Aptos

Aptos Mainnet Launch Fails Terribly: Details

  • The mainnet of one of the most anticipated blockchain projects in the crypto space, Aptos, went live following the “Genesis Transaction” which happened on Oct. 12.
  • The development team has yet to present with wallets, trading platforms, non-fungible tokens (NFTs) along with a governance token, which will be APT token in this case.
  • Binance will list the governance token of the project but the issuance date is yet to be confirmed.

Aptos, a blockchain project backed by some of the biggest names in the world of cryptocurrencies and digital assets, has been launched, and the mainnet has attracted the criticism of several users around the globe who are not happy with what they see. After achieving a multi-billion dollar valuation through various funding rounds, the blockchain has failed to deliver what it promised.

The Aptos blockchain has been one of the most anticipated blockchain projects whose mainnet went live following the “Genesis Transaction” which happened on Oct. 12. Interestingly, the ecosystem does not have much to offer right now as there are not enough things to support the functioning of the same and attract additional users.

The development team has yet to present with wallets, trading platforms, non-fungible tokens (NFTs) along with a governance token, which will be APT token in this case. The Aptos token (APT) does not have a issuance date for now and investors are waiting for what promised to be a rival to all the major blockchains.

As per a Twitter post from the blockchain project, which was created by former Meta employees who worked on the failed stablecoin project called Diem, “the Aptos network has been performing as expected and will see increased activity as ecosystem projects onboard and get going.” However, this is remotely not true to what a Twitter user pointed out in a thread.

According to the user @paradigmengineer420, the Aptos blockchain is “broken” and is not useful at all. The user implied via his posts that the project is not worth its multi-billion dollar valuation after it recently raised money from venture arm of FTX exchange, FTX Ventures, venture arm of Binance exchange, Binance Labs, and Jump Crypto.

The user provided proof that the current transactions per second (TPS) of the newly launched blockchain is around 4. This is lower than Bitcoin, who TPS is around 5, and also significantly lower than Solana, whose TPS is around 3,000. Interestingly, the projecet promises that the network will be able to process around 100,000 transactions per second once it has been fully built.

“Aptos is currently has a lower TPS than Bitcoin and a majority of tokens are either staked or ready to be dumped on retail investors,”

The Twitter user also pointed out that the majority of activity being witnessed on the blockchain currently is not user activity and “these transactions are not actual transactions, they are merely validators communicating and setting block checkpoints and writing metadata to the blockchain.”

As per the analyst, it is clear that the Aptos project aims to dump their tokens on the investors and perform the act of a rug pull. However, this is a serious accusation considering the fact that the firms backing the blockchain project are tied to regulated exchanges.

The user also adds that the entire blockchain is centralized and unfair practices are being followed.

“The total supply of Aptos is 1,000,739,234.25, however, 821,111,362.91 is currently staked. This means that a bit over 80% of the token supply is controlled by the team and investors, as there was no airdrop nor other method as to earn mainnet Aptos tokens,”

@paradigmengineer420 said.
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Parth Dubey Verified

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

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