Aptos distributes 20 million tokens to early testnet users through airdrop


Overnight, the Aptos Foundation performed a retroactive token airdrop to reward early network members.

According to a tweet, the foundation distributed 20,1 million APT tokens as an airdrop on Tuesday night, representing 2% of its original supply of 1 billion APT. Shortly after the airdrop began, these tokens had a worth between $200 million and $260 million depending on the token’s market price.

In two categories, 110,235 crypto addresses on Aptos were eligible to receive the airdrop. This first group consists of people who have successfully applied to the Aptos incentivized testnet and may claim 300 APT tokens. The second qualifying group is comprised of individuals who received 150 APT tokens for minting an Aptos Zero NFT on the testnet.

Aptos, which was founded by former workers of Meta, raised $150 million in July. Aptos’s proof-of-stake blockchain employs the Move programming language for smart contracts and claims to deliver excellent performance. The network, which is protected by 102 block validators, initiated its first transaction on October 12. Before the deployment of the mainnet, the network underwent a rigorous three-phase incentive-based test network programme commencing in May.

The Aptos team did not build any method to eliminate airdrop hunters or sybil users for the airdrop. Airdrop hunters and sybil users are those who connect with crypto projects primarily to claim future airdrops. Such hunters create several wallet addresses that make a single transaction on these projects in order to qualify for any future retroactive airdrops. These airdrop hunters sometimes sell the tokens as soon as they get them, which might down the price of the asset.

The airdrop occurred after Aptos disclosed the APT token distribution specifications and for the first time specified how many tokens would be allocated to each project stakeholder. The developers said in a summary that the “initial total quantity” of Aptos tokens would be 1 billion tokens, which will be allocated among investors, the Aptos Foundation, key contributors, and a community pool.

After being launched on exchanges, the price of APT token decreased by 40%, falling from $13.7 to $8.3 at the time of writing. Currently, Aptos has a market valuation of $8.3 billion after dilution.

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