Aptos Network Token APT Nears $10 Despite Rocky Launch

Aptos network token: Newly launched APT has risen by 31% in the last 24 hours, pushing its value closer to $10.

Following the poor performance of the network at launch and the issues with the airdrop, the APT token dropped to as low as $6.72.

Aptos Liquidation Over $6 Million

This early poor performance led several traders to short the token. Coinglass data shows that APT’s perpetual contract funding rate was negative on major exchanges, including Binance, OKX, Bybit, and FTX.

According to Coinglass data, the sudden rise within the last 24 hours has led to liquidations of around $6.37 million – the highest ever for the new token.

As of press time, APT was trading for $9.52, according to Coingecko data.

Aptos Lead Developer Bullish on The Network

Aptos lead developer, Joshua Lind, has stated that the first 24-hour performance of the network was excellent. In a Twitter thread, he revealed that the network processed 2.5 million transactions in 24 hours from 570,000 daily active users.

The average end-to-end latency for transaction finality was 0.9 seconds, and there are currently 102 validators on the network. He added that the network is running smoothly and look forward to more traffic and application.

Meanwhile, some protocols and dApps, such as Pancakeswap, have already deployed on the network. Wallets, including Fox wallet, are now supporting it as well.

The Network Had a Slow Start to Life

Aptos is a highly anticipated blockchain project created by some members of the failed Facebook blockchain project, Libra. With $250 million in funding from some of the top venture capital firms and crypto exchanges, many in the crypto community were looking forward to what the network would offer.

But the initial performances were significantly below expectations, especially after the transaction per second on the first day was less than that of Bitcoin.

Due to anticipation around the project, many exchanges listed Aptos token even before the tokenomics were available. In addition, the crypto trading platforms started offering perpetual contracts immediately, which meant many people got early exposure.

WuBlockchain reported that the network developers did not want exchanges to list perpetual contracts for it until at least two weeks after launch.

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