Hours After the Mainnet Launch, Aptos Is the New Meme Coin in Town

  • The Aptos project has launched its mainnet, but its low transaction performance has made it the butt of jokes on social media. Many have pointed to blockchain data showing that it is averaging 4 tps.
  • The project was started by developers from Meta’s Diem project. The team has not yet released an emissions schedule or total supply, drawing more skepticism.
  • Aptos has raised $350 million in funding from various firms, including FTX and Andreessen Horowitz.

The Aptos project, which recently launched its mainnet, has become the butt of jokes in the crypto community following the clunky launch. The Aptos project came under for its low transaction performance after having claimed it could handle three times as much as the Solana network.

Consequently, as a result of the underpromising performance, the crypto community has taken to Twitter to call Aptos out. Some have outright called Aptos broken. They point to blockchain data that shows that the transactions per second are about 4 per second — having promised 100,000 tps.

They also point to the fact that the majority of transactions are just validators communicating, writing metadata, and setting block checkpoints. Aptos has not responded in a way that the community feels happy, with chat on Discord disabled for some time after launch.

As such, the memes came thick and fast from the crypto community, with some equating the launch to a broken sink. Others mocked the tokenomics of the project, calling it a cash grab that disguised itself as a community-driven project.

Crypto personality Cobie also offered his thoughts on the project, saying that it wasn’t great that major exchanges were listing the token while there was little tokenomics transparency. He also showed visible frustration at the fact that there was no emissions schedule or total supply.

The project’s tokenomics allocates about 51% of the tokens to the community, though it isn’t clear what this entails. As mentioned, the emissions schedule and total supply have not been made publicly available. It’s not surprising that some people believe that this may lead to a pump and dump.

What Is Aptos and Why Is It Such Big News?

Aptos was created by the developers of Meta’s Diem blockchain, built using the Move programming language, and has a different transaction ordering method. It says that is building a safe, secure, and scalable Layer 1 blockchain. The company behind the project, Aptos Labs, is led by co-founders Mo Shaikh and Avery Ching.

The project has had two funding rounds in which it has raised $350 million. The most recent funding round was in July 2022, in which it raised $150 million, led by FTX. In March 2022, it raised $200 million from the likes of Andreessen Horowitz and Multicoin Capital.

It gained even more attention when several major exchanges said they would list the APT token. Binance, FTX, and Coinbase have all announced that they will list the token.

But the network is facing reputational issues — and possibly even scammers on the network. As a result, the network may face some issues in getting past the current troubles before it can live up to its promise.

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