Recently, the project Aptos (APT), which claims to be a Layer 1 killer, has sparked widespread discussion. Some opinions suggest that its operational model is controversial and may pose potential risks to investors. Let’s analyze this project through objective data and historical facts.

Since the Aptos mainnet launched in 2022, its tokenomics has been under scrutiny. Although the total supply is 1 billion tokens, the initial circulating supply is only 130 million tokens, which seems to indicate scarcity. However, the project has designed a linear unlocking mechanism that spans multiple years, unlocking approximately 11.31 million APT each month, which accounts for about 1.73% of the circulating supply.

For example, during the period from August 11 to 12, 2025, another 11.31 million APT will be unlocked, worth approximately 52 million USD. The next unlocking is expected to take place on September 11. This continued increase in supply may lead to the dilution of the token's value.

It is worth noting that the project team (including the team, venture capital, and foundation) holds a large amount of locked tokens. Historical data shows that there is significant price volatility before and after unlocking. For example, after unlocking 24.84 million APT (valued at $329 million) in March 2024, the price experienced a sharp decline in the short term. Similarly, a similar trend was observed after unlocking 11.31 million APT (valued at $63.72 million) in May 2025.

This unlocking mechanism has raised concerns in the market about the long-term sustainability of the project. Some analysts believe it may adversely affect token holders, especially retail investors. However, there are also views that this mechanism can prevent large-scale sell-offs, which is beneficial for price stability.

For investors who already hold APT, it is advisable to closely monitor project developments and market trends, and to manage risks effectively. For potential investors, it is necessary to have a comprehensive understanding of the project background and token economics, weighing the pros and cons before making a decision.

Overall, the Aptos project demonstrates innovative potential in the Layer 1 public chain space, but its token economic model remains controversial. In the rapidly evolving cryptocurrency market, rational analysis and cautious decision-making are crucial.