Aptos Blockchain Launches Amid Concerns Over Tokenomics
October 19, 2022On Tuesday, the Aptos blockchain mainnet launched. However, the long-awaited launch encountered some challenges, and Mo Shaikh, the Aptos co-founder, admits that it could have gone better. On the technical front, Shaikh says the Aptos genesis happened on the 12th of October 2022, with about 100 validators to secure the network.
The validators conducted extensive testing ahead of the mainnet. Before launch, Aptos would process 129,000 transactions per second, but at the launch, the number reduced drastically to about six transactions per second, less than the Bitcoin chain. Twitter VC ghostwriter, ParadigmEng420 says that those transactions were not actual transactions.
ParadigmEng420 continues to explain that the transactions only represent the validators communicating, setting block checkpoints, and writing metadata to the chain. Additionally, Shaikh believes the low transactions per second do not represent the network’s capacity, and he expects the number to increase with more activity.
Aptos Co-Founder Explains the Blockchain’s Tokenomics
Shaikh shifted his attention to address issues surrounding Aptos’ tokenomics, a facet that has attracted considerable concerns following the chain launch. On his Twitter account, Shaikh explains that Aptos tokens got designed with people at the core. He then published a chart comprising four categories to show how Aptos will allocate Tokens to each.
The community category token allocation is about 51% of the total tokens, and the foundation category has an allocation of 165 million Tokens, with 5 million tokens staked during the Aptos’ genesis. Shaikh says everyone who subsequently stakes would receive a staking reward of up to 7% per year, expected to unlock every 30 days.
Crypto Enthusiasts Show Concerns Over Aptos Tokenomics
However, not everyone is impressed by Shaikh’s sentiments. On his Twitter handle, AkadoSang, a crypto analyst, termed locking and staking tokens as a sneaky way to get liquidity since backers hold a great deal of supply.
A few hours after the mainnet launch, OKX, Binance, and FTX announced that they plan to launch perpetual contracts using the Aptos token(APT). The news did not sit well with crypto podcaster Cobie, asking how a spot market can operate despite traders not knowing the total supply of coins and emissions schedule.
