• Aptos’ APT token crashed by more than 40% in the last 24 hours.
  • Out of 1 billion APT tokens of initial supply, 49% have been reserved for the core contributors, foundations and investors.
  • As per Aptos, more than 82% of the tokens on the network have been staked across all categories.

In a Terra 2.0-esque launch, a new blockchain Aptos noted a terrible crash on Wednesday. The highly anticipated blockchain launched its mainnet on October 18. Aptos noted significant hype surrounding the chatter of the blockchain being a “Solana killer”, but the launch was a hype killer.

Aptos sinks after launch

The Aptos blockchain launched with a rather controversial tokenomics, which noted some backlash from the community. As a result, within 24 hours of the mainnet going live, the native token APT began crashing and ended with a 46% plunge. Trading at $7.4, APT fell from its high of $13.73, according to CoinGecko.

Along with the mainnet, the tokenomics of the blockchain were also published. According to it, at the time of launch, 51.02% of all APT tokens - which amount to more than 510.2 million APT - have been allocated towards the community. The remaining 48.98% of all 1 billion tokens are set to be distributed among the core contributors, foundation and investors.

Aptos stated that the 410 million APT held by the Aptos Foundation and 100 million APT held by Aptos Labs would be distributed over a 10-year period. This distribution will see 125 million APT dedicated to supporting ecosystem projects and other community growth initiatives.

The backlash

Since more than 489 million APT has been set aside for the core contributors and investors, this supply will be subjected to a four-year lock-up schedule. For the first 12 months, no APT will be available to these cohorts. The tokenomics read,

“3/48ths of such tokens unlock on the 13th month after mainnet launch and each month thereafter up to and including the 18th month.”

Furthermore, staked APT will follow a 7% maximum reward rate and will be evaluated at every epoch. At the moment, about 82% of all tokens have been staked across all categories.

APT distribution


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Ethereum attempts recovery following first rate cut in four years

Ethereum attempts recovery following first rate cut in four years

Ethereum is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds recorded $15.1 million in outflows.

More Ethereum News
Bitcoin offers diversity for traditional investors: BlackRock

Bitcoin offers diversity for traditional investors: BlackRock

Bitcoin (BTC) is trading above $60,000 on Wednesday following the release of BlackRock's latest white paper, which addresses some of the top crypto assets' unique advantages to investors compared to traditional asset classes.

More Bitcoin News
XRP pulls back 4% even as Ripple releases details of stablecoin RLUSD

XRP pulls back 4% even as Ripple releases details of stablecoin RLUSD

Ripple (XRP) shared details of its stablecoin project Ripple USD (RUSD) in a blog published on Tuesday. The cross-border payment remittance firm discusses relevant legislation and plans to support the digital asset economy through RLUSD. 

More Ripple News
Bitcoin traders keep powder dry ahead of Fed decision on interest rates

Bitcoin traders keep powder dry ahead of Fed decision on interest rates

Bitcoin retraces slightly, trading above $59,000 on Wednesday, as crypto markets brace for the upcoming interest-rate decision by the US Federal Reserve, which is expected to lower interest rates for the first time in more than four years.

More Bitcoin News
Bitcoin: On the road to $60,000

Bitcoin: On the road to $60,000

Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP