Aptos unlocks $215 million worth of APT tokens, nearly 9% of supply
Share this article
Layer 1 blockchain Aptos has unlocked 24.8 million APT tokens today, constituting roughly 8.9% of the network’s circulating supply.
Data from TokenUnlocks reveals that the current release is worth over $215 million based on current markets. The tokens were distributed among four principal groups: the Foundation ($11.6m), core contributors ($103.8m), the Aptos community ($20m), and investors ($73.6m).
Last month, Aptos released the same number of APT tokens. However, the market reacted adversely to the unlock. APT fell by 13% within nine days, bottoming at $6.7. APT is currently trading at nearly $8.7, according to data from CoinGecko.
Aptos Labs, the development team behind the project, has not issued any official statement on this latest unlock.
APT serves as the Aptos blockchain’s native token with multiple functions across its 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 a validator at Aptos is set for a 1 million APT baseline.
On the technical side, the Aptos network is unique for its transaction execution engine. Compared to other blockchains that utilize serial transaction execution, Aptos runs a parallel execution engine through Move, its primary programming language that uses Block-STM to increase the network’s transaction throughput. The Aptos network can currently process 160,000 transactions per second.
Meta’s Diem team initially developed the codebase for Move, whose former members, Avery Ching and Mo Shaikh, founded the Aptos blockchain in late 2022.
Current indicators for APT’s market provide some context for evaluating the token’s position. The circulating supply of the token is approximately 279.4 million, with more scheduled unlocks in the coming months. Aptos currently has a market capitalization of over $2.4 billion.
Despite the fluctuations and the anticipated token unlock, the Relative Strength Index (RSI) for APT remains above 60, suggesting a bullish market trend. The RSI, however, is just one of many indicators, and its signal may affect selling pressure further down the line as more APT gets released.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
