Aptos (APT) -rahakkeen tokenomiikka

The Aptos (APT) token is the native asset of the Aptos Layer 1 blockchain, serving as the core mechanism for network security, transaction settlement, and on-chain governance. The tokenomics are designed to incentivize long-term participation through staking rewards and a structured vesting schedule for initial allocations.

Issuance Mechanism

The Aptos token launched with an initial total token supply of 1 billion APT. As of February 12, 2024, the total token supply had increased to approximately 1.08 billion APT, reflecting the inflationary nature of the staking rewards mechanism.

Inflationary Rewards

Aptos utilizes an inflationary model to reward validators and delegators. The maximum annual reward inflation rate is 7.00%, which is designed to decline by 1.50% annually until it reaches a lower bound of 3.25%.

Transaction Fee Burning

All APT transaction fees are currently burned, which acts as a deflationary pressure on the supply, offsetting some of the inflationary rewards. The mechanism allows for future adjustments via on-chain governance.

Allocation Mechanism

The initial total token supply was distributed across four main categories, with the largest portion dedicated to ecosystem development.

Note: The Ecosystem tokens are managed by the Aptos Foundation and Aptos Labs, and are not necessarily distributed immediately upon becoming liquid.

Usage and Incentive Mechanism

The APT token has three primary functions within the network:

1. Transactions and Gas Fees

APT is used to settle gas fees for executing transactions on the network. Transactions require mandatory gas fields, including the maximum gas amount a user is willing to spend.

2. Staking and Network Security

Aptos employs a Stake-for-Access (SFA) token model for its Proof-of-Stake (PoS) consensus mechanism.

• Validators: To operate a validator, a minimum stake of 1.00 million APT (approximately 0.09% of the total token supply) is required. Validators participate in consensus, submit and vote on Aptos Improvement Proposals (AIPs), and earn inflationary APT block rewards. A maximum stake amount of 50.00 million APT is enforced.
• Delegators: Tokenholders can delegate to an existing validator to earn a proportional share of the validator's APT block rewards, minus the validator's commission. Delegators can stake as little as 10 APT plus a small fee.
• Reward Calculation: Validator rewards are calculated based on the staked amount, the rewards rate per epoch, and the validator's performance (number of successful proposals divided by total proposals made).

3. Governance

APT stakers and delegators (delegating a minimum of 10 APT) can participate in on-chain governance by submitting and voting on Aptos Improvement Proposals (AIPs). These proposals can cover:

• Changes to blockchain parameters (e.g., epoch duration, minimum validator stake).
• Changes to the Aptos core blockchain code.
• Upgrades or additions to core Aptos Framework modules.

For a proposal to pass, at least 38.00% of all existing voting power must participate, and a simple majority of participating voting power must vote in favor.

Locking Mechanism and Unlocking Schedule

Initial allocations for Core Contributors, Private Investors, and the Aptos Foundation were subject to lockup periods to ensure long-term alignment.

Validator Stake Lockup

Once a validator joins the validator set, its stake is locked for 30 days (2,592,000 seconds), as determined by Aptos governance. Validators can request to unlock their stake at any time, but the tokens only become available after the lockup period expires. Lockup periods automatically renew.

Vesting Schedules for Initial Allocations

The vesting schedules for Core Contributors and Private Investors began with a 12-month cliff starting at the Token Generation Event (TGE) in October 2022.

Core Contributors & Founders (19.00% Allocation)

• Initial Lockup: 12 months (starting October 2022).
• Months 13-18: 3/48 of the allocation (~11.90 million APT) unlocks each month.
• Months 19-48: 1/48 of the allocation (~4.00 million APT) unlocks each month until vesting is complete on the 48th month.

Private Investors (13.48% Allocation)

• Initial Lockup: 12 months (starting October 2022).
• Months 13-18: 3/48 of the allocation (~8.40 million APT) unlocks each month.
• Months 19-48: 1/48 of the allocation (~2.80 million APT) unlocks each month until vesting is complete on the 48th month.

Aptos Foundation (16.50% Allocation)

• TGE Unlock: 5.00 million APT (0.50% of initial supply) were unlocked at TGE (October 2022).
• Vesting: 1/120 of the remaining tokens (~1.30 million APT) unlock each month thereafter for the next ten years.

Recent and Projected Token Unlocks

Significant token unlocks occur monthly, with larger amounts released during the initial phase of vesting for Core Contributors and Private Investors. For example, the unlock event on January 12, 2024, released approximately 24.84 million APT, representing 8.14% of the circulating supply at that time.

The long-term vesting schedule for the total initial allocation of 1 billion APT is projected to continue until October 12, 2032, when the cumulative unlocked amount reaches 1 billion APT. Monthly unlocks continue at a rate of approximately 4.54 million APT in the later years of the schedule (e.g., from 2027 through 2032).

The following table summarizes the projected monthly unlock amounts for the second half of 2024: