Crypto Twitter Reacts to Chaotic Aptos Launch, APT Token Distribution

Prior to its launch yesterday, blockchain newcomer Aptos was touted as “the most secure, most scalable layer-1 blockchain.”

Many saw it as a potential “Solana killer,” but Monday’s kickoff was fraught with problems enough to turn off even the most reckless of investors.

Before launch, for example, the tokenomics behind blockchain natives Aptos (APT) token was essentially non-existent to the public. Tokenomics refers to how a crypto token will function within a given blockchain, how many tokens will be created over time, and how the tokens will be distributed.

This morning, Aptos attempted to address people’s concerns by publishing an overview of how the APT token would work.

But, Crypto Twitter is largely unconvinced of the hefty token allocation (49%) given to developers and private investors, giving rise to jokes that Aptos is a blockchain targeting venture capital.

Heavyweights Andreessen Horowitz (which led a $200 million round) and FTX Ventures (which helped raise $150 million) are just a few of the investors likely earmarked for these APT tokens.

The chaotic launch of crypto’s newest layer-1 blockchain has, for these reasons and more, sparked tons of chatter in the community.

So, without further ado, here are some of the strongest reactions to yesterday’s launch on Crypto Twitter.

Crypto Twitter reacts to launch of Aptos

Three days before launch, crypto-investor Miles Deutscher highlighted the obvious: Aptos is a great repository for venture capital.

On launch day, Twitter account ParadigmEng420 reported a breakdown in communications and much lower transaction throughput than promised, documenting their concerns in an extensive multi-tweet thread.

Aptos’s Discord also went card disconnected and the hyped blockchain itself appeared to be a ghost town. The account, like many others, raised questions about centralized allocation of Aptos tokens as well.

Crypto podcaster Cobie couldn’t believe that an FTX and Binance listed cryptocurrency could have such opaque tokenomics. “How can there be a spot market if [people] don’t you know what the emission schedule or total supply of coins is?” he tweeted.

Hassan Bassiri, vice president of portfolio management at crypto investment firm Arca, also shared Cobie’s concerns yesterday.

“What is incredible about this Aptos the blanket is that each CEX [centralized exchange] will show it in 24 hours [and] but you cannot find a single public [document] about tokenomics anywhere,” they tweeted.

There were also some jokes at the expense of venture capitalists.

And of course memes.