The Aptos token was launched at a buy price of about $9. Following the speculation and hype around the cryptocurrency was quickly greeted by a 30% dip within the first few hours, according to CoinGecko.
Following its launch on several major exchanges, the new chain was welcomed by a 50% dip in the crypto winter that is currently sweeping through the market.
Mere hours into its first trading day, it has declined further, hitting a low of around $7.37 in a total dip of 46%.
In a tweet from Mo Shaikh, Aptos Co-founder Shaikh said it was exciting to bring Aptos to Mainnet finally. However, he acknowledged that things could have gone better.
Aptos is another one in the list of blockchains that claim to be “killers” of an already existing chain. The chain of focus for APT, in this case, is Solana.
Speaking about the problems with the Solana chain, Aptos CTO, Avery Ching commented on Solana’s frequent outages. He also mentioned that existing blockchains are not just as “reliable” as the existing financial rails.
APT uses MOVE, a programming language that is designed for fast and secure transaction speeds, as well as safe asset management.
While Solana claims to have transaction speeds as high as 50,000 TPS (transactions per second), Aptos claims to have a TPS around the 130,000 mark. However, several engineers have reported that the TPS on Aptos is nowhere near this figure and may even be struggling to keep up with bitcoins.
One such engineer is a Twitter user with the username “Paradigm Engineer #420”.
In a tweet, this engineer states that “Aptos is broken.” Paradigm Engineer #420 says that Aptos has a “lower TPS than Bitcoin” and that most of the Aptos tokens are either staked or “ready to be dumped” on retail investors. Keep in mind that Bitcoin has a TPS of about 7. This would put the Aptos chain at around four transactions per second.
The previous tweet from this engineer is only one out of a whole thread. In another tweet, the engineer states that Aptos “knows something is wrong” and that the APT discord server was disabled hours after the Aptos launch, and users could not chat or ask questions.
Aptos VCs: Price Pump and Dump
As it is with most cryptocurrencies on launch, there was a pump in the retail price of Aptos. The cryptocurrency surged to a high of $13.73 on October 19.
However, things soon went south when the APT token’s price action reversed and hit a low of $7.37, a 50% dip.
This disturbing dump in price may be due to a massive dump by VCs and institutional investors, dumping their holdings onto unsuspecting retail investors.
In a tweet, APT co-founder Shaikh addressed the disturbing tokenomics on the cryptocurrency, stating that APT tokens are designed with “people at the core.” He further shared a chart showing the four categories of token distribution and what percentage and amounts each category of investors would receive.
According to the chart. The APT community members get 51% of the total supply, amounting to about 510.2 million tokens.
He further explains that everyone who stakes after the APT genesis would get pro-rata staking rewards with up to 7% APY that would unlock every 30 days.
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