The Aptos blockchain is under increasing scrutiny as its total value locked (TVL) has fallen below $650 million, with daily network revenue slowing to $1,400. This decline raises concerns about the platform's long-term sustainability. The APT token, with a fully diluted valuation of $3.7 billion, is perceived as overvalued due to decreasing liquidity, reduced user activity, and weak on-chain earnings. Market observers, including CryptoCondom on X, highlight the lack of a competitive edge for Aptos, which is struggling to maintain investor confidence. The APT token has seen a 61% decline in price year-to-date, reflecting the challenges faced by the ecosystem.