Aptos Blockchain Under Controversy, APT Token Drops 50%

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The newly launched PoS-based layer-1 Aptos blockchain is below controversy for its tokenomics and the native APT token’s worth drops about 50% upon its debut.

Aptos blockchain claimed to have the ability to course of 160,000 transactions per second (TPS) however for the time being its TPS is round 23, a lot decrease than what was promised initially. 

The group began calling out Aptos for his or her poor administration and repair upon debut.

Twitter User @ParadigmEng420 famous nearly all of these transactions will not be precise transactions, they’re merely validators speaking and setting block checkpoints and writing metadata to the blockchain.

The Aptos Discord was down between Genesis and 1:30 PM PT, which means customers couldn’t talk or submit any queries. A couple of channels have solely currently been enabled, whereas essential ones like dev-resources stay closed.

ParadigmEng420 said there are 1,000,739,234.25 Aptos in circulation, nevertheless solely 821,111,362.91 are at present staked. 

Since there was neither an airdrop nor another technique to purchase mainnet Aptos tokens, which means that little greater than 80% of the token provide is held by the crew and buyers, which is a large crimson flag.

The essential reality is that nearly all the accessible tokens are going to personal events; there was by no means a token public sale or one other method for individuals to amass tokens.

Major exchanges have taken motion to supply the APT token, together with Coinbase, Binance, and FTX, all of which have been buyers in Aptos, regardless of not having clear tokenomics or a roadmap.

According to CoinGecko, token costs soared when the APT token debuted, reaching a peak of $13.73.

But as anticipated by the group and analysts, APT has already dropped by roughly 50% to $7.30 on the time of writing.

Compiled by Coinbold

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