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Aptos blockchain launch: ‘Solana killer’ APT price crashes, founders mute Discord channel

By Darius McQuaid

Edited by Charlie Mellor

15:13, 21 October 2022

Solana logo displayed on a phone screen with representation of cryptocurrencies
Aptos Labs was created by ex-Meta employees Mo Shaikh and Avery Ching in 2021 – Photo: Getty Images

The new aptos (APT) token was still down by 1.3% at the time of writing after it launched on 19 October and spent its first day of trading down by just over 40%.

The new token, which was labelled the ‘solana killer’, was trading earlier on 21 October at $7.30, according to CoinGecko. In contrast, solana (SOL) was changing hands at $27.43, also according to to CoinGecko.

SOL to USD 

Aptos mired in criticism about TPS processing speed

After four years of development and millions of funding, the Layer 1 blockchain platform Aptos Labs finally went live with its mainnet on 17 October.

This was, however, mired by some users claiming its ability to process 160,000 transactions per second (TPS) was far from realistic as the TPS fell short.

Then shortly after this issue arose, it was noticed that Aptos Labs’ Discord channel had been shut down with one Twitter user asking: “If you guys [k]new something went wrong, why not announce it publicly instead of shutting down your discord.” 

There was no immediate response to Capital.com's request for a comment from Aptos Labs.

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SOL/USD

181.55 Price
-1.480% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

BTC/USD

67,916.80 Price
+0.030% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

DOGE/USD

0.14 Price
-1.780% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

ETH/USD

3,464.26 Price
-1.260% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

Backed by Web 3.0 investors

Aptos has received backing from a series of notable investors within the crypto space – it closed a $200m (£178m) funding round back in March led by a16z, with participation from Tiger Global, FTX Ventures, Coinbase Ventures, Binance Labs and PayPal Ventures.

Four months later, it raised $150m (£134m) in a Series A round led by FTX Ventures and Jump Crypto, with participation from Binance Labs. The round pushed the company’s valuation to above $2bn (£1.7bn).

FTX recently announced that the exchange would list Aptos Labs’ APT token on 19 October.

Established by former Meta workers

Aptos Labs was created by ex-Meta employees Mo Shaikh and Avery Ching in 2021, with both co-founders previously working on Meta’s blockchain project Libra, which later rebranded to Diem.

The Diem project announced it would halt its services in February after more than two years and several attempts to launch its native digital currency.

Markets in this article

SOL/USD
Solana / USD
181.5451 USD
-2.6899 -1.480%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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