The highly anticipated Aptos (APT), the layer-1 solution born from the ashes of Meta’s Diem project, launched its mainnet on Monday. But the project ran into some problems. Project Binance has asked exchanges like FTX not to list perpetual futures for APT. However, exchanges list these contracts. Here are the details…
Perpetual futures contracts for Aptos (APT) enter the market
The native coin of Aptos Blockchain started trading on Binance, Coinbase and FTX today. The cryptocurrency is also available for trading on MEXC, ByBit, Bitfinex, Huobi and OKX. But a few of these exchanges are launching another APT product. Binance, FTX and OKX have said they will launch perpetual futures contracts for APT just one hour after starting token trading. However, Aptos requested exchanges not to list these contracts. Binance has launched perpetual futures contracts to users starting today. Also, FTX, OKX also listed the contracts today. Wu Blockchain drew attention to Aptos’ request with his tweet below
Exclusive: Aptos asked major exchanges not to list perpetual contracts within 2 weeks, but Binance announced that APTUSDT perpetual contracts will be listed on October 19th. Aptos is urgently persuading Binance to stop. https://t.co/4ADxe1xSS8
— Wu Blockchain (@WuBlockchain) October 18, 2022
Perpetual futures contracts allow traders to bet on the price movements of the underlying asset. It is a type of futures contract. Shorting an asset means that an investor thinks the price will drop. Being long on an asset means that an investor is betting that its price will go up.
Aptos does not fall off the agenda
Launched as “The Solana Killer” by its founders, as we reported as Kriptokoin.com, the protocol quickly became one of the most important news headlines following its mainnet launch and subsequent listing on multiple top exchanges. Since its launch on Monday, Aptos has faced an onslaught of criticism towards the project and its early investors.
One of the biggest problems was that the project team waited this long to release information about the token distribution. But the criticism continued to come as news broke that 51 percent of the initial 1 billion APT supply was used by VCs and 190 million APIT core developers. For example, Cobie, who has almost 750,000 followers, said on Twitter that he wondered how exchanges like FTX and Binance listed Aptos without any tokenomic transparency.
It's not great that FTX/Binance etc are all listing Aptos without any tokenomics transparency at all. Surely it should be a prerequisite to listing something that users can have the basic information on what they're buying lol
— Cobie (@cobie) October 18, 2022
Cryptocurrency has risen more than 10 times
On Binance, one of the largest exchanges listing APT, the coin rose as high as $100. However, it is currently trading for just under $8. Its volume has also been falling since the first few minutes of the market opening. It is currently changing hands at $7.63, down 44.4 percent.
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