Troubled Aptos Blockchain only manages 4 transactions per second
Apto’s blockchain is supposed to handle an incredible 160,000 transactions per second (TPS) and currently handles a significantly smaller sum of 4 TPS.
Aptos launched its mainnet on October 17, but the blockchain created by former Meta employees appears far from ready. After a series of private funding rounds that raised $350 million, the company is now said to be valued at somewhere between $1-4 billion depending on who you ask.
If the project is now to live up to these huge numbers, it must quickly resolve its current problems.
Aptos, the Solana killer
Aptos (APT), unironically dubbed the “Solana killer” by some sections of the internet, has already made a big impression, but for all the wrong reasons.
At press time, the layer-1 protocol was only managing a small fraction of the advertised throughput, prompting speculation that project development is being delayed. Apto’s “parallel execution engine” was supposed to deliver an impressive 160,000 TPS, but at press time could only muster a pathetic 4 TPS.
Popular crypto investor “Mac” told his 260K+ Twitter followers Tuesday that the problem lay in the network itself.
“The launch feels extremely rushed since the network isn’t even working properly,” Mac said. According to Mac, Aptos’ hand was forced. The project had to launch the main grid in October or risk “being sued under contracts.”
After fulfilling this obligation, the cracks begin to show.
The debatable tokenomics of Aptos
Another big cause for concern is the debatable tokenomics of Aptos, which looks highly centralized and tailor-made for a big giant dump on the market.
As Twitter user Paradigm Engineer explained Tuesday: “The total supply of Aptos is 1,000,739,234.25 but 821,111,362.91 are currently staked. This means that just over 80% of the token supply is controlled by the team and investors, as there was no airdrop or other method of earning mainnet Aptos tokens.”
The question is where the remaining $200 million APT is hiding, leading to speculation that these tokens have been set aside for the big market dump.
“The bottom line is that almost the entire token supply goes to private parties, there was never a public sale or any other method where users could have earned tokens,” Paradigm Engineer said.
According to reporter Ji Han WuAptos is now trying to persuade partners including Binance to delay perpetual contracts that are due to begin on October 19.
Should Binance and other exchanges included Bitfinex, Coin base, Huobi and others ignore these books, a significant number of investors may decide to bet against the troubled project.
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here
Disclaimer
All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information contained on our website is strictly at their own risk.
