The new layer 1 blockchain launched last month of Aptos (APT) Its CEO defended the fair token distribution of the project after a wave of criticism from the community.
Aptos made its APT token available to its first network testers in October, but concerns about the distribution of the tokens arose immediately. The main participants, investors and the Aptos Foundation received almost half of the 1 billion tokens issued.
Mo Shaikh, CEO of Aptos (APT), Says Token Distribution Is Much Fairer Than Other Projects
This has raised concerns that investors and the foundation could potentially liquidate their tokens, triggering a negative market reaction.
“Our goal when designing tokenomics was to produce something that fairly represented the community,” Aptos CEO Mo Shaikh said in an interview.
“If you look at our tokenomic breakdown, you’ll see that we have the lowest distribution of all Blockchains for investors. Aptos is one of the fairest projects we’ve seen, even compared to other projects,” he added.
The largest altcoin, Ethereum, had allocated only 9.9% of its supply to the founding team and 9.9% to the Ethereum Foundation.
Consisting of former Meta employees who have worked on Diem Blockchain in the past, Aptos raised $200 million in March and then in July. FTX Ventures and Jump Crypto had a $150 million Series A tour with the participation of companies such as
At the time of this writing, the Aptos token (APT) was trading at $7.39 with a market cap of just under $1 billion.
*Not investment advice.
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