Aptos launches $215m worth of APT tokens, roughly 9% of supply
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Layer 1 blockchain Aptos launched 24.8 million APT tokens today, which accounts for 8.9% of the network's circulation.
According to data from TokenUnlocks, the current release value is over $215 million based on current markets. The tokens are distributed among four main groups: Foundation ($11.6M), Major Contributors ($103.8M), Aptos Community ($20M) and Investors ($73.6M).
Last month, Aptos issued similar APT tokens. However, the market reacted negatively to the opening. APT is down 13% in 9 days, down to $6.7. According to data from CoinGecko, APT is currently trading around $8.7.
Aptos Labs, the development team behind the project, has yet to make any official announcements on this latest launch.
APT acts as a native token of the Aptos blockchain and performs several functions on the ecosystem. Primarily, APT is used to pay for transactions and network fees on the Aptos network. The token is also used as an incentive mechanism for validators and participants in the chain. The minimum requirement to apply as certified on Aptos is set at 1 million APT baseline.
On the technical side, Aptos Network is unique for its transaction execution engine. Compared to other blockchains that use serial transaction execution, Aptos runs a parallel execution engine through Move, whose main programming language is Block-STM to increase the network's transaction flow. The Aptos network can currently process 160,000 transactions per second.
The MetaDIM team initially developed the codebase for Move, with former members Avery Ching and Mo Shek co-founding the Aptos block in late 2022.
Current APT market indicators provide some context for evaluating the token space. Token circulation is around 279.4 million and more are planned in the coming months. Aptos currently has a market capitalization of over $2.4 billion.
Despite the volatility and expected token opening, the Relative Strength Index (RSI) for APT remains above 60, indicating a bullish market trend. But RSI is only one of many indicators, and the signal can affect the pressure on the line when more APT is released.
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