Blockchain Events
Mainnet Of Aptos What’s There To See?
Aptos, a Layer 1 blockchain employing Move, launched its mainnet on October 18, 2022 (GMT+8). Binance, FTX, Coinbase, Huobi, Okex, and others announced withdrawal and trading on the 19th.
Aptos aims to provide a scalable, secure, trustworthy, and upgradeable smart contract platform for billions of users.
Despite the bear market, large venture capitalists and exchanges boosted Aptos’ popularity. Aptos underwent fair public exam, including misgivings before the mainnet debut and mistrust about its pricing swings following launch.
Through discussions with Hailey, an Ouyi researcher, and ZF, Tech Lead for Moledao, we dug further into Aptos (including some not released by their official team).
Aptos mainnet
ZF claimed Aptos is an L1 public chain that uses DiemBFT and Move. It was established by Meta Libra’s key team (later renamed Diem).
According to the data, Mo Shaikh (CEO) and Avery Ching (CTO) co-founded Aptos. Both have several years of senior development and engineering expertise in the blockchain business.
1. How are Aptos’s technology and environment?
Aptos provides direct integration of programs and digital assets, according to Hailey. Move compensates for Solidity’s security flaws. The move might destroy Solidity.
Hailey isn’t sure whether Aptos is better than other L1 blockchains. Unique programming language is not a competitive barrier. Solidity is less secure than Move, but it has a first-mover advantage, and developers are inert.
Aptos has the fastest-growing ecology. The core team is well-connected with dApp developers and teams. Many consider Aptos the next Solana. Other chains’ projects are steadily converting or launching on Aptos to grasp early profits and build a user base.
Why is Aptos hyped?
Hailey feels the oversaturation of Layer 1s is driving public interest in Aptos. People want new public chains that can overcome Ethereum and others.
Aptos is preferred by key VCs and has core team members from Meta (old Facebook), thus it’s a possible contender to the big chains, says Hailey.
2. Investing
Haily says Aptos’ stratospheric value and cash raised have also drawn attention. Aptos has raised more than 350 million dollars from a16z and Multicoin and is valued at 2 billion dollars. In this down market, shocking.
3. Can Aptos beat layer one and public chain rivals?
Hailey thinks Aptos needs improvement. On one hand, veteran L1 blockchains such as Near, Solana, Avalanche, and BSC have first-mover advantage and are observing and adapting to Aptos; on the other hand, Sui, another upcoming Layer 1 that adopts the same Move language, will also launch, and directly compete with Aptos; and finally, there’s Ethereum, the unshakeable overlord. The market must test Aptos’s performance.
Aptos’ controversies
Low TPS (Transactions Per Second)
Aptos Explorer reported a 4. 19 TPS. Both failed to provide 100k TPS. Aptos subsequently said, “At now, users can’t engage in the ecosystem since not many protocols are implemented and their tokens aren’t issued and tradeable, causing low real-time TPS.
Aptos’ shady tokenomics
After Aptos announced its debut, more than 800 million were staked. Team and investors control approximately 80% of the token supply. Where are the 200 million liquid Aptos (APT) tokens after staking?
Aptos centralized?
Since Aptos Foundation and Aptos Labs possess 51.02% of the community’s tokens and Aptos Foundation owns 16.5%, a simple calculation shows that Aptos controls at least 67.52% (51.02% of the community + 16.5% of the foundation) of the supply.
Aptos airdropped 20 million APTs to early participants and supporters before $APT trading began.
This resulted in 130 million (110+20) APTs being distributed. Since APT for investors and key contributors was locked in the first year, 110 million were initially disseminated by the Aptos team, and 20 million originate from airdropped users.
4. Controversial
Developers expressed fresh worries about Aptos on October 19:
Aptos utilizes a phony proof-of-stake mechanism for economics, not security. Investors favor PoS over PoW, thus this will appeal to them. PoS locks most of the circulating supply, allowing for a greater token price.
With hundreds of private keys (or fewer), one may suspend the network (owning 1/3 stake) or take over the whole network (owning 2/3 stake) with a few transactions.
ii. Mining pools cannot share rights and interests without PoS consensus.
AptosBFTv4 is a renaming of DiemBFTv4 and utilizes HotStuff. Slow validators will cause the network to operate poorly, therefore Aptos must regularly monitor them.
The foregoing complaints have no formal answer.
Why is Aptos so volatile?
Why does APT fluctuate?
The highest price reported immediately after APT began trading was $100, while the lowest price was below $7. APT was $7.7 at press time.
Some people wondered whether APT dropped below the listed price, which was 1 USD. Initial volatility at new and promoted exchange listings caused the variations.
Aptos airdrop information
110,235 testnet participants will get 20,076,150 APT tokens through airdrop@aptosfoundation.org. Aptos’ first airdrop uses community data.
Users who completed the APTOS incentive testnet or “APTOS: ZERO testnet NFT” may obtain APT Token.
APTOS testnet incentive completers may claim 300 APTs, whereas “APTOS: ZERO testnet NFT” minters can claim 150 APTs. Aptos Foundation gives customers a one-time APT faucet to claim airdrops.
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