Aptos Releases 24.8 Million Tokens
Aptos, a Layer 1 blockchain project, has recently unlocked 24.8 million tokens, equivalent to 8.9% of its circulating supply. Typically, token unlockings are seen as bearish events as they increase the token’s supply. However, Aptos’ native token, APT, has defied this trend and gained nearly 14% in value over the past few days.
Token Distribution Breakdown
According to TokenUnlocks data, core contributors received the majority of the tokens with a value of $96.4 million. Investors received $68.4 million, the community received $26.1 million, and the Aptos Foundation received $10.8 million.
Previous Unlocking Event
In a previous unlocking event in November, an identical amount of APT tokens was released, resulting in a 13.4% decline in the token’s price over the following nine days.
APT’s Price Surge
Surprisingly, the latest unlocking event did not negatively impact APT’s price. Instead, the token surged to $8.8 on December 12th, reaching levels not seen since June and achieving a monthly gain of approximately 20%.
About Aptos
Aptos is a Layer 1 blockchain ecosystem developed by former Meta employees who left the company in 2021. The project has received significant investments from venture capitalists such as a16z, FTX Ventures, Coinbase Ventures, and Binance Labs. Additionally, Aptos has established partnerships with Microsoft and SK Telecom.
Service Interruption in October
In October, Aptos faced a five-hour service interruption, causing several crypto exchanges to temporarily halt deposits and withdrawals of APT, including Binance, OKX, and Upbit.
Hot Take: APT’s Resilience
Aptos’ recent token unlocking event has defied expectations, with APT experiencing a significant price surge instead of a decline. This demonstrates the market’s confidence in the project and its native token. With notable partnerships and investments, Aptos is positioning itself as a prominent player in the blockchain space. Despite previous service interruptions, the project continues to gain traction and attract attention from both investors and industry giants.
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