Aptos has been widely critiqued as one of the most disappointing launches of the year. The blockchain, which was designed by former Facebook employees who had previously worked on the Diem project, has come under a lot of scrutiny for being heavily VC-backed and without much substance.
Is Aptos the worst launch of 2022?
Aptos is quite possibly one of the worst projects to have launched this year, and there are a multitude of reasons for this.
Firstly, the coin is highly centralised, with over 80% of the entire supply owned by insiders. This is not particularly surprising given the number of venture capitalists that wanted to invest in the project, but it remains quite astonishing given that one of the core focuses of the cryptocurrency industry is on decentralisation.
The illusion of decentralisation in the Aptos blockchain is astonishing, with even fewer validators than other highly-centralised blockchains like Solana.
Secondly, much of the technology that underlies that Aptos blockchain has been completely over hyped, to the extent that it transpired some of the claims made by the founders were completely fraudulent. For example, Aptos was supposed to be able to process over 100,000 transactions per second, but it now appears that the blockchain can only process four.
Aptos is broken.
Aptos launched today – October 17, 2022 at 14:22:40
However, Aptos is currently has a lower tps than Bitcoin and a majority of tokens are either staked or ready to be dumped on retail investors.
Curious? Thread Below
— Paradigm Engineer #420 (@ParadigmEng420) October 17, 2022
Nobody can predict the future of markets, but competition in the space of Turing complete blockchains is high, and Aptos could eventually reach a fair valuation of close to zero.
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