After Four years of development, the Aptos network finally hit the mainnet on October 17th, but the welcome so far has been little.
Some users claimed that Aptos had a lower transaction per sec (TPS) than Bitcoin and predicted that a “majority of tokens are either staked or ready to be dumped on retail investors.”
Aptos and VC’s
Even before hitting mainnet today, Aptos had previously managed to attract VCs in the Web3 circles.
The layer-1 blockchain was launched by former employees of Meta who had also worked on the controversial Diem project.
Aptos raised $200 million in March, in a round led by a16z.
The $200 million fund round had participants like Multicoin Capital, Katie Haun, Three Arrows Capital (3AC), ParaFi Capital, Hashed Tiger Global, BlockTower, FTX Ventures, Paxos, and Coinbase Ventures, among others.
Aside the former, it even closed a $150 million Series A round led by FTX earlier this summer.
Aptos, tagged as a “Solana-killer,” has failed to perform the high-profile attempt.
From slow TPS to the legitimacy of the project itself has come under the watchful eyes.
Aptos Suspicious activities
On the first day update, Aptos devs said the network was performing “as expected” and will see increased activity as “ecosystem projects onboard and get going.”
But that’s didn’t go well as the devs disabled the project’s Discord and Telegram channels rendering users unable to chat or ask any questions soon after the mainnet launch.
This made the project suspicious as many users subsequently speculated that Aptos has not been transparent with the community.
The project, however, claimed that the decision to close the channels were “proactively” taken to “protect the community from scams during this window.”
Hassan Bassiri, the Vice President of Portfolio Management at Arca, dragged Aptos on the lack of publicity on the tokenomics of “Aptos rug.” His tweet read,
“what’s amazing about this Aptos Rug is that every CEX is listing it in 24 hours … yet you can’t find a single public doc about #Tokenomics anywhere.”
Personally won’t go near Aptos. I believe it raised at a 2B valuation. There are way better things out there. Don’t think this is one (for now). Maybe short term you get volatility.
Imo chart will end up something like this over time. Let time and price prove otherwise pic.twitter.com/KMp75ENvWP
— Pentoshi 🐧 (@Pentosh1) October 18, 2022
However, it was noticed by several users that a report by the South Korean exchange Upbit may have accidentally leaked APT’s tokenomics, demonstrating investors and initial contributors having a one-year lock-up and four years of vesting.
The mainnet launch has been over-hyped, with several prominent exchanges extending support for its native token, APT, for trading purposes.
This included Binance, Coinbase, FTX, Huobi, OKX, etc.
However, Aptos is now under intense scrutiny.
Meanwhile, another of Aptos critic said that he would not go near Aptos.
He is a Twitter user under the pseudonym ‘Paradigm Engineer #420’ and he pointed out that around 80% of the tokens on Aptos are staked, which could potentially result in the tokens being dumped on retail users.