Aptos Foundation Airdrop: Aptos Airdrops Tokens To Thousands, 40% After APT Airdrop For ‘Early Network Participants’: The newly launched Aptos token (APT) plunged 40.5% on its first day of trading, according to data from crypto price aggregate CoinGecko.
The foundation shared that it has distributed approximately 20 million APT tokens, representing 2% of its initial supply of 1 billion APT, to 110,235 eligible participants. The tokens dropped have an estimated value of around US$200-260 million depending on the market value of the token at the time the drop took place.
According to the blockchain company, eligibility for airdrop tokens is based on two categories: “Users who completed the application for the Aptos Incentivized Testnet” and users who created “APTOS: ZERO testnet [nonfungible token, or] NFT”. Only the original issuers of these NFTs are eligible, not current or secondary NFT holders.
The local token for the so-called “Solana-killer” is currently trading at $8.06, losing more than a third of its value since the platform took the first trade at $13.73. There is a big difference now between the numbers in the different collections. CoinGecko’s competitor, CoinMarketCap, for example, is posting a small intraday loss of 3.5% so far. The reason for the big difference is simple: CoinMarketCap took the first trade at $8.55, almost 40% less than CoinGecko’s initial value.
Aptos: Mixed launch
Aptos’ new Layer-1 blockchain company launched on Monday but has been widely criticized for its poor tokenomics, inconsistent communication (Discord is a bit frozen), and lower transaction throughput than promised. Aptos later released tokenomics for APT cryptocurrency, but the revelation attracted even more criticism for the high proportion (49%) of development and private investors, prompting jokes in the network taking for venture capital.
On the other hand, Nomics sees a price increase of more than 100%. The company indicated that the Aptos logo can only be obtained from the Aptos community page with additional information provided in the qualification email sent by the company. They warned users to be careful and trust only sources and channels to avoid being scammed. The founder of Aptos Mo Shaikh took to Twitter yesterday and explained that it is expected that the transaction will increase once more applications will be available on the blockchain. He also said that the team shut down Discord for a few hours on launch day to protect the community from cheating.
Aptos announced the air level of 20,000,000 APT tokens last night, for which more than 110,000 people have qualified. “The Aptos Foundation awarded the APT token to the first network participants. If you are eligible, you will receive an email from firstname.lastname@example.org within the next few hours,” the service tweeted.
Aptos timeline for DEGENS (in UTC)
7:00 PM: Binance, FTX, OKX, Huobi, MEXC List
19 01:00 FTX Perps
19 02:00: Binance Perps
7:08:00 pm: Upbit List
7:10 pm: Operation OKX launch
8:10 pm: Binance, By bit withdrawal removed
9:00 p.m.: Huobi is deactivated
Participants in the Aptos Incentivized Testnet or those who create the APTOS: ZERO testnet NFT will receive up to 150 APT tokens. And depending on the season, it seems that at least a few of them threw away their newly acquired pieces when they arrived.
Editor’s note: This story was updated on September 19 at 8:30 a.m. ET to indicate that the APT vulnerability began after the airdrop. Aptos Foundation’s first move to its community members comes at a time when the project is being scrutinized by members of the crypto community on Twitter.
The Layer 1 blockchain company Aptos Foundation announced on October 18 that it has paid its first network participants with free APT tokens. Move based on Layer 1 blockchain announced late Tuesday night that it will offer the first network participants a limited amount of APT tokens. A post on the official Aptos Twitter account explained that users who completed an application for the Aptos Incentivized Testnet or who hit
APTOS: ZERO NFT on the blockchain test net will be eligible for the air. “If you are eligible to respond, you will receive an email from email@example.com within the next few hours,” the letter read.
110,235 eligible addresses are each eligible to receive 150 APTs. Several central exchanges, including FTX and Binance, have already opened spot and futures markets for the token. Since trading started around 2:00 UTC, APT has fallen from $13.73 to $8.25, which represents a drop of 39.9% according to data from CoinGecko. At current APT prices, the airdrop is worth about $1,237 per address.
Yesterday, Aptos excitedly launched its mainnet in the crypto community. The blockchain has been announced as “the killer of Solana” because it claims to be 100,000 transactions per minute (Solana can handle about 60,000). In addition, the Aptos development team includes many former Meta employees who worked at the Diem stablecoin company before the project was sold to Silvergate Bank in early 2022.
However, while the launch of the Aptos mainnet was a success, Aptos Labs, the company behind the blockchain, received a lot of criticism about its execution. Many observers have criticized the company for not explaining Aptos tokenomics before issuing a change before starting trading. “It is not good that FTX / Binance etc. list all Aptos without any understanding of tokenomics. Of course, that should be important to list what users can have basic information on what they are buying lol,” UpOnly co-host Cobie said in a Twitter post on Tuesday.
Since then, Aptos has published a blog post explaining how to distribute APT tokens. He revealed that almost 50% of the token is reserved for insiders, including local leaders, key members of the Aptos Foundation. Today’s windfall of 20 million APT tokens represents 2% of the total supply. Despite the criticism, enthusiasm for Aptos remains strong. Even given the current “Crypto Winter”, the project has no problem raising funds and prices. In July, the company received $150 million from giants such as Andreessen Horowitz, FTX Ventures, and Jump Crypto. The latest value of Aptos Labs at $ 2 billion. Disclosure: At the time of writing this article, the author owns ETH, SOL, APT, and many other cryptocurrencies.
The foundation shared that it has distributed about 20 million APT tokens, representing 2% of its initial supply of 1 billion APT, to 110,235 eligible participants. The tokens dropped have an estimated value of around US$200-260 million depending on the market value of the token at the time the drop took place.
Aptos was created by the original Meta users Mo Shaikh and Avery Ching, both of whom were involved in Mark Zuckerberg’s failed Diem blockchain project. Diem ended in February of this year, with Meta selling its intellectual property and other assets.
In July, Aptos closed a $150 million round of funding led by venture capital firms FTX Ventures and Jump Crypto, with additional participation from Andreessen Horowitz, Apollo, Franklin Templeton, and Circle Ventures. According to Bloomberg, this round of funding is more than double that of the startup, which stood at more than $1 billion in March.