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APT rise: FTX-backed Aptos jumps 41% in 24 hours following PancakeSwap vote

By Darius McQuaid

Edited by Charlie Mellor

13:00, 10 January 2023

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The Aptos name and logo are displayed in green over a computer circuit board
The PancakeSwap vote concluded with 97% voting ‘yes’ to continue its deployment on Aptos – Photo: Shutterstock

Aptos (APT), a Layer 1 proof-of-stake (PoS) blockchain, has seen an increase in price at the same time that the decentralised exchange (DEX) PancakeSwap voted to continue its multichain deployment on aptos.

As of 09:36 GMT on 10 January, APT was trading at $5.81, up 41% compared with the previous day, according to CoinMarketCap.

The PancakeSwap poll concluded with 97% voting ‘yes’ in favour of the company continuing with the deployment.

On 6 January, 99% were voting in favour of maintaining the deployment.

BTC to USD

How is FTX linked to APT?

In July 2022, the FTX crypto exchange, which later filed for bankruptcy on 11 November 2022, had led the funding round for Aptos Labs (the company behind APT), helping it raise $150m (£123m).

At the time, Aptos Labs said that it would use the opportunity to “build the reliable foundation Web 3.0 has been waiting for”. It added:

LUNC/USD

0.00 Price
+5.120% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee -0.0500%
Overnight fee time 22:00 (UTC)
Spread 0.00000719

ETH/USD

1,586.13 Price
+1.670% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 5.00

XRP/USD

0.40 Price
+2.250% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.00345

DOGE/USD

0.09 Price
+7.290% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.0011849
“This team has spent years building and battle testing world-class technology that will dramatically elevate the usability and socialisation of Web 3.0.”

Aptos Labs was co-founded in 2021 by former Meta employees Mo Shaikh and Avery Ching, after they both worked on Meta’s failed crypto project Diem – a crypto initiative by the social networking giant that was looking to build its own cross-border payment system.

Founder and former CEO of FTX Sam Bankman-Fried (SBF) was arrested in the Bahamas a month after the company filed for Chapter 11 bankruptcy, after which he was extradited to the United States.

SBF is accused of illegally using FTX customer deposits to support the quantitative crypto trading firm Alameda Research, which he also founded, as well as buying real estate and providing millions of dollars in political contributions to both the Democratic and Republican parties in the United States.

Bankman-Fried has been charged with two counts of wire fraud and six conspiracy counts, including to launder money and commit campaign finance violations, which could result in 115 years in prison if convicted.

However, despite an agreement to cooperate with prosecutors and guilty pleas from Caroline Ellison, Alameda’s former chief executive officer, and Gary Wang, FTX’s former chief technology officer, to seven and four criminal charges, respectively, Bankman-Fried has pleaded not guilty to his charges.

The US district court has set a trial date for SBF to commence on 2 October 2023.

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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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