Last week, APT, the Aptos Blockchain native token, was listed on major exchanges like Binance and FTX, which normally doesn’t have a problem as it is a very interesting and highly funded project. But what happened was that APT was listed without announcing about the supply of coins and how much the coins were distributed to anyone! It is the source of the drama that arises from this lack of transparency.
This article will briefly describe the advantages of Aptos Blockchain. with the sequence of dramatic events that occur and raise the case of coins that have been Listed with similar characteristics And ending with a big project coin that still has time to hunt Airdrop.
What is Aptos Blockchain?
Aptos is a Proof-of-Stake Blockchain Layer 1 based on Move language, which was developed from Rust by the team from Meta (old Facebook). greatly developed It currently has a development team of 350 people and the main founder is also a former developer from Diem (formerly Libra) and Meta, so he is very familiar with the Move language. The project will use APT as a native token for transactions. , Set yourself up as a Validator Node and vote on the direction of the Blockchain.
As for the strengths, Aptos Blockchain stands out for its speed. It claims to support up to 160,000 transactions per second (TPS), far behind Solana’s 120,000 TPS claim. The key technology is the modular design of the blockchain, which means that it can work independently. And with the development of several technologies behind the scenes such as Hybrid custodial option, transaction dissemination, Block metadata ordering, Parallel transaction execution, Batch storage and Ledger certification, Aptos is able to deliver very high performance.
Additionally, Aptos Labs, the Aptos development team, has received more than $200 million in investment from Lead Investor a16z in the Seed Round, $150 million from Lead Investor FTX Ventures and Jump Crypto, and approximately $50 million from Binance Labs as Lead. Big VCs like Multicoin Capital, Coinbase Ventures, Dragonfly, and others are also investing. Total raised $400 million, which is a huge amount for this kind of project.
Medal List Drama
On October 18, 2022, Binance and FTX announced that List APT will be available for trading on the exchange. In less than 1 day, at that time, coin information has not come out of any official channel, even how many Total Supply coins will be available, and who will Allocation of Coins be? How many years is the unlocking period? Including all the details that this coin should have is unclear. Even FTX and Binance’s website states that they have not received any information even though they are open to investors.
That has led to a drama about transparency about Aptos Labs as to why it is selling such coins, with the popular Crypto Twitter cobie calling for clarification. It has been tested that Aptos can actually only support 4 TPS transactions, some say it’s a project that rivals another SUI Blockchain that is nearing launch and uses the same technology. Binance and FTX, which are VCs, are quick to list and Sell Coins to Exit Your Liquidity First
A few hours after the pre-sale drama, Upbit Exchange from South Korea leaked the Tokenomics document until we saw the distribution of the coins. After that, the official document is released on the main web page for everyone to read. which is quite good looking So the drama ends immediately. and summarize as follows:
There is an initial total supply of 1,000,000,000 APT with an inflation rate of 7% every year, which will gradually decrease to 3.25% within 50 years. Withdrawal at any time.” Fees will use APT, which will be burned out of the system.
Allocation is divided into Community 51.02%, the first day will release 125,000,000 APT from the Community side to create liquidity and 16.5% to the Aptos Foundation by dividing 5,000,000 APT days from the Foundation to develop the structure. This group will gradually unlock for 10 years.
11- 19% to Core Contributors and 13.48% to Investors, locked for the first 12 months and gradually released within 4 years. Sounds good, but “7% of staking earnings are always available for sale.”
Risks to be aware of
During the first year there will be around 120,000,000 APT inflation out of unlocking and staking rewards, or 92% of Initial Supply, and in the following years it will be more than 100% inflation. Although it is a good project, but the supply that comes out a lot in the beginning makes the investment risk very high.
The sell-off from 7% staking rewards will make it harder for prices to go up.
The first day, the APT opened at $1 and immediately peaked at $100, hovering around $7, down from today’s -93% ATH. Immediate Big Exchange Has First Day Volume Over $1 Billion And Project Valuation Over $1 Billion As Soon As It Launches, Internet Computer ICP Launches At $249, Runs ATH Immediately At $2,831 And Drops To 42 $ in 3 months and down to $4.82 (down from -99.82% ATH today and GLMR from Moonbeam launched at $0.25 immediately run to ATH at $51 then dropped to $3.12 in 3 months and $0.47 (discount from ATH -99.07%) at present
At the moment, there are many other big projects waiting to launch and airdrop giveaway: SUI from Sui Blockchain, ARB from Arbitrum, ZKS from ZKsync and OP from Optimism with 14% Airdrop left. These coins have all potential growth. Therefore, the APT price may be lowered further.
summarize
All in all, Aptos Blockchain is a very interesting project. Both through the use of interesting technology, the support of big VCs and the experienced team. However, the market today is uncertain and the competitors are very high potential. Therefore, investing right now requires a lot of caution. Study well before investing.
Article written by Preit Boonluen – Senior Researcher
Compiled by Bitcoin Addic Thailand Team