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Solana ‘Killer’ Aptos Stirs Hype and Sharp Criticism Ahead of Listings

Solana ‘Killer’ Aptos Stirs Hype and Sharp Criticism Ahead of Listings

Yesterday, Aptos, one of the currently most hyped blockchains, celebrated the launch of its mainnet. Funded by numerous major crypto companies such as a16z, Jump Capital, FTX Ventures and Binance, the project has been surrounded by great expectations since its launch. Founding and titled “Solana Killer”. The project is a spin-off from former Meta employees who worked on Libra in 2019, later renamed Diem. Due to political pressure, Mark Zuckerberg’s company had to close the project, but some developers saw great potential in the technical base and created Aptos.

Their goal is to create a highly scalable, decentralized, and low-cost blockchain solution that will drive widespread adoption of Web3.

The new blockchain enables parallel execution. This should enable scalability to up to 160,000 transactions per second (TPS). However, yesterday’s release was more than disappointing, as a pseudonymous analyst named Paradigm Engineer #420 pointed out: TPS was just four transactions per second yesterday. Furthermore, most activities on the network were not actual transactions, just validators communicating, setting block checkpoints, and writing metadata to the blockchain.

Another criticism was that the developers could not use the blockchain effectively because there were no rpcs, and connecting to the validators was impossible. The pseudonymous analyst was even more critical: Aptos knows something is wrong. Discord has been disabled: Users couldn’t chat or ask questions. Some channels have only recently opened, but important channels, such as development resources, are still closed.

The Aptos team justified the current state of the network. The developers wrote via Discord that yesterday’s four transactions per second do not reflect the maximum TPS. A low network load is normal at the beginning of the main network. As activity on the network increases, the blockchain will show its true scalability, Aptos said.

Tokenomics Of Aptos Raises Criticism Before Listing

FTX and Binance, the two leading cryptocurrency exchanges in the world that also support Aptos, announced that they would list the APT token tomorrow, Wednesday. Both open trades on APT/BTC, APT/BUSD and APT/USDT spot trading pairs at 1:00 AM ET. m. COORDINATED WORLD TIME. Tomorrow’s listing must show if the project can gain the trust of the crypto community. In the run-up, there was strong criticism of tokenomics, which has not been made public to this day. Critics argued that it is only good for FTX and Binance to list APT with token comic transparency.

Although a blog post addressed this criticism, question marks remain over the proliferation and release of APT in the years to come, 19% to key donors, 16.50% to the Foundation and 13.48% to venture capital investors.

The community token pool is for things related to the ecosystem, like grants, incentives, and other community growth initiatives.

Some of these tokens have already been assigned to projects based on the protocol and are awarded upon reaching certain milestones. Most of these tokens (410,217,359,767) are owned by the Foundation, with a smaller portion (100,000,000) owned by Aptos Labs. These tokens are expected to be distributed over 10 years.

Solana ‘Killer’ Aptos Stirs Hype And Sharp Criticism Ahead Of Listings - Coin Microscope

 

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