Aptos Blockchain Launches to Concerns Over Tokenomics
The Aptos Blockchain Mainnet launched last night but the long-awaited debut was not without its challenges.
it's exciting to finally bring Aptos to Mainnet Aptos co-founder Mo Shaikh tweeted "Acknowledged that it could have gone better."
Shaikh expressed that the Aptos genesis occurred on October 12, 2022. with validators have gone through extensive testing ahead of Mainnet.
Aptos boasted an astonishing 130,000 transactions per second (TPS) before the launch of Mainnet but, after launch reported to have a TPS rate less than the Bitcoin blockchain.
Aptos is broken.— Paradigm Engineer #420 (@ParadigmEng420) October 17, 2022
Aptos launched today - October 17, 2022 at 14:22:40
However, Aptos is currently has a lower tps than Bitcoin and a majority of tokens are either staked or ready to be dumped on retail investors.
Curious? Thread Below
According to Shaikh the low TPS is not representative of the network's capacity and was the network idling ahead of projects coming online as well TPS rate should increase with more activity.
Shaikh then turned his attention to the issue of Aptos Tokenomics a facet that had drawn considerable questions and concerns following the launch as well Aptos tokens are designed with people at the core and published a chart listing the four categories of token distribution and what percentage and amount of initial tokens each would receive.
Genesis: the Aptos genesis occurred on Oct. 12— Mo Shaikh (@moshaikhs) October 18, 2022
To secure the network, Aptos launched with a set of 102 validators. They are mostly driven by the community and are staking today. These validators have gone through extensive testing ahead of mainnet.
According to Shaikh many of the tokens included those allocated to the community members. with foundation categories staked at the time of the Aptos genesis. he explained that everyone who subsequently stakes would receive a pro data staking reward of 7% per year that would unlock every 30 days.
Aptos raised at a $2B valuation and failed to make their tokenomics information available at launch.— Aylo (@alpha_pls) October 18, 2022
There is no way this was an oversight.
This was intentional.
According to AkadoSang's Twitter profile locked tokens are a meme if they're used to farm and dump rewards.
Locked tokens are a meme if they’re used to farm and dump rewards— Akado アルカード (@AkadoSang) October 18, 2022
Just a sneaky way to get liquidity since backers usually hold great deal of supply
Funny enough those same rewards are usually labelled as “community incentives” while going straight to big wallets to dump
Binance, FTX, and OKX expressed they are launching perpetual contracts using the Aptos APT token an hour after it started trading. Perpetual future contracts allow traders to bet against the price of an asset.
Crypto podcaster Cobie was not impressed with the Binance and FTX listing news.
However addressing concerns about the brief unavailability of channels in the Aptos Discord server, Shaikh said the service was muted to protect community safety.
"Most projects mute channels due to the high amount of scams," Shaikh said community safety is a high priority.
How can there be a spot market if ppl dont know what the emissions schedule or total supply of coins is!??!! AAAAAAAAaaaaaaaaaadenjfkbdhgiejorof— Cobie (@cobie) October 18, 2022
Furthermore, According to Shaikh that despite the hiccups at launch, multiple applications will go live over the next few days.
"Building a decentralized protocol form the ground up is tough" Aptos is fortunate to have a fantastic community that's constantly evolving together.
Related: Ripple wants to bring Ethereum smart contracts to the XRP Ledger