FTX-backed Aptos blockchain under fire for low scalability on launch day News โธ Aptos · Bitcoin โธ Technology
FTX-backed Aptos blockchain under fire for low scalability on launch day
Aptos promised to deliver an unparalleled speed of up to 160,000 transactions per second (TPS), but it processed only four on launch day.
2 min read
Updated: Jun. 23, 2023 at 10:38 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
FTX-backed layer-1 blockchain Aptos is facing backlash for failing to deliver on its promise of scalability from launch day.
The layer-1 blockchain developed by ex-Meta employees launched its mainnet “Aptos Autumn” on Oct. 17.
Before launch, it had promised to deliver an unparalleled speed of up to 160,000 transactions per second (TPS).
However, a fact check into the Aptos explorer reveals that it can only process about four transactions per second, which is lower than Bitcoin’s 10 TPS.
Twitter user Paradigm Engineer #420 pointed out some flaws detected on the Aptos blockchain on launch day.
Let’s look at transaction speeds on Aptos.
Aptos promises 100k TPS in its finalized version. However, the current TPS is somewhere around 4 transactions per second. pic.twitter.com/joWnxAeIpZ
โ Paradigm Engineer #420 (@ParadigmEng420) October 17, 2022
Aptos currently has 102 validators who are the primary users of the network and facilitators of the recorded 4 TPS.
However, Aptos developers said via Discord that the 4 TPS shown does not reflect Aptos’s max TPS. They explained that the low TPS is a consequence of low network activity.
As soon as user activity kicks off on the network, the actual scalability of Aptos will be revealed.
VCs are rooting for Aptos
Aptos endeared many crypto venture firms, including a16z, Binance, and FTX, after it promised to deliver unparalleled scalability leveraging its novel Move programming language.
Aptos, a spin-off from Meta’s failed Diem blockchain project, said it is building a highly scalable, decentralized, and affordable blockchain solution that will drive Web3 adoption to the masses.
In support of the Aptos vision, FTX Ventures and Jump Crypto led the Series A funding round of $150 million for the blockchain startup.
a16z led the seed round, which raised $200 million for Aptos. Leading crypto exchange Binance also announced supporting the Aptos Vision.
Aptos, valued at $2 billion, has all the funds it needs to develop its infrastructure and ensure that the low TPS recorded on launch day does not continue.
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Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.