Aptos (APT) טוקנומיקה

Aptos (APT) utilizes a sophisticated tokenomic structure designed to support its Layer 1 blockchain ecosystem through a combination of inflationary rewards, strategic allocations, and structured unlocking schedules. As of early 2024, the total token supply has grown to approximately 1.08 billion APT from its initial launch state.

Issuance Mechanism

The issuance of APT is primarily driven by a programmatic inflationary mechanism designed to reward network participants while gradually reducing the rate of new supply over time.

• Inflationary Rewards: The network launched with an initial maximum annual reward rate of 7.00%.
• Disinflationary Schedule: This reward rate is designed to decline by 1.50% annually until it reaches a lower bound of 3.25%.
• Transaction Fee Burn: To offset issuance, all transaction fees on the Aptos network are currently burned, effectively removing them from the total supply. This mechanism can be adjusted in the future through on-chain governance.

Allocation Mechanism

The initial distribution of APT was divided among four primary stakeholder groups to ensure long-term ecosystem development and decentralization.

The Community allocation is managed by the Aptos Foundation and Aptos Labs, intended for ecosystem growth, grants, and incentives. A portion of this (~23.45 million APT) was distributed via an initial airdrop to early testnet participants.

Usage and Incentive Mechanism

The APT token serves as the native utility and governance instrument for the Aptos blockchain.

• Transaction Fees: APT is required to pay for "gas" when executing transactions or smart contracts. Users specify a "Max Gas Amount" they are willing to spend.
• Staking and Consensus: Aptos uses a Stake-for-Access (SFA) model. Validators must stake a minimum of 1.00 million APT to participate in consensus and earn rewards. A maximum stake of 50.00 million APT is enforced to prevent over-concentration of voting power.
• Governance: Tokenholders can submit and vote on Aptos Improvement Proposals (AIPs). These proposals can change blockchain parameters, upgrade core code, or add new framework modules. A minimum delegation of 10 APT is required for users to participate in voting.
• Validator Rewards: Rewards are calculated based on the staked amount, the current reward rate, and the validator's performance (successful proposals made during an epoch).

Locking Mechanism

Aptos employs strict locking and vesting schedules to align the interests of the team and early investors with the long-term health of the network.

• Validator Lockup: Once a validator joins the active set, their stake is locked for 30 days. This lockup period renews automatically. While a validator can request to unlock at any time, the tokens only become available once the 30-day cycle expires.
• Core Contributor and Investor Lockups: These groups were subject to a 12-month cliff starting from the mainnet launch in October 2022. During this first year, no tokens from these allocations were liquid, though they could be staked to earn liquid rewards.

Unlocking Time and Schedule

Following the initial 12-month cliff, tokens for contributors and investors began a multi-year linear unlock process.

• Months 13 to 18: 3/48 of the allocation (~11.90 million APT for contributors; ~8.40 million APT for investors) unlocks monthly.
• Months 19 to 48: 1/48 of the allocation (~4.00 million APT for contributors; ~2.80 million APT for investors) unlocks monthly until the end of the fourth year.
• Foundation Allocation: 5.00 million APT was unlocked at launch, with the remainder unlocking monthly over 10 years (1/120 per month).

Significant unlocking events have been noted in recent quarters, such as a $562 million unlock in Q2 2024 and a projected $99.4 million unlock for Aptos Labs and private investors by Q3 2025. The final tokens from the initial 1 billion APT allocation are projected to complete their unlock cycle by October 2032.