The newest crypto in the market, Aptos has garnered a lot of attention and remarkable volume in just a few days of trading. The native token of the Aptos blockchain APT recorded $1.3 billion in volume since Wednesday.
Aptos launched its mainnet on Monday but was dealt criticism for the lack of transparency around its tokenomics – the specifics of the cryptocurrency’s economic model and distribution. The blockchain saw fresh criticism when the details of its token distribution were leaked. Word is that 51% of the APT supply is sitting with venture capital firms.
Some believe Aptos is just another blatant cash grab. A DCinvestor.eth tweeted that Aptos has been created by ex-Libra devs as a fairly blatant cash grab and funded by the usual suspects who extract billions from the space. He believes this may be one of the most important social shifts seen in the space in a while.
Mo Shaikh, the Aptos co-founder, addressed concerns and acknowledged that the launch could have gone better. But then APT plummeted 40% in just a few hours. At the time of writing this article, APT was down by 1.19% and trading at $7.44 with a market capitalization of $963 million. Data suggests that Binance accounted for more than half of all the daily APT spot trading every day since the token launched on Tuesday night. Huobi Global has also seen an outsized portion of APT trades, accounting for 11% of all spot volume. The platform saw $39 million worth of APT traded across three pairs – Tether, USDC, and Tron’s USDD stablecoin – since Friday.
