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Aptos (APT-USD) is the most traded network in cryptocurrency this week. The project was just getting started – an event that has been touting for a while now. However, there were several obstacles that lowered Aptos’ morale. Through all this, the developers assure that the project is still ready to lead the category of Layer 1 networks. The upcoming NFT token market should help establish itself.
Ahead of Aptos’ launch earlier in the week, crypto investors were excited about the prospects being promoted by Aptos Labs. After all, project assets can be traced along the way meta pads (NASDAQ:dead), where founders Avery Cheng and Mo Sheik both worked. The couple were project leaders of the company Novi. At the time, Meta was working hard on a range of crypto products. These include the Novi wallet and a stablecoin called Diem. earlier this year, Both projects are foldedand their assets were sold.
Ching and Shaikh, who worked extensively on the Diem blockchain, took it upon themselves to start Aptos Labs and Continue the work done up to that point. Using the open source Diem chain, the two lead a development team looking to create a highly scalable Layer 1 network. Aptos comes complete with its own programming language, called Move.
The Aptos Network is the result of this long-running effort by Meta to break into the crypto world, and the Shaikh and Chings’ efforts thereafter to keep the blockchain alive. Now, developers promise a chain that is capable of processing More than 130,000 transactions per second (TPS). In the first week, things are not going well. But the company promises that things will be over very soon.
Aptos NFT Market Seeks To Calm APT Crypto Skeptics
When Aptos launched on Tuesday, it did so with plenty of drama to spare. The network is sparking talk of severely underperforming, and some controversy surrounding its airdrop of APT cryptocurrency. Shaikh is trying to quell some of this bad press by announcing an upcoming NFT market.
NFTs are a hot component of crypto, and they have remained so even during the volatile state of the market. Aptos developers are betting on the success of their NFT Markets. They’re also betting that such products will help silence skeptics of Aptos’ scalability claims.
In the days since its introduction, Aptos . has been Seeing only about four TPS, a fraction of the 130,000 TPS promised before launch. This has generated a lot of concern about whether the network will be able to deliver on its promises. To this end, Sheikh Defense of the project, saying that the low TPS could be attributed to the lack of projects on the entirely new network. He says that with increased usage, the network will be able to demonstrate its capabilities.
That test will come sooner rather than later, as NFT markets begin to emerge in the fledgling project. Topaz Market, one of the first NFT platforms on Aptos, already has 3,700 NFTs ready for purchase. As users flock to NFTs, we’ll be able to see if Aptos is really capable of handling as many transactions as a network like Solana (SOL-USD).
Until then, though, the network also has other press fights to fight. For example, you encounter Aptos Labs big controversy It has already dropped nearly half of the total APT crypto supply to its developers and early adopters like them FTX And the Andreessen Horowitz.
At the date of publication, Brenden Rearick did not (directly or indirectly) hold any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, and are subject to InvestorPlace.com Posting Guidelines.