What bear market?
Layer 1 blockchain Aptos’ APT token is up 250% in just 14 days even as the broader crypto market grapples with bankruptcies, lawsuits and a decline in overall sentiment.
The token commands a market capitalization of over $2.3 billion on Monday, making Aptos the 30th-most valued network based on current token supply, with a fully diluted valuation of $14 billion based on their total supply.
The price was just shy of $14 on Monday, up from last week’s $7 and over 300% from November’s $3 lows, per CoinDesk data. The move was primarily led by spot tokens because the APT futures market remained relatively muted.
Non-fungible token markets on Aptos appear to have contributed to that growth. Data from Aptos NFT marketplace Topaz show collections such as Aptomingos – a set of comic flamingos – and Aptos Monkeys attracted tens of thousands in trading volume in the past 24 hours, with the minimum prices of several NFT projects rising in the past week.
The Aptos mainnet was launched on Oct.18 to reasonable scrutiny and technical difficulties. Some criticized the way APT tokens were distributed: Investors and the Aptos Foundation received almost half the 1 billion tokens issued, leading to concerns that investors and the foundation could potentially liquidate their tokens, which would trigger a negative market reaction.
The team, for its part, defended the token distributions citing adequate lockup periods put in place to prevent any large investor from dumping their holdings en masse. "Our goal when we designed the tokenomics was to create something that fairly represents the community," Aptos CEO Mo Shaikh told CoinDesk in an interview.
"If you look at our tokenomics distribution, we have among the lowest across any blockchain for investors. ... It's among the most fair that we have seen even compared to other projects,” Shaikh claimed at the time.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.