What Is Aptos (APT) And Why Is Everyone Talking About It?
Aptos (APT) has been making the rounds in the crypto spaces on social media for more than two months now. This new network caught the attention of many as the team’s vision for the network was praised. On Monday, October...
Aptos (APT) has been making the rounds in the crypto spaces on social media for more than two months now. This new network caught the attention of many as the team’s vision for the network was praised. On Monday, October 17th, the project announced that its mainnet had finally arrived ahead of listings on exchanges. However, what would usually be a cause for celebration has drawn doubts from in the community.
The Aptos TokenomicsAt the start of the week, a good number of centralized exchanges had announced that they would be listing the Aptos (APT) token for trading. These included the largest crypto exchanges such as Binance, FTX, and Coinbase, all of which have already released reports regarding their listing of the token. Naturally, supporters of the project are in full support of the listings but some have begun to question Aptos Labs’ choices especially when it comes to the APT token.
The first thing that was called out by the community was the fact that the team was yet to release the tokenomics for the project even though they had already secured exchange listings. This was pointed out by Twitter users Cobie and MacnBTC who lamented the lack of transparency from the Aptos team.
However, soon after, pictures of tokenomics from Upbit regarding the digital asset has begun to circulate on Twitter. This gave investors an insight into how the distribution of the APT token was being carried out before the team had released an official tokenomics.
Community Not ConvincedThe official Aptos tokenomics that was launched showed identical information to the one already available on the upbeat crypto exchange. Of the 1 billion token supply that was announced, 190 million (19%) was going to core contributors. The Foundation would get 165 million (16.5%) and investors were getting 134,782,460.233 tokens (13.48%). The remaining 51% of the supply was reserved for the community.
This community allocation had, however, still drawn more questions from the community. Given that Aptos was not doing an airdrop and there was no way to initially get tokens before exchange listings, some have questioned how the community was supposed to actually get these tokens.
Others have also taken to criticizing the network as it is apparently not performing as promised. Aptos has previously stated that it would process transactions at a speed of 100,000 TPS but this tweet alleges that the network is currently only doing 4 transactions per second.
Presently, participants in the space are waiting for trading to go live on various exchanges on Wednesday. But some have already begun referring to the digital asset as a pump and dump scheme given the tokenomics.
Featured image from Altcoin Buzz, chart from TradingView.comFollow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
Original source
Read on NewsBTCRelated market context
SpaceX’s IPO exposes the first crack in tokenized stocks – fragmented ownership and allocation
SpaceX priced its IPO at $135 per share on June 11, raised $75 billion in the largest public offering in history, and opened on Na...
Carlo Ancelotti confident Brazil can compete with any team as crypto fan tokens heat up ahead of World Cup opener
Ancelotti's leadership and Brazil's strong squad could boost fan token interest, impacting crypto markets and enhancing digital fa...
LG Electronics Tests Onchain Advertising Network On Arbitrum
TL;DR LG Electronics is piloting an onchain advertising network on Arbitrum. The project is designed to make ad performance more v...
SEC Plan to Scrap Rule 611 Could Be the Biggest Regulatory Unlock Yet for Crypto Tokenized US Stocks
The SEC just removed the single biggest legal obstacle standing between Crypto DeFi and US equity markets. On June 11, the agency...
Kraken Enables USDCx Deposits And Withdrawals On Canton Network
TL;DR Kraken has enabled deposits and withdrawals of USDCx on Canton Network. USDCx is backed 1:1 by USDC held in Circle’s xReserv...
Coinbase Quantum Report Warns Millions Of Bitcoin Could Face Future Security Risks
TL;DR Coinbase’s Quantum Advisory Council published a report on post-quantum migration and abandoned coins. The report estimates t...