On October 18, Aptos, which completed a $150 million round of funding led by FTX Ventures and Jump Crypto in July, valued at $2.75 billion, announced the launch of its mainnet, Aptos Autumn, and announced APT Tokenomics. Within a few hours after the main network was announced to be online, Binance, FTX, Coinbase and other major mainstream and second-line exchanges rushed to announce that APT spot would be online. However, the exchanges were not satisfied with the hot traffic of the bear market, as Binance took the lead in announcing the launch of APT perpetual contracts despite Aptos' ban on launching futures within two weeks. After Binance started the "default", OKX and FTX followed suit. But the controversy was far from over, as the community exploded when investors discovered that Tokenomics did not include the previously promised airdrops, questioning the inconsistency of the project. The next day, within three hours of the exchange going live with APT, Aptos released a plan to airdrop APT to the community, giving airdrops to users who participated in the test network, but the airdrop plan had little to no anti-witch initiative, even with a web 1 email to notify users if they were eligible. The high level of financing contrasts sharply with the amateurish management level, with various FUDs coming out frequently from the announcement of the launch to the official launch in less than three days. However, pump is justice, APT also reversed its reputation after being launched, Binance highest point reached $100, almost every user of the test network (an address) have gained $3000-4000 of zero jack profit.

With former Meta employees and the slogan "the most secure and scalable L1 public chain", Aptos has been attracting venture capital since its inception. This year, Aptos has completed at least two rounds of funding totaling $350 million, involving major institutions such as a16z, FTX, and Binance Labs. According to Paradigm Engineer #420's reading of the APT before it went live, Aptos has a total supply of about $1 billion, but has pledged about $820 million, meaning that more than 80% of the Token supply is controlled by the team and institutional investors. In addition, due to the frequent downtime of Solana and dissatisfaction with FTX and SBF's overly centralized solution to Solana, some Solana developers have switched from Solana to Aptos under the ecological incentive of Aptos, which also makes the style of Aptos quite similar to Solana, especially in the NFT field. And Solana, backed by SBF and FTX, already has a strong capital color.

The previous public chains were discursive and punk, and although financing was indispensable, capital discourse was low, and it was often difficult to participate in the actual development and production. Ethereum is an exploration of decentralization and smart contracts; EOS is a belief in the elite system of society: community representative system; Polkadot optimizes specific scenarios by building parallel chains and achieves high efficiency through exclusivity; Cosmos focuses on modular functional chains...... Different chains have their own characteristics and unique exploration of the future path, forming supporters and clusters to build a prosperous multi-chain hodgepodge.

Unlike the exploration of public chain "metaphysics" in the early years, the current public chain production seems to have the industrialized and standardized polished method. Capital market-making and exchange cooperation epitomize Aptos, and may be the pattern of new chains in the future. Before it was launched, Aptos got a lot of attention by capital investment and financing; after it was launched, it relied on low circulation and exchange control to reverse short-term bad reputation. However, the wealth effect can cover up the moment, but not the long term, nor can it cover up the poor performance of Aptos in community building and business operation and management ability. A large number of sybil addresses are making a lot of money, many deal-hunters are flooding the community while many poor-quality projects are flooding in under the wealth effect. One Aptos NFT project party said so, now as long as there are pictures, randomly posting an NFT project on Aptos, can at least earn the equivalent of dozens of ethereum.

Aptos has a very low requirement for project owners, which has led to a large number of poor-quality projects flooding the site, with a tendency to become the most expensive "meme chain". There are a lot of projects on Aptos, but the project owners are not worried about nobody is paying for them, because after missing the APT airdrop, the users who come to Aptos to find quality projects are more FOMO than the project owners. The simplicity of the airdrop rewards has attracted a large number of deal-hunters to participate in this new chain. Users generally believe that Aptos is not short of money, and the on-chain ecosystem has just been launched, so there will be a lot of projects that will issue Token that are worth exploring. This trend of looking for airdrops even spread to other star public chains such as Sui, ZK and LayerZero, which are waiting to issue Token. Even Sui, a public chain that belongs to the same Move language as Aptos, had to release an announcement in the community that there is no airdrop plan for the time being to dispel the overzealousness of users.

Institutions also need returns, and public chains often have the highest returns. There is a reason to believe that an industrialized and standardized public chain like Aptos is by no means a single case. In the future, a public chain like this driven by large institutions such as VC and exchanges, with huge amount of financing, most of Tokens in the hands of teams and institutional investors, few ecologies and low early participation of community users, may become the norm. For users, I am afraid it is difficult to find such simple and brutal airdrop opportunities. According to the airdrop with higher value such as Op, it is still the first choice of public chain Token reward for early and real community users.

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