After building much anticipation around the company and its value in the crypto market, Aptos Labs finally announced the launch of its Mainnet on October 17, 2022, claiming to surpass the security, performance, scalability, and speed of Solana (SOL), which is one of the fastest blockchains. Upon the launch of the Mainnet, Aptos airdropped 20 million $APT tokens to its eligible users.
However, there have been multiple complaints and reactions towards the launch of Aptos; users and investors have taken to social media apps like Twitter and Discord to express their difficulties in accessing the tokens airdropped to them. Users lamented not being able to claim their tokens, verify their email addresses, and inability to purchase $APT to pay gas fees.
Amidst this turmoil circulating the internet since its launch, there has been a highlighted issue with Aptos’ tokenomics which has made traders and investors wary of Aptos’ intentions. As it seems, Aptos might have bitten more than it could chew with the release of its blockchain, especially when it is not up to the expectations of investors and traders within the crypto industry.
What Is Aptos?
They were founded by two ex-Meta employees, Mo Shaikh and Avery Ching, the co-developers in Mark Zuckerberg’s abandoned Diem project. Aptos ($APT) is a layer-1 blockchain built with Move programming language, which is centered on Rust, to upgrade the security and safety of its users while operating within the blockchain.
Before its official launch, Aptos had received significant funding during its summer fundraiser, earning up to $1 billion in value and achieving unicorn status.
Aptos ($APT) prides itself on its promised capabilities, stating it would permit 130,000 transactions per second on its blockchain.
Many attractive features were announced by Aptos before its release, leaving everyone anticipating the new blockchain, which would surpass the Solana and Ethereum (ETH) blockchains.
Controversy Surrounding Aptos ($APT)
1. Flawed Transaction Per Second (TPS)
An anonymous handle on Twitter took to the app, explaining the errors in the Aptos blockchain and revealing their flaws. They claimed that not all transactions are accurate, as they could be communications between validators within the blockchain. ParadigmEngineer420 tweeted about the weak actions of the blockchain, noticing that Aptos only approves four transactions per second (TPS) rather than the promised 130,000; that it mentioned.
After sharing 2% of its tokens to its eligible testnet users, many complained about how they could not access the tokens, listing several issues that barred them from earning their win after completing the activities asked of them. A few complaints were about the inability to access the Discord emails, which were necessary to verify those who had received the tokens. Other testnet users were considered ineligible after completing the mandatory task of minting the Aptos Zero NFT.
3. Venture Capital (VC)
There have been mixed feelings surrounding the number of VCs (Venture Capital) staking on the Aptos blockchain. Investors have voiced their concerns about the power given to the VCs as there has been a lot of funding in Aptos before its release. Aptos’ overnight rise in value is questionable especially and is being closely watched; by spectators.
Investors and traders all discussed Aptos not publishing its tokenomics, considering both locked and unlocked tokens can be staked. However, the co-founder Mo Shaikh, having seen the confusion around Aptos’ tokenomics, released a thread explaining how the tokens will be shared.
The people are still wary of this as they ask for total transparency over the blockchain so; no one falls prey to a rug-pull project. A blockchain writer tweeted, calling out Aptos for its sketchy attitude toward its tokenomics.
What Does This Mean For Aptos?
Since the general market is suspicious about Aptos’ intentions with its latest launch, it is safe to say that the newly introduced blockchain may be boycotted by investors and traders, along with DApps project developers who are looking to publicize their projects.
Everything Aptos has boasted about before its launch has been ineffective and has left its users with a sour taste for the new blockchain. Processing 4 transactions per second make Aptos slower than Bitcoin’s (BTC) TPS, thereby contradicting itself in its farfetched throughput claims to surpass Solana (SOL) and Ethereum (ETH).
The latest blockchain, Aptos, has received backlash from users and investors, narrating their experience with the mainnet and the decisions made by the project developers.