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Aptos unlocks nearly one-tenth of token supply

On Dec. 11, Aptos released 24.84 million APT tokens, 8.89% of its total supply, valued at around $218.8 million. This event coincided with a significant market upturn for Aptos, witnessing a 15.7% increase in value to $8.83 in the 24 hours leading up to 8:10 p.m. UTC on Dec. 12.

Aptos has allocated its APT token supply among different groups within its ecosystem. About 51% of the tokens are assigned to the community. Core contributors possess 19% of the tokens. The Aptos Foundation has 16.5% of the supply, and investors have 13.5%.

Focusing on the broader crypto market, Aptos’ increase contrasts with the general market trend. The overall crypto market saw a modest 1.7% rise over the same 24-hour period, with Bitcoin (BTC) experiencing a 1.4% increase. These figures highlight Aptos’ standout performance in a moderately fluctuating market that, while on a recent uptrend, has seen a relatively stable trading day.

What is Aptos?

Aptos is a layer-1 blockchain platform developed by a team of experts who previously worked on Meta’s discontinued Diem (formerly Libra) project. The blockchain is promoting a range of applications, including artificial intelligence (AI), gaming, non-fungible tokens (NFTs), and social media. Significant partnerships and affiliations have been a part of Aptos’ growth strategy, with notable collaborations with industry giants such as Microsoft, Amazon Web Services (AWS), Google Cloud, Mastercard, Moonpay, Universal Studios, and Coinbase.

Its partnership with Microsoft, announced in August, is particularly noteworthy. It explores asset tokenization, payments, and central bank digital currencies (CBDCs), and includes the AI-powered Aptos Assistant, leveraging Microsoft Azure’s OpenAI service. Despite these advancements, Aptos has faced challenges, including a 5-hour transaction outage in October and an airdrop scam in July, underscoring the complexities and risks associated with the evolving blockchain technology and cryptocurrency market.

The post Aptos unlocks nearly one-tenth of token supply appeared first on CryptoSlate.


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