The price of Aptos Token APT/USD plummeted by half within a short period of time after it made its debut and began trading on major exchanges.

What Happened: APT was listed for $9 and spiked to $13 only to decline 50%, in the first three hours of trading, according to CoinGecko. The token is currently listed on Coinbase Global Inc’s COIN cryptocurrency exchange platform alongside Huobi, OKX, FTX and Binance.

The token aims to compete squarely with Solana SOL/USD.

Aptos CTO Avery Ching in a blog post said that “current blockchains are just not as reliable as existing financial rails, we’ve seen issues of downtime and outages that last for hours.”

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Aptos is the latest in a long line of layer-1 blockchain networks that have come to the market. The blockchain leverages the Move programming language and the Move VM for application development, which are created and optimized for blockchain use cases. 

What’s New: The layer-1 blockchain claims its transactions per second reach 130,000. However, engineers have reported that it is nowhere near that and not even close to that of the Bitcoin BTC/USD network.

Aptos founder Mo Shaikh tweeted about the confusion, stating that “the current TPS is not representative of the network capacity — this was the network idling ahead of projects coming online. This number is expected to increase with more activity. Hope this clears up any TPS confusion.”

Price Action: Aptos traded at $7.62 at the time of writing on Tuesday. It has a circulating supply of 130 Million APT coins and a total supply of 1 Billion, as per CoinGecko.

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