Aptos are the newly-listed native cryptocurrency launched on mainnet. They were launched on Monday, October 17th 2022, after developing for a period of four years. This independent project aims at building a secured and very scalable Layer 1 blockchain. Before they were launched, the tokenomics that controls the blockchain’s native Apt tokens were not existing for the public.
The founders of apt tokens promoted it as the “Solana Killer”. After its launch, it was listed on several top exchanges and was indeed a trending story in crypto. Binance, one of the top exchanges that listed Aptos, recorded the soaring of the cryptocurrency in just few seconds when it opened its market. As a result of many expectations, Aptos soared to $100 and then unexpectedly dropped to less than $8 in few minutes.
Earlier on in March, the team responsible for APT raised about $200 million in a funding round that was led by a16z. Coinbase Ventures, FTX Ventures, Multicoin Capital, and others were also participants in the funding round. Now, it has been realized that the reception for the protocol was not positive, but was never discovered. Many people have also said that the team did not publish a tokenomics scheme before getting the tokens listed.
This crash has brought about huge criticism to exchanges that opted to list APT for trading and Binance, was one of the major exchanges that listed APT. This can be regarded as an ‘eye-opener’ or better still, a ‘timely reminder’ to carry out series of research before buying any coin because the unexpected, can happen at any time. Trading is a 50-50 chance, nothing is guaranteed.