“All Aptos fees are burned” and “holder returns are the highest among four chains”—headlines like these make me laugh.
According to Blockworks’ methodology, in August, every $10,000 of FDV generated $4.21 a year for holders. That works out to just over 0.04% annualized. If that’s enough to take first place, it only shows that the other three are worse—it says nothing about whether APT is attractive.
Looking at DefiLlama’s numbers (@llama, pulled on October 29), holder revenue is only around a hundred thousand dollars a month: $22,900 in April, $89,700 in August, and $125,000 so far in October.
On the unlock side, around 4.54 million APT are due to unlock each month over the next 12 months. At current prices, that’s roughly $3.18 million over the next 30 days.
On one side, about a hundred thousand dollars gets burned each month; on the other, more than $3 million in new supply is released. That’s a gap of roughly 25 times. Annualized, revenue is about $1.4 million, while unlocks amount to about $38 million. Staking rewards aren’t even included—the actual dilution will only be higher.
The claim that “fees exceed what’s paid to validators” is technically true, but it has little to do with whether the coins you hold will go up in price. The deflation story has to get past the unlocks first. If it can’t, it’s just a story for bagholders.
#Aptos #APT
According to Blockworks’ methodology, in August, every $10,000 of FDV generated $4.21 a year for holders. That works out to just over 0.04% annualized. If that’s enough to take first place, it only shows that the other three are worse—it says nothing about whether APT is attractive.
Looking at DefiLlama’s numbers (@llama, pulled on October 29), holder revenue is only around a hundred thousand dollars a month: $22,900 in April, $89,700 in August, and $125,000 so far in October.
On the unlock side, around 4.54 million APT are due to unlock each month over the next 12 months. At current prices, that’s roughly $3.18 million over the next 30 days.
On one side, about a hundred thousand dollars gets burned each month; on the other, more than $3 million in new supply is released. That’s a gap of roughly 25 times. Annualized, revenue is about $1.4 million, while unlocks amount to about $38 million. Staking rewards aren’t even included—the actual dilution will only be higher.
The claim that “fees exceed what’s paid to validators” is technically true, but it has little to do with whether the coins you hold will go up in price. The deflation story has to get past the unlocks first. If it can’t, it’s just a story for bagholders.
#Aptos #APT
