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."
On the technical front, Shaikh explained that the Aptos genesis occurred on October 12, 2022, with 102 validators to secure the network. "These validators have gone through extensive testing ahead of mainnet," he said.
Before the mainnet launch, Aptos boasted an astonishing 130,000 transactions per second (TPS) but, at launch, was reported to have a transaction per second speed of seven TPS—less than the Bitcoin blockchain.
Let's look at transaction speeds on Aptos.Aptos promises 100k TPS in its finalized version. However, the current TPS is somewhere around 4 transactions per second. — Paradigm Engineer #420 (@ParadigmEng420) October 17, 2022
"The majority of these transactions are not actual transactions," wrote aspiring “Twitter VC ghostwriter" @ParadigmEng420. "They are merely validators communicating and setting block checkpoints and writing metadata to the blockchain."
Shaikh says the low TPS is not representative of the network's capacity and was "the network idling ahead of projects coming online, saying the transactions per second number 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. Shaikh said 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.
The Aptos tokenomics is designed with people at the core. Tokens allocated are as follows: — Mo Shaikh (@moshaikhs) October 18, 2022
According to Shaikh, many of the tokens included those allocated to the community, with foundation categories staked at the time of the Aptos genesis. He explained that everyone who subsequently stakes would receive a pro-rata staking reward (~7% per yr) that would unlock every 30 days.
Not everyone was impressed.
Aptos raised at a $2B valuation and failed to make their tokenomics information available at launch. There is no way this was an oversight.This was intentional.— Aylo (@alpha_pls) October 18, 2022
"Locked tokens are a meme if they're used to farm and dump rewards," tweeted crypto analyst @AkadoSang, calling locking and staking tokens "a sneaky way to get liquidity since backers usually hold [a] great deal of supply."
Locked tokens are a meme if they’re used to farm and dump rewardsJust 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 dumpLern — Akado アルカード 👨🌾🌾 (@AkadoSang) October 18, 2022
In addition to the mainnet launch, Binance, FTX, and OKX said they are launching perpetual contracts using the Aptos APT token an hour after it started trading. Perpetual futures contracts allow traders to bet against the price of an asset.
Crypto podcaster Cobie was not impressed with the FTX and Binance listings news, asking how a spot market can operate if traders don't know the emissions schedule or total supply of coins.
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
Finally, 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," he said. "Community safety is a high priority."
Shaikh says that despite the hiccups at launch, multiple applications will go live over the next few days.
"Building a decentralized protocol from the ground up is tough!" Shaikh said. "Aptos is fortunate to have a fantastic community that's constantly evolving together."Source