اقتصاد توکنی Aptos (APT)

The Aptos (APT) token economics are designed to incentivize network participation, secure the blockchain through staking, and fund long-term ecosystem development. The initial total token supply was 1 billion APT, which has since increased due to inflationary staking rewards, reaching approximately 1.08 billion APT as of February 12, 2024.

Issuance Mechanism

The APT token supply is subject to an inflationary mechanism primarily driven by staking rewards.

• Inflationary Rewards: APT has a maximum annual reward inflation rate of 7.00%.
• Disinflationary Schedule: This maximum inflation rate is designed to decline by 1.50% annually until it reaches a lower bound of 3.25%.
• Transaction Fees: All APT transaction fees are currently burned, which acts as a deflationary pressure on the supply. The mechanism for transaction fee burning can be revisited in the future through governance.

Allocation Mechanism

The initial total token supply of 1 billion APT was distributed across four main categories, with the largest portion dedicated to ecosystem growth.

• Ecosystem/Community: This largest allocation is controlled by the Aptos Foundation and Aptos Labs, intended for ecosystem growth, grants, and community support.
• Airdrop: Approximately 23.45 million APT (2.35% of the initial supply) were distributed via a past airdrop to 124,828 users who participated in the Aptos testnet and passed KYC verification.

Usage and Incentive Mechanism

APT is a utility and governance token central to the network's operation and security.

Core Utility

1. Transactions: APT is used to settle gas fees for executing transactions on the network.
2. Governance: APT stakers and delegators can submit and vote on Aptos Improvement Proposals (AIPs). These proposals can cover:
   • Changes to blockchain parameters (e.g., epoch duration, minimum validator stake).
   • Changes to the Aptos core blockchain code.
   • Upgrades or additions to core Aptos Framework modules.

Staking and Rewards (Incentive Mechanism)

Aptos utilizes a Stake-for-Access (SFA) model to secure the network and reward participants.

• Validator Requirements: To operate a validator, a minimum stake of 1.00 million APT (approximately 0.09% of the total token supply) is required. There is a maximum stake amount of 50.00 million APT (about 4.63% of the total token supply) enforced per validator.
• Delegation: Tokenholders can delegate APT to an existing validator. The minimum delegation amount is 10 APT plus a small staking fee.
• Reward Calculation: Validators and delegators earn inflationary APT block rewards. The reward formula for a validator is: $$\text{Staked Amount} \times \text{Rewards Rate per Epoch} \times \left(\frac{\text{Number of successful proposals by the validator}}{\text{Total number of proposals made by the validator}}\right)$$
• Delegator Share: A delegator's share of rewards is proportional to their percentage of the total APT staked to the validator, minus the commission set by the validator owner.

Locking Mechanism and Unlocking Schedule

Significant portions of the initial token supply allocated to the team, foundation, and private investors were subject to lockup periods starting from the Token Generation Event (TGE) in October 2022.

Locking Mechanism Details

Projected Unlocking Time and Amounts

The long-term liquid supply curve for APT is projected to increase steadily until at least September 2032. The following table highlights the cumulative native token amount unlocked and the percentage of the total allocation completed over the long term, based on data extending to 2032.

Note: The monthly unlock amount decreases significantly after October 2026, reflecting the completion of the 48-month vesting schedule for the Core Contributor and Private Investor allocations.