Venture-funded layer-1 blockchain Aptos (APT) altcoin, It saw a huge price increase in January and its value has increased by over 400% in the last month.
APT, which was traded at just $3.59 last month, also saw above $19 today. The market cap of around $3 billion currently surpasses Stellar and Bitcoin Cash and is approaching Ethereum Classic and Monero.
Considering its fully diluted value, Aptos is currently the fourth largest chain at $18 billion. However, interest in the network has also raised some doubts, largely because it has a low user and developer base.
Blockworks spoke to Avery Ching, Aptos’ co-founder and Chief Technology Officer, to discuss the development of the network, his views on its user base, and why he thinks it’s gaining traction at the moment.
Aptos Co-Founder Talks About APT Rally and the “Ethereum Killer” Parable
Ching said that Aptos’ main goal is to be to decentralized applications what cloud computing is to Web2:
“Think about what Netflix or Dropbox or Amazon or Meta depend on. These products rely on millions of machines running in data centers around the world, they can scale up and down in a minute, so they have an enormous amount of volume to support their products.”
The locked value (TVL) on the Aptos ecosystem has been in a downward trend since the end of 2022 when evaluated as the APT token.
The ratio of the market capitalization of the network to the TVL value indicates a value many times greater than that of Ethereum.
Ching doesn’t mind the outdated ‘Ethereum killer’ analogy:
“We are not here to kill anyone. I think Ethereum is a great technology. We are actually inspired by a lot of things Ethereum does.”
According to the Aptos Foundation’s tokenomics distribution, 19% token share of the core staff is locked for 12 months, but these tokens can still be staked and the APT developer team can make a profit by selling the staking rewards with the rising price.
He declined to comment on the price of the Ching token:
“I can’t talk specifically about the token, I can only talk about what our mission is, what we do, and why we think it’s of interest right now.”
*Not investment advice.
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