According to on-chain statistics from its first day of transactions, Aptos, a new Layer 1 blockchain created by former Meta workers who worked on the Diem platform, is falling short of expectations.
Four transactions per second are currently being processed by the protocol, according to on-chain data from Aptos’ block explorer. The Aptos team claimed during the development phase that its parallel execution engine could execute 160,000 transactions per second (far more than speed demon Solana’s reported 65,000 transactions per second).
As cryptocurrency Twitter user Paradigm Engineer #420 noted, the vast majority of them are maintenance messages from validators adding metadata to the blockchain rather than actual user transactions.
It further stated,
“It’s hard to see how users can even use Aptos right now, I personally cannot find any rpcs nor connect with any validators to send transactions.”
The engineer also mentioned that around 80% of Aptos’ coins are staked, which they claimed will lead to a dump on retail consumers.
The team explained in a message on the Aptos Discord that the TPS displayed was a “function of network activity” and that as the mainnet activation announcement had only been made a few hours earlier, there had not yet been any user transactions. They are anticipated to begin tomorrow.
Blockchain Hunger Increase
There is a need for infrastructure that can meet the demands of real-world finance applications as institutional interest in digital assets grows. Currently, Ethereum can perform up to 15 transactions per second in its current state, and over the past month, it has averaged 13 TPS. When finalised, Ethereum 2.0 will have a theoretical cap of 100,000 TPS.
Hundreds of millions of dollars have been spent to develop quicker blockchains because venture capitalists have been fervently searching for this nirvana.
Jump Capital, for instance, has increased its support for Solana and invested in repairing the protocol’s backend infrastructure after a number of high-profile failures over the past year.
Along with FTX and a16z, Jump also contributed to Aptos’ $150 million series A round of funding.