Potential Solana-Killer Aptos Launches Its Tokens and Airdropped to Users

On Tuesday, October 18, Move-based Layer 1 blockchain network Aptos announced the launch of its native tokens APT and airdropping it to thousands of early network participants.

As announced by the platform, users who completed the application for an Aptos Incentivized Testnet minted an APTOS:ZERO NFT on the blockchain’s testnet would be eligible for the airdrop.

As a result, Aptos decided to airdrop 20 million APT tokens across 110,235 eligible participants. As a result, each of the participants received 150 APT tokens. Some of the top centralized crypto exchanges including Binance and FTX have jumped in to open spot trading markets and perpetual futures for the APT token.

Furthermore, Aptos also launched its mainnet for the crypto community and enthusiasts. The network has been projected as a Solana-killer with a throughput of 100,000 transactions per second. On the other hand, the Solana blockchain can only handle 60,000 TPS.

Also, the Aptos development team consist of former employees of Meta who worked on the Diem stablecoin project before being sold to Silvergate bank earlier this year. Aptos Labs, the company the Aptos blockchain has received some harsh criticism over its execution.

Many observers blasted Aptos Labs for not being clear on the APT tokenomics before allowing the exchanges to launch the trading. However, Aptos soon came up with a blog post detailing how the APT tokens have been distributed.

It noted that 50% of the tokens have been reserved for insiders. This includes the Aptos Foundation, core team members, and venture capital investors. The pool of the tokens has been “designated for ecosystem-related items, such as grants, incentives, and other community growth initiatives”. 

The announcement further added: “All investors and current core contributors are subject to a four-year lock-up schedule, excluding staking rewards if applicable, from mainnet launch that unlocks”. Today’s airdrop of 20 million APT tokens represents only 2% of the total supply. As of now, the APT token is trading at a price of $7.76.

The Aptos development team said that their major focus will be on “the user experience, upgradeability, and state-of-the-art technology” making it the home for Web 3 developers. “We are proudly supporting a wide variety of use cases across NFT, gaming, commerce, social networks, and media & entertainment,” noted Aptos.