Aptos Plans Network Upgrade, ‘More Clarity’ Around Token Distribution
Aptos hopes to "provide a little bit more clarity and more details behind the principles" of the cryptocurrency's tokenomics, says co-founder Mo Shaikh.
In many ways, the crypto bear market adage about building has been ideal for Aptos.
It took focus off the blockchain’s tokenomics, which drew a lot of criticism for being unveiled the day after its mainnet launch in October. A common refrain on Twitter at the time was that after raising $350 million at a valuation of more than $4 billion, Aptos should have been quicker to share details about how its native APT token had been distributed.
Now, after months of hosting hackathons and securing partnerships, the Aptos Foundation is planning a network upgrade and is revisiting its tokenomics with the goal of providing greater transparency.
“We are going to provide a little bit more clarity and more details behind the principles, and how we came to the decision that we made,” Mo Shaikh, Aptos CEO, told Decrypt. “But a lot of it all goes back to thinking about the people, so we’re gonna have a fairly detailed document that’s going to go live at some point.”
“Tokenomics” is a portmanteau of token and economics and in plain terms refers to the characteristics of a cryptocurrency that determine its value, such as its supply and distribution. Shaikh didn’t share any other details about how the team will add more clarity to its tokenomics, or say whether the update will change how tokens have so far been distributed.
As it stands now, APT has a total supply of 1 billion tokens. Of those, 51% has been earmarked for community initiatives, like grants for developers and incentives to bring more users onto the network. Another 16.5% was designated for the Aptos Foundation itself.
That amounts to 675 million tokens for those two categories. Of that, 130 million
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