JAKARTA During the bearish market that has taken place in recent months, one of the Aptos crypto tokens (APT) managed to steal the attention of the crypto community. The reason is, APT tokens managed to touch their highest price at the level of 15 US dollars. However, not long after, the token fell below 7 US dollars per APT, reported by UToday.
Blockchain Aptos took a major part of the cryptocurrency market's attention a few minutes after launching the mainnet and making their APT tokens listed on Binance. Unfortunately, the team behind blockchain Layer 1 using the Move programming language did not spend enough time building the right tokenomics.
For your information alone, Aptos is a relatively young blockchain that has withdrawn millions of venture capitalists because it was built with Rust-based programming language called Move. Planned features include rapid transaction processing, high-level securities and parallel execution machines.
Blockchain is based on Diem blockchain initiative developed by Meta and abandoned recently. To continue development, the team behind Diem decided to create a separate project, which will focus on its predecessor goals.
Previously, developer Aptos had released APT airdrop tokens but without using the anti-Sybil attack system. As a result, APT was hit by massive sales pressure, causing the token price to fall. leading crypto journalist Wu Blockchain announced the vulnerability of APT tokens through his Twitter post.
Aptos suddenly releases airdrops without strict anti-sybil attacks, which cause some people to get lots of airdrop tokens. Someone sells 189,567 APT directly in binance, resulting in APT prices from $ 15 to less than $ 13, wrote Wu Blockchain (@WuBlockchain), October 19, 2022.
Sybil's attack protection is the foundation of each airdrop; it doesn't allow one user to create multiple pseudonym identities and get more tokens. Without proper protection, one user can create multiple accounts or entries into the airdrop and then sell them immediately in the market, which has occurred with APT in Binance.
The lack of proper protection and planning led to a devastating spike in sales pressure as users threw away their holdings with just one transaction, which is the best recipe for quickly dismantling assets in a decentralized market.
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