The Predicament of Aptos: From Aura to 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 enthusiasm has waned, this public chain is facing severe challenges.

Stagnation of Ecological Growth

Data shows that the daily active address count of Aptos has dropped to around 1 million, with daily transaction counts only between 3 to 4 million. In contrast, the Sui public chain, which also uses the Move language, has performed much better, with daily transaction counts surpassing 10 million, and DEX trading volume and application revenue significantly leading.

The main issues facing the development of the Aptos ecosystem include:

1. Over-reliance on resource-driven methods: Enriching the ecosystem through extensive distribution of tokens and the introduction of well-known projects, but failing to attract real user migration.

2. Lack of sustainability: Many projects may just be "dressed up" to obtain subsidies, without forming real liquidity.

3. Misallocation of resources: Excessive focus on parachain projects has neglected support for native developers, making it difficult for the ecosystem to develop self-sustaining capabilities.

Controversy of the Ecological Support Plan

The LFM program recently launched by Aptos aims to assist ecological projects in preparing for token issuance, but the airdrop of its first member, Amnis Finance, has sparked considerable controversy. Out of 440,000 addresses, only 10,000 received the airdrop, leaving many active users empty-handed. This incident not only exposed Aptos's shortcomings in project review and community governance but also raised doubts about the authenticity of its ecological support.

Turbulence at the Top

In the past year, there have been frequent changes at the senior level of Aptos. CEO Mo Shaikh, Head of Product Design Jessica Anerella, and Head of Product Cathy Sun have all left, raising concerns in the market about its internal governance. There are rumors that these changes may be related to an alleged off-market transaction (OTC) involving the transfer of benefits.

Disappointment in the Community Spreads

The performance of Aptos has sparked widespread questioning within the community. Many members criticize its lack of market acuity, unclear strategic direction, and even potential internal corruption. Some point out that Aptos's way of operating increasingly resembles that of a rigid traditional enterprise, rather than a vibrant Web3 project.

Community members compared the development trajectories of Aptos and Sui, believing that although both originated from major companies, they differ significantly in terms of market sensitivity, strategic layout, user maintenance, and ecological co-construction. The Aptos ecosystem is described as being filled with parasitic projects, overly reliant on financial infusion, and lacking vitality.

Where to Go in the Future

Although Aptos has enjoyed the favor of the capital market, what ultimately determines whether a public chain can establish a long-term presence is always the sustainable development of its user base and ecosystem. In the current fiercely competitive environment of the L1 track, whether Aptos can break through its difficulties and regain market confidence remains uncertain.