stake APT on Aptos mainnet via Tortuga.

If you’re ready, head to https://t.co/ESC8Gplrms now. Here’s your step-by-step tutorial: pic.twitter.com/miewtGENKZ

— Tortuga Finance (@TortugaFinance) October 19, 2022

This makes staking on Aptos easy. That’s because if you want to stake in Aptos, you need, for example:

• Run a validator node.
• Stake at least 1 million APT.

However, with tAPT, you don’t need to meet these requirements. Furthermore, you can use your tAPT anywhere in the Aptos ecosystem. This also includes staking options. The APY for staking APT on Tortuga is 7%. The picture below shows the Tortuga Finance UI.

2) Ditto Finance

Ditto Finance is also a liquid staking platform. According to DeFiLlama, it has a TVL of $1.3 million. Currently, it sits in fourth spot for size of TVL on Aptos. To clarify liquid staking, this is how it works:

• Lock your native token by staking.
• Receive a derivative token (stAPT token) so you can use it to stake it again, lend it, or farm it. Basically, any other DeFi application you can find.

You have two reward revenues. One is with the original stake, your native token. The other one is with the derivative token, in this case stAPT. Here’s a link to an in-depth guide about liquid staking by Pontem. At any rate, staking your APT on Ditto earns you a 7% APY.

Proof-of-Stake.
Validators.
Delegations.
Liquid staking.

What does it all mean?!? 🤯

Don't worry, we got ya 🤝

Welcome to Ditto University 🎓

Over the next several weeks we'll break down these topics and explore how staking on #Aptos works and how you can be a part of it. pic.twitter.com/6KdTtXftdM

— Ditto (@Ditto_Finance) March 30, 2023

You can stake or farm stAPT on Ditto Finance. The APY you can get is currently 13% for single sided staking. In a pool, you can get up to 22.61%. You receive rewards in DTO. This is the Ditto Discount token. Once Ditto launches its own token, you receive a discount on the new token with the DTO token.

3) Aries Markets

Aries Market is a margin trading protocol. It allows you to lend, borrow and use margin trading. In other words, you can long or short your positions. For this, they use an on-chain orderbook. Furthermore, it offers swaps and bridging options. Bridging is currently to five other chains like Ethereum, Solana, BNB Chain, and others.

2/

Get ready to create your own DAO! 📲

Any protocol can create DAOs to assist governance easily, use the OrderDAO platform to manage active members! pic.twitter.com/UxHUXtto9S

— Aries Markets (@AriesMarkets) March 23, 2023

According to DeFiLlama, its TVL is $771,877. It’s currently also the largest lending protocol on Aptos. Keep in mind that when you use Aries Market for the first time, you need to create an account. You will need at least 0.1 APT in your wallet for this. The platform currently supports 7 cryptocurrencies:

• zUSDC
• USDC
• APT
• tAPT
• SOL
• wETH
• CAKE

There’s also a DAO governance platform on Aries. It’s called OrderDAO and it is for NFTs. Currently, there are nine DAOs on the platform. To illustrate, Pontem Pirates is the most active, with 14 proposals and 1,000 voters. Other DAOs are, among others, MAVRIK, Aptomingos, or Jungle DAO (Aptos Monkeys).

We're excited to announce that OrderDAO, the first NFT-focused governance platform on @Aptos_Network is now live! 🤩

Access it here: https://t.co/MMd7KcceXD

Details in the 🧵👇 pic.twitter.com/nOanFNucuv

— Aries Markets (@AriesMarkets) March 23, 2023

Conclusion

We looked into the current 3 top DeFi Dapps on Aptos. This new layer 1 blockchain has a growing DeFi ecosystem. So, we focussed on Tortuga Finance, Ditto Finance, and Aries Markets. Two liquid staking platforms and a margin trading protocol. The latter, Aries, also has a new DAO governance platform for NFTs.

The current APT price is $11.66. Its market cap is $2.1 billion with an unlimited max supply of APT tokens. The total supply is 1 billion tokens. Only 180 million currently circulate.

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