Aptos Voting to Enable Fungible Assets With Network Upgrade

The week-long vote includes changes to tokenomics and backend services underpinning the layer 1 blockchain.

AccessTimeIconJul 11, 2023 at 8:14 p.m. UTC
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The Aptos network is holding a vote on a major upgrade that contains new standards for creating fungible assets, a necessary step for handling on-chain asset classes like tokenized real estate.

The package known as v1.5 covers a range of new and updated features to how the Aptos blockchain works and what its builders can do with it. Aptos is among the newer so-called layer 1 blockchains that vie to support internet-based economies on decentralized infrastructure.

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  • One change, AIP-21 would enhance the network’s capabilities when it comes to tokenized securities, real estate, in-game currencies and other fungible assets. Although Aptos already supported on-chain token issuance, its existing standards could not keep up with “creative innovations” like restrictions on who can own an asset, according to a proposal description.

    Other changes are tailored toward backend services, like tracking the behavior of nodes, restoring nodes from cloud backups and filtering out duplicate transactions from blocks. One developer-focused proposal will help them build cryptographic applications in Move, the coding language of Aptos.

    Staking rewards will fall 1.5% annually, a shift that would slightly limit payouts to token stakers who lend their assets to the network’s security.

    Aptos' native token APT was trading 3% lower on 24 hours at press time at a price of $6.98.

    Representatives for Aptos did not return a request for comment.

    Edited by Stephen Alpher.

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    Danny Nelson

    Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.


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