Recently, the market, which has been sluggish during the crypto winter, got excited about the APT airdrop. Here’s the background story: Having raised hundreds of millions of dollars from investors, Aptos finally launched its mainnet on October 18. As the major exchanges listed APT, the native token of Aptos, the project will offer over 20 million APTs to more than 110,000 testnet users through airdrops. This get-rich-quick opportunity instantly sparked great enthusiasm in the crypto market. Amidst a new airdrop craze under the bearish market conditions, Aptos, a new public chain, has attracted the spotlight. Moreover, we have also noticed that the project is backed by distinguished institutional investors that include a16z and FTX. This makes us wonder about the background of this new public chain.
Aptos, a project powered by a star-studded team
Aptos is a Layer 1 public chain founded by the former members of Facebook’s stablecoin project Diem. The project aims to build a scalable, secure, trustworthy, and upgradeable smart contract platform and evolve into a public blockchain that caters to the next billion users in Web 3. This February, Aptos captured market attention and attracted many institutional investors with its elite team. Moreover, the project raised hundreds of millions of dollars before its mainnet was launched. With first-mover advantages in terms of funding and team, Aptos has remained at the center of attention in the crypto market.
In terms of technologies, Aptos uses the Move programming language and parallel transaction processing, presenting itself as a rival to Layer 1 and Layer 2 public chains such as Ethereum that are based on Solidity.
Technical features of Aptos:
1. The Move language: Move emphasizes scarcity and access control. The language enhances the security of public chains at the bottom layer and keeps them flexible. It is a smart contract language that’s more suitable for financial applications.
2. AptosBFT (version 4): The project’s fourth iteration of the Aptos BFT consensus protocol features optimization of its automatic leader rotation and a new node reputation system. It improves the confirmation speed and the chain’s stability.
3. The Block-STM parallelization engine: Aptos designed an efficient, multi-threaded parallel execution engine to execute transactions more efficiently.
Compared with other public chains, Aptos adopts the BFT consensus mechanism and the innovative parallel computation technology, which helps it deliver improved performance. Right now, the project claims that it can process more than 10,000 transactions per second, and ideally, 160,000 transactions per second in the future.
The Aptos ecosystem:
There have been over 100 projects built and tested in the Aptos ecosystem even before its mainnet was launched. Spanning categories such as DeFi, NFT, and GameFi, the ecosystem includes multiple hit projects, covering Pontem Network, Martian Wallet, and Solrise Finance.
In the meantime, Aptos has established Aptos Labs, which focuses on building infrastructures on the Aptos network. For instance, Petra, a crypto wallet, and Aptos Name Service, the official domain name service of Aptos, are two products developed by the Aptos Labs team. From early-stage support provided for projects in its ecosystem to official projects built by Aptos Labs, Aptos has fostered a vibrant ecosystem with versatile projects, which prepared it for the launch of its mainnet and helped the project quickly get through its infancy.
Source: Coin98
According to data from Aptos Explorer, as of October 24, total transactions on Aptos have exceeded 10 million, 822,337,145.54 APT has been actively staked, and the number of active validators stands at 102.
Backed by a strong team, first-rate underlying technologies, record-breaking throughput, and investments from top investors, Aptos has become a trending public chain within a short period. As it launched its mainnet, the project also announced the specific distribution of its native token APT. The total supply of APT is 1 billion tokens, 51.02% of which will be allocated to the community, 16.5% allocated to the Foundation, 19% allocated to core contributors, and 13.48% allocated to investors. With over 82% of the supply being staked, APT will be used for on-chain governance, payment of network fees, and staking by validators.
CoinEx, a crypto exchange, listed APT on October 21 and introduced two new spot trading pairs: APT/BTC and APT/USDT. Go to CoinEx to trade APT now!
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