The Predicament of Aptos: From Star Public Chain to Ecological Maze

Aptos, as one of the representatives of the Move language public chains, was once highly regarded for its high TPS and strong capital support. However, as market sentiment cools, this once "star" project is facing severe challenges.

Ecological growth stagnation

Data shows that the daily active addresses of Aptos have dropped to about 1 million, with daily transaction counts only between 3 to 4 million. In contrast, another public chain based on the Move language has seen daily transaction counts exceed 10 million, with its DEX trading volume and application revenue far surpassing that of Aptos.

The main issue with the development of the Aptos ecosystem is its excessive reliance on a "resource-driven" model rather than genuine market demand. This model has led to the following problems:

1. After the top projects are implemented, the growth of real users is limited.
2. The growth in TVL may stem from the "plateauing" behavior of chasing subsidies, rather than real liquidity.
3. Resources are skewed towards "airdrop" projects, neglecting native developers and hindering the ecosystem's self-sustaining ability.

Controversy of the Ecological Support Plan

Aptos recently launched the LFM program aimed at helping ecological projects prepare for token generation events (TGE), but the airdrop of one of the first member projects has sparked controversy. Out of 440,000 addresses, only 10,000 people received the airdrop, leaving many genuine users empty-handed. This incident not only exposed Aptos's shortcomings in project review and community governance but also raised substantial doubts about its "ecological support."

Turmoil at the Top

In the past year, there have been frequent changes in the upper management of Aptos, with core personnel such as the CEO, head of product design, and head of product leaving one after another. These changes have raised concerns in the market about its internal governance. There are rumors that these personnel changes may be related to a controversial over-the-counter (OTC) transaction, but the specific reasons have not been officially confirmed.

Disappointment Spreads in the Community

Aptos was once highly anticipated, but now it is deeply mired in community doubts and disappointment. Some community members believe that Aptos has obvious shortcomings in market sensitivity, strategic layout, user retention, and ecological co-construction. Others point out that the Aptos ecosystem is filled with parasitic projects that overly rely on financial bailouts, and the entire system lacks vitality.

Another community member recalled: "Last year, the two major Move public chains were still at the same starting line, and Aptos had even higher expectations. However, a year has passed, and the situation has changed dramatically."

Where to go in the future?

The capital halo may bring temporary prosperity, but the long-term development of public chains still relies on user accumulation and the sustainability of the ecosystem. In the face of fierce competition in the L1 track, whether Aptos can break through the predicament and rise again remains an unknown. Only time can provide the final answer.