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Aptos unlocks $215 million worth of APT tokens, nearly 9% of supply

Dec. 12, 2023

The L1 chain has unlocked 24.8 million APT tokens today, constituting 8.9% of the network's circulating supply.

Aptos unlocks $215 million worth of APT tokens, nearly 9% of supply

Layer 1 blockchain Aptos has unlocked 24.8 million APT tokens today, constituting roughly 8.9% of the network’s circulating supply.

Data from TokenUnlocks reveals that the current release is worth over $215 million based on current markets. The tokens were distributed among four principal groups: the Foundation ($11.6m), core contributors ($103.8m), the Aptos community ($20m), and investors ($73.6m).

Last month, Aptos released the same number of APT tokens. However, the market reacted adversely to the unlock. APT fell by 13% within nine days, bottoming at $6.7. APT is currently trading at nearly $8.7, according to data from CoinGecko.

Aptos Labs, the development team behind the project, has not issued any official statement on this latest unlock.

APT serves as the Aptos blockchain’s native token with multiple functions across its ecosystem. Primarily, APT is used to pay for transactions and network fees on the Aptos network. The token is also used as an incentive mechanism for validators and participants in the chain. The minimum requirement to apply as a validator at Aptos is set for a 1 million APT baseline.

On the technical side, the Aptos network is unique for its transaction execution engine. Compared to other blockchains that utilize serial transaction execution, Aptos runs a parallel execution engine through Move, its primary programming language that uses Block-STM to increase the network’s transaction throughput. The Aptos network can currently process 160,000 transactions per second.

Meta’s Diem team initially developed the codebase for Move, whose former members, Avery Ching and Mo Shaikh, founded the Aptos blockchain in late 2022.

Current indicators for APT’s market provide some context for evaluating the token’s position. The circulating supply of the token is approximately 279.4 million, with more scheduled unlocks in the coming months. Aptos currently has a market capitalization of over $2.4 billion.

Despite the fluctuations and the anticipated token unlock, the Relative Strength Index (RSI) for APT remains above 60, suggesting a bullish market trend. The RSI, however, is just one of many indicators, and its signal may affect selling pressure further down the line as more APT gets released.

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