Solana-killer Aptos blockchain project gets off to a rough start after launch, token drop

Solana-killer Aptos blockchain project gets off to a rough start after launch, token drop

Aptos Labsa startup founded by the employees who built the blockchain behind the ill-fated Diem of Meta Platform Inc. Its “tokenomics” model Amidst the launch of a rocky mainnet it was performing slower than expected.

The platform has been raised 200 million dollars In March, it was backed by Andreessen Horowitz, Coinbase Ventures, FTX Ventures, Multicoin Capital and other major venture capital firms. The goal of the blockchain was to build a secure and highly scalable network capable of achieving massive throughput that could outpace other blockchains like Solana, by scaling to high transaction throughput.

Prior to the launch of its mainnet, Aptos boasted that it was able to perform approximately 130,000 transactions per second, but during its launch on Monday, it was reported by Paradigm Engineer #420 on Twitter That the blockchain was capable of fewer than seven transactions per second – less than the Bitcoin network.

Paradigm Engineer wrote “Aptos is broken”. “Aptos currently has a lower TPS of Bitcoin and the majority of the tokens are either hostage or ready to be dumped on retail investors. Aptos promises 100k TPS in its final version. However, the current TPS is somewhere around 4 transactions per second.”

Shortly after launch, Mo Sheikh, one of the founders of Aptos chirp It was exciting to finally launch the blockchain, but the rough start and low TPS were due to the fact that the network was underutilized and this was just a growing pain.

“I acknowledged that things could have gone better,” Sheikh wrote. “Building a decentralized protocol from the ground up is tough! Aptos is fortunate to have a wonderful community that is constantly evolving together.”

According to Sheikh, the current TPS does not account for the capacity of the network. Instead, it’s the network idle before upcoming projects online. It is expected to increase as more projects are added.

Aptos ‘tokenomics’ model revealed

When it was first launched, Aptos was widely criticized by the community for having an opaque token economic structure. This means that no one knows how the internal token, Aptos token, or APT will be distributed among investors, developers and the community.

At the launch of the mainnet on Monday, the company finally revealed the distribution, opening the APT token for trading, along with Airdrop of 20 million tokens Tuesday. An “airdrop” is basically cashing out tokens for a number of users directly into their wallets in order to implant a number of tokens into an ecosystem in order to stimulate the economy.

“The Aptos Foundation provided early network participants with APT tokens,” the company wrote. “If you qualify for a claim, you will receive an email from airdrop@aptosfoundation.org in the next few hours.”

Blockchain projects primarily use tokens for three purposes: to fund the project by selling tokens in order to raise capital, to use tokens to reward developers and creators for participating in the ecosystem and as a way for the community to pay for using services on the blockchain.

The initial supply of APT tokens during Monday’s launch was reported to be 1 billion. According to the distribution, 510 million will go to community members, 190 million to core developers and the rest to the Aptos Foundation and private investors.

According to Sheikh, many tokens, including those dedicated to the community, have been suspended in the genesis of the blockchain. Staking essentially locks tokens to secure the network against potential attacks and generates additional tokens as a reward, which is 7% annually, and is unlocked every 30 days for token holders.

The fact that Aptos only revealed its premium model right before its mainnet was launched didn’t sit well with the community. Twitter user Aylo pointed“Aptos raised at a $2 billion valuation and failed to make its economic information available at launch. There is no way this was an oversight. This was intentional.”

Revealing the structure of the Aptos token and airdrop has not aligned well with the market either. Soon, the value is down nearly 50% to trade at $7.27 today from $13.73 at launch, according to the price aggregator. Queen Gekko.

Photo: Aptos Labs

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