The Aptos blockchain network developed by former Meta employees has been launched for the mainnet, but crypto critics have questioned its Tokenomics and TPS claims. Just a few hours after it started trading on major exchanges, the price of APT had already dropped by 50%.
After four years of development from the team behind Facebook’s failed Diem Crypto project, Aptos has made it into the mainnet.
Aptos is the latest in a long list of launched layer-1 blockchain networks that claim to be the “killer” of the people already working. It aims to compete completely with Solana as CTO Avery Ching commented that “current blockchains are not as reliable as existing Financial Rails, we have seen downtime and hours-long issues” earlier this year when The project was unveiled.
Aptos transaction opening trouble
Aptos uses a programming language called Move, which “is seamlessly integrated for secure asset management as well as fast and secure transaction execution.”
The team hopes to move developers away from existing networks and aims to support a wider range of Web3 applications. “We are proudly supporting a wide variety of use cases across NFTs, gaming, commerce, social networks and media and entertainment,” he said in an announcement on October 18.
Aptos claims that its transactions per second (TPS) has reached 130,000. However, engineers have pointed out that it is nowhere near and not even close to the bitcoin network.
The software engineer said that the current network is not usable, adding:
“Aptos knows something is wrong. Between Origin and 1:30PM PT, apt discord was disabled — users couldn’t chat or ask any questions.”
Major Exchange (Investor) Support Despite Tokenomics
Major exchanges including Coinbase, Binance and FTX (all of whom were Aptos investors) have been quick to list the APT token. The move comes despite there being no transparent tokenization or emissions program, but it is not a concern for those who have invested heavily in the project.
It was pointed out that a prerequisite for listing should be that users have basic knowledge about what they are buying:
Engineers who test too low TPS saw Tokenomics reveals that 80% of the APT supply is owned and controlled by the team and investors.
“The point is, with almost the entire token supply going to private parties, there was no public sale or any other way where users could earn tokens.”
The sentiment was shared by other prominent members of the crypto community:
apt value pump and dump
According to CoinGecko, as expected, the coin’s price peaked at $13.73 during the morning of October 19, when it hit the exchanges a few hours ago.
However, in typical fashion and as predicted by market analysts, APT has already fallen by nearly 50% to $7.30 at the time of press. It could be largely fluctuated by VCs and investors, with retail getting dumped again.
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