After a rocky launch, Aptos trading goes live, and the token is already seeing double-digit losses.
As reported by The Crypto Basic yesterday, several leading crypto exchanges like Binance, FTX, and Coinbase had announced that they would be listing Aptos (APT) just about 24 hours after it went live on the mainnet. Notably, trading is live, and the token is already printing double-digit losses.
APT Struggles To Find Its Footing After A Rocky Launch
As per CoinMarketCap data, APT is trading at the $7.42 price point. It has tanked by 11.57% in the last 24 hours. Its total volume on central exchanges stands at about $723.5 million, with Binance pairs commanding nearly 53% of this volume.
It is worth noting that the current price action is unsurprising, considering the rocky launch that the perceived “Solana killer” had yesterday. The first sign that something was not right was that fewer than 24 hours before the token made its way to exchanges, users still had no idea how the 1 Billion APT tokens would be distributed. Notably, the eventual tokenomics release further soured the minds of retail investors as it showed 51% in combined allocations to developers and Venture Capital investors.
LOOK @AptosLabs, I fixed it for you:
"A network for the [VCS TO DUMP ON STUPID] people requires tokenomics designed with the [MAXIMUM EXTRACTION OF VALUE FROM] the community and [A COMPLETE LESS OF] fairness at its center."
Don't even dare to pretend you have a fair launch. https://t.co/v5bpwDC88f
— Bright Avian | The True Pengu King 🦇🔊 (💙,🧡) (@BrightAvian) October 18, 2022
To make matters worse, several users disclosed that despite being promised airdrops from the “incentivized testnet,” they had received nothing. Moreover, as a user highlighted, the chain that touted itself as the most scalable Layer 1 blockchain was anything but that. As per the data, Aptos was averaging a transaction speed comparable to Bitcoin at around four transactions per second (TPS), nowhere near the 100k TPS promised.
A thread was created by the user sharing these concerns and more.
Aptos is broken.
Aptos launched today – October 17, 2022 at 14:22:40
However, Aptos is currently has a lower tps than Bitcoin and a majority of tokens are either staked or ready to be dumped on retail investors.
Curious? Thread Below
— Paradigm Engineer #420 (@ParadigmEng420) October 17, 2022
As popular crypto trader Mac noted, the launch, if anything, looked rushed as the network was not working properly.
The launch feels extremely rushed as the network isn't even properly working.
Rumors say that they had to launch in Oct otherwise risked of getting sued according to contracts
— Mac 🐺 (@MacnBTC) October 18, 2022
So far, the sentiment around the token on crypto Twitter has not been positive. Traders have openly expressed the intent to dump the token. One such trader is Jay FTX, who shared a meme describing the project as a scam and the token as a shitcoin.
— Jay FTX (@jay_ftx) October 19, 2022
Others, like Mac, have opted to wait it out and let the initial turbulence die down to get a clearer picture.
Either way I think $APT will dry up the liquidity from the market leaving other alts volumeless shortly after launch
I don't recommend buying right after listing (almost never do this) as the listing prices are often dumb high
Will be laying flat and keep you guys posted 👽
— Mac 🐺 (@MacnBTC) October 18, 2022
Meanwhile, reports from Wu Blockchain have sparked speculation that the Aptos team is worried about exchanges starting futures or perpetual trading. As per the reports, the team will prefer futures trading of the token to be restricted for the first two weeks of trading.
Exclusive: Aptos asked major exchanges not to list perpetual contracts within 2 weeks, but Binance announced that APTUSDT perpetual contracts will be listed on October 19th. Aptos is urgently persuading Binance to stop. https://t.co/4ADxe1xSS8
— Wu Blockchain (@WuBlockchain) October 18, 2022
While the possible reason for this is unclear, it may be an attempt to ward off traders interested in shorting with size till they iron out their issues. Whatever it is, we may never know as exchanges like Binance, OKX, and FTX have all opted to launch spot and futures trading simultaneously.
Aptos raised $350 million in funding from Andreessen Horowitz (a16z) and FTX alone. Before launch, it was valued above Uniswap Labs, the number 1 DeFi protocol, at $4 billion.
Uniswap Labs is valued at $1.66b. Aptos: $4B.
Neither chain has executed a single transaction on mainnet, yet are worth more than the #1 DeFi protocol.
— Miles Deutscher (@milesdeutscher) October 14, 2022