The newly launched PoS-based layer-1 Aptos blockchain is under controversy for its tokenomics and the native APT token’s price drops about 50% upon its debut.
Aptos blockchain claimed to be able to process 160,000 transactions per second (TPS) but at the moment its TPS is around 23, much lower than what was promised initially.
The community started calling out Aptos for their poor management and service upon debut.
Twitter User @ParadigmEng420 noted the majority of these transactions are not actual transactions, they are merely validators communicating and setting block checkpoints and writing metadata to the blockchain.
The Aptos Discord was down between Genesis and 1:30 PM PT, meaning users couldn’t communicate or post any queries. A few channels have only lately been enabled, while crucial ones like dev-resources remain closed.
ParadigmEng420 stated there are 1,000,739,234.25 Aptos in circulation, however only 821,111,362.91 are currently staked.
Since there was neither an airdrop nor any other way to acquire mainnet Aptos tokens, this means that little more than 80% of the token supply is held by the team and investors, which is a massive red flag.
The crucial fact is that almost all of the available tokens are going to private parties; there was never a token public sale or another way for people to acquire tokens.
Major exchanges have taken action to offer the APT token, including Coinbase, Binance, and FTX, all of which were investors in Aptos, despite not having transparent tokenomics or a roadmap.
According to CoinGecko, token prices soared when the APT token debuted, reaching a peak of $13.73.
But as expected by the community and analysts, APT has already dropped by approximately 50% to $7.30 at the time of writing.
