Let’s dive into what’s been happening under the hood of
@AriesMarkets
over the past month — a closer look at how capital is moving through its lending layer on Aptos:
Borrow Breakdown (Total ~$12.5M):
• USDC: $5.3M — commanding 42.3% of all borrow volume
• APT: $4.7M — making up 33.8%
• USDT: $1.8M — 14.9%
• Others: $616K — 5%
Deposit Breakdown (Total ~$5.2M):
• Others: $3.8M — a dominant 73.6%
• APT: $1.3M — 25.9%
• USDC & USDT: just $23K — a minimal 0.5%
What stands out?
There’s clear borrow-side demand for stablecoins, while deposits lean heavily toward alt-assets — suggesting a strategic use of capital and a possible appetite for leveraging volatile tokens.
Is this risk-on behavior? Or just market makers positioning early on Aptos?
What’s your take?