Aptos Token Drops More Than 40% after its Launch

Crypto price aggregator CoinGecko reports that Aptos token (APT) has dropped 40.5% on its first day of trading. At present, the native token of the infamous “Solana killer” trades at $8.06, having lost nearly a third of its value since the platform generated its first trade at $13.73.

The Issues

On Monday, Aptos launched its new layer-1 blockchain, but it was criticized for being opaque, inconsistent in communication (the Discord was briefly frozen), and having significantly lower transaction throughput than promised.

Eventually Aptos revealed tokenomics for the APT cryptocurrency, but the allocation (49%) to developers and private investors drew even more criticism, including the notion that the network catered for venture.

Read More: Aptos Creator Defends Disappointing Launch, Says TPS Will Rise Over Time 

In a tweet yesterday, Aptos co-founder Mo Shaikh explained that transactions are expected to increase once more blockchain applications go live.

As part of its efforts to protect the community against scams, the team muted Discord for a few hours on launch day.

“Discord community safety: the Aptos Discord was muted to protect the community. Most projects mute channels due to the high amount of scams. Community safety is a high priority,” tweeted  Mo Shaikh. 

Discord community safety: the Aptos Discord was muted to protect the community. Most projects mute channels due to the high amount of scams. Community safety is a high priority.

— Mo Shaikh (@moshaikhs) October 18, 2022

Launch APT Token Airdrop

In addition, Aptos announced last night a 20,000,000 APT token airdrop, which is eligible for 110,000 people.

“The Aptos Foundation has provided early network participants with APT tokens. If you are eligible to claim, you will receive an email from airdrop@aptosfoundation.org in the next few hours,” said Aptos. 

1/ The Aptos Foundation has provided early network participants with APT tokens. If you are eligible to claim, you will receive an email from airdrop@aptosfoundation.org in the next few hours.

— Aptos (@AptosFoundation) October 18, 2022

Incentives of up to 150 APT tokens will be awarded to APTOS:ZERO testnet participants or those who minted the tokens on Aptos Incentivized Testnet.

Read More: Elon Musk’s Tesla Still One of The Largest Holders of Bitcoin with $218M

According to the timing, at least some of them dumped their newly-earned tokens upon arrival.

“Aptos Timeline for DEGENS 🐸(in UTC)

19th 1AM: Binance, FTX, OKX, Huobi, MEXC Listing

19th 1AM: FTX Perps

19th 2AM: Binance Perps

19th 8AM: Upbit Listing

19th 10AM: OKX Withdrawal enabled

20th 1AM: Binance, Bybit Withdrawal enabled

21th 1AM: Huobi Withdrawal enabled,” said one Twitter user. 

Aptos Timeline for DEGENS 🐸(in UTC)

19th 1AM: Binance, FTX, OKX, Huobi, MEXC Listing
19th 1AM: FTX Perps
19th 2AM: Binance Perps
19th 8AM: Upbit Listing
19th 10AM: OKX Withdrawal enabled
20th 1AM: Binance, Bybit Withdrawal enabled
21th 1AM: Huobi Withdrawal enabled

— Sungjae (@sungjae_han) October 18, 2022

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