In a significant development, Aptos, a Layer 1 blockchain, has unlocked 24.8 million APT tokens. The value of these tokens exceeds $200 million, representing 8.9% of its circulating supply. This move has brought Aptos into the spotlight and sparked caution in the crypto community.
The unlocked tokens were distributed to four main groups within the Aptos ecosystem. The Aptos Foundation received 1.33 million APT worth $10.72 million, while the core contributors were given 11.88 million tokens worth $95.47 million. Investors received 8.42 million tokens worth $67.73 million, and the community was allocated 3.21 million tokens worth $25.81 million.
According to Lookonchain, a blockchain tracking firm, 51.02% of the APT supply is now held within the community. Core contributors, the foundation, and investors hold 19%, 16.5%, and 13.48% respectively. Lookonchain also highlighted the involvement of industry giants in Aptos’ capital raise.
Crypto Market Reacts to Aptos Latest News
Despite the unlock, Aptos is trading at $8.80, up nearly 15% in the last 24 hours. Unlocks are often perceived as bearish due to the new sellable supply, but Aptos has managed to maintain a steady trading range. This resilience could be attributed to Aptos’ proposed plan to enhance the blockchain’s capabilities to handle tokenized securities like tokenized real estate and in-game currencies.
Aptos, a Layer 1 blockchain that utilizes the Move programming language created by Meta, is a recent addition to the blockchain technology landscape. Its primary objective is to provide a quicker and more scalable solution compared to existing networks.
Nevertheless, back in October, Aptos experienced a service disruption that lasted for five hours. This incident led several cryptocurrency exchanges, including Binance, OKX, and Upbit, to temporarily halt the deposit and withdrawal of APT.
Aptos’ strategic moves and its ability to maintain a steady trading range despite significant token unlocks demonstrate its potential in the crypto market. As the crypto community continues to monitor Aptos’ progress, it will be interesting to see how these developments impact the future trajectory of APT tokens.
