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Has Facebook’s Dormant Initiative DIEM(LIBRA) been Resurrected with Aptos?

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • In a very surprising update, a mainnet called Aptos went live with very little information about the tokenomics

  • APT speculated to replicate the hype of APE, while the key concern lies around the market maker manipulation at the initial stages of the launch

Aptos, the blockchain which came into the limelight quickly after its mainnet launch fell prey to the bearish cartel has dropped more than 57% since its inception. It appears that the pre-allocated tokens were just liquidated at the launch as the volume, either buying or selling, has depleted heavily. The chain with its launch claims to offer 130K transactions per second, challenging Solana’s existence in the market. 

However, with multiple network outrages, Solana is on the verge of challenging its own existence, while Aptos has also failed to live up to its claim. 

It is said that Facebook’s ex-executives who previously worked for DIEM (previously known as LIBRA) are the brains behind this project. Due to the immense political pressure, the project was abandoned mid-way but the developers who foresaw the potential in the technical fundamentals developed the project. 

The APT price has dropped from as high as $18 to the current level of around $8.2 in the past couple of hours. As the volume has dropped heavily, the possibility of a rebound may be extremely fewer. 

However, the Aptos community is holding a massive airdrop or giveaway to celebrate the launch of Aptos Mainnet. 

To be eligible, one has to follow certain prerequisites mentioned above. The initial volatility, immediately after the launch is a normal phenomenon. As long as the price maintains a consolidated trend above $7, the bulls are expected to jump in and dominate the rally soon. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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