Aptos (APT) טוקנומיקה

The Aptos (APT) token economy is designed to support a scalable Layer 1 blockchain through a combination of inflationary rewards, structured distribution, and specific governance-led locking mechanisms. As of early 2024, the total supply has grown to approximately 1.08 billion APT from an initial 1 billion APT.

Issuance and Incentive Mechanism

Aptos utilizes an inflationary issuance model primarily driven by staking rewards to secure the network.

• Staking Rewards: Tokenholders can earn rewards by operating a validator or delegating tokens. To participate in consensus and earn rewards, a validator must stake a minimum of 1.00 million APT.
• Reward Calculation: Rewards are calculated based on the staked amount, the reward rate per epoch, and the validator's performance (the ratio of successful proposals made).
• Maximum Stake: A maximum stake of 50.00 million APT is enforced per validator. Any amount exceeding this limit does not contribute to additional voting power or reward calculations.
• Transaction Fees: APT is used to settle gas fees. As of February 12, 2024, transaction fees on the network are burned, creating a deflationary offset to the inflationary staking rewards.

Allocation Mechanism

The initial total supply of 1 billion APT was distributed across several key stakeholder groups:

Note: The "Community" allocation is managed by the project team and the Aptos Foundation, with over 20 million APT already distributed via airdrops.

Usage and Governance

The APT token serves multiple functional roles within the ecosystem:

• Network Fees: Mandatory gas fields (Max Gas Amount and Gas Unit Price) are used to prioritize and settle transactions.
• Governance: Tokenholders can submit and vote on Aptos Improvement Proposals (AIPs). Governance parameters include changes to epoch duration, minimum validator stake requirements, and upgrades to the "Aptos Framework" core modules.

Locking and Unlocking Mechanism

Aptos employs rigorous locking schedules for its core contributors and investors to ensure long-term alignment.

Validator Locking

Once a validator joins the set, their stake is locked for 30 days. While a validator can request to unlock at any time, the tokens only become available after the 30-day period expires. These lockup periods renew automatically.

Stakeholder Vesting Schedules

Both Core Contributors and Investors were subject to a 12-month cliff starting from the mainnet launch in October 2022.

• Core Contributors & Investors:
  • Months 1-12: Fully locked.
  • Months 13-18: 3/48 of the allocation unlocks monthly.
  • Months 19-48: 1/48 of the allocation unlocks monthly until the 4-year mark.
• Aptos Foundation:
  • 5.00 million APT unlocked at the Token Generation Event (TGE).
  • The remaining balance unlocks linearly at a rate of 1/120 per month over 10 years.

Projected Unlock Milestones

The liquid supply is projected to grow steadily through 2032. Significant unlock events have been identified for recent and upcoming periods:

• Q1 2024: Approximately $574 million worth of APT was scheduled for unlock.
• Q2 2024: Approximately $562 million worth of APT unlocked.
• Q3 2025: Projected unlock of $99.4 million worth of APT for the team and private investors.

By October 2032, the cumulative unlock is expected to reach the full 1 billion APT allocation, with the remaining monthly unlocks at that stage representing approximately 0.45% of the total allocation per month.