“連鎖店很快，心臟痛苦，金錢很少。”這種嘲笑的言論囊括了許多早期支持者的無助。

隨著Sui隨風升起，另一個“移動雙星”發現自己處於完全不同的困境中。

Author: Fairy, ChainCatcher

作者：童話，鏈球手

Editor: TB, ChainCatcher

編輯：TB，ChainCatcher

"The chain is fast, the heart is painful, and the money is scarce." This mocking remark encapsulates the helplessness of many early supporters of Aptos.

“連鎖店很快，心臟痛苦，金錢很少。”這種嘲笑的言論囊括了許多早期支持者的無助。

As Sui rises with the wind, another "Move twin star" finds itself in a completely different predicament. At its inception, Aptos entered the market with high TPS, the Move language, and strong capital support, but capital can accelerate the maturity of a public chain, yet it cannot endow it with true vitality.

隨著Sui隨風升起，另一個“移動雙星”發現自己處於完全不同的困境中。在其成立之初，Aptos以高的TP，移動語言和強大的資本支持進入了市場，但是資本可以加速公共連鎖店的成熟度，但它不能以真正的活力來賦予它。

What kind of predicament has Aptos fallen into?

Aptos陷入了什麼樣的困境？

The halo fades, ecological growth stalls

光暈淡出，生態增長攤位

Aptos was born in 2022, backed by the former Meta team, and emerged as a star project under the halo of "next-generation L1." With the backing of institutions like a16z, YZi Labs, and Jump Crypto, Aptos initially enjoyed fervent support from the capital market. However, as market sentiment cooled, its once-proud technical narrative is gradually losing its appeal.

Aptos出生於2022年，由前Meta團隊支持，並在“下一代L1”的光環下成為星級項目。在A16Z，Yzi Labs和Jump Crypto等機構的支持下，Aptos最初享有資本市場的熱心支持。但是，隨著市場情緒的冷卻，其曾經封閉的技術敘事逐漸失去了吸引力。

According to Dune data, the number of daily active addresses on Aptos has dropped to about 1 million, with daily transaction counts between 3 to 4 million, while Sui, also based on the Move language, has surpassed 10 million daily transactions, with DEX trading volume and application revenue far exceeding Aptos.

根據Dune數據，APTO上的每日活動地址數量已下降到約100萬，每日交易的數量在3至400萬之間，而SUI也基於移動語言，每天超過1000萬筆交易，而DEX交易量和應用程序收入遠遠超過APTOS。

So, what went wrong with Aptos's ecological growth?

那麼，Aptos的生態增長出了什麼問題？

Image source: Defillama

圖像來源：Defillama

False prosperity built on resource accumulation

基於資源積累建立的虛假繁榮

Aptos's previous ecological expansion heavily relied on a "resource-driven" model rather than genuine market demand. Crypto KOL @cryptobraveHQ pointed out that Aptos distributed a large number of tokens to partners, introduced well-known DeFi projects to enrich infrastructure, and brought top institutions like Binance and OKX into ecological construction through OTC refinancing. However, this "quick-fix approach" did not lead to real user migration, but rather resembled a "resource arbitrage game":

Aptos以前的生態擴張在很大程度上依賴於“資源驅動”模型，而不是真正的市場需求。 Crypto KOL @CryptObraveHQ指出，Aptos向合作夥伴分發了大量令牌，引入了著名的Defi項目以豐富基礎設施，並通過OTC再融資將諸如Binance和OKX之類的頂級機構帶入了生態結構。但是，這種“快速修復方法”並沒有導致真正的用戶遷移，而是類似於“資源套利遊戲”：

Aptos's "ecological support" is more form than substance

Aptos的“生態支持”比實質更具形式

In mid-March, Aptos launched the LFM program aimed at helping ecological projects prepare for TGE. However, the first batch of LFM members, Amnis Finance, which received strong community support, faced issues with its airdrop.

3月中旬，Aptos啟動了LFM計劃，旨在幫助生態項目為TGE做準備。但是，獲得了強有力的社區支持的第一批LFM成員Amnis Finance面臨著Airdrop的問題。

Community member @KuiGas pointed out that the airdrop distribution of Amnis Finance was highly centralized: out of 440,000 addresses, only 10,000 received the airdrop, leaving many real users empty-handed. In this "ecological support" airdrop farce, Aptos's shortcomings in project review and community governance were exposed.

社區成員@Kuigas指出，Amnis Finance的空投分配高度集中：在440,000個地址中，只有10,000個收到了空調，使許多真正的用戶空手而歸。在這種“生態支持”氣流鬧劇中，Aptos在項目審查和社區治理方面的缺點被暴露出來。

Aptos's "ecological support" resembles nominal cooperation rather than true ecological co-construction.

Aptos的“生態支持”類似於名義合作，而不是真正的生態共同建設。

Aptos provided Amnis with substantial resource support, including token rewards, and the latter spent a year on marketing and giveaways. However, the entire process was more about form than substance, ultimately resulting in a failed PR:

Aptos為Amnis提供了豐富的資源支持，包括令牌獎勵，後者花了一年的時間在營銷和贈品上。但是，整個過程更多的是形式而不是實質，最終導​​致PR失敗：

@KuiGas stated that the controversy surrounding Amnis Finance's airdrop was rampant, while Aptos chose to remain silent and withdraw, repeating a series of past inactions.

@kuigas說，圍繞Amnis Finance的空投的爭議猖ramp，而Aptos則選擇保持沉默和退出，重複了一系列過去的犯罪。

Image source: @KuiGas

圖像來源：@kuigas

Core executives cluster to leave

核心高管集群離開

In the past year, Aptos has experienced constant turmoil at the executive level, with CEO Mo Shaikh, head of product design Jessica Anerella, and product head Cathy Sun all leaving, raising concerns about internal governance chaos.

在過去的一年中，Aptos在執行層面經歷了不斷的動盪，首席執行官Mo Shaikh是產品設計Jessica Anerella的負責人，以及產品主管Cathy Sun都離開了，引起了人們對內部治理混亂的擔憂。

Crypto KOL @cryptobraveHQ revealed that last year, Aptos conducted OTC trading of APT at prices far below market value. At that time, the market price of APT was in the range of $10-13, but some investors could participate in OTC at about 40% of that price. Coincidentally, shortly after this incident was exposed, co-founder and CEO Mo Shaikh and several employees with VC backgrounds began to leave one after another.

Crypto Kol @CryptoBraveHQ透露，去年，Aptos以遠低於市場價值的價格進行了APT的OTC交易。當時，APT的市場價格在10-13美元範圍內，但一些投資者可以以大約40％的價格參與OTC。巧合的是，在這一事件暴露後不久，聯合創始人兼首席執行官Mo Shaikh和幾名具有VC背景的員工開始彼此離開。

It is speculated that the direct reason for the personnel changes may involve the interests related to OTC, while the fundamental reason is that Aptos's overall performance after the token launch did not meet expectations.

據推測，人員變動的直接原因可能涉及與OTC相關的興趣，而基本原因是Aptos在代幣發布後的總體表現不符合預期。

The community's "frustration," is Aptos heading towards decline?

社區的“挫敗感”是Aptos朝著衰落邁進嗎？

Aptos was once highly anticipated, but now it is deeply mired in community doubts and disappointments. "Lack of market sensitivity, unclear strategic direction, internal corruption…" Many community members express their frustration, as the once bright expectations are being gradually eroded by reality.

Aptos曾經備受期待，但現在它深深地陷入了社區的懷疑和失望中。 “缺乏市場敏感性，不清楚的戰略方向，內部腐敗……”許多社區成員表示沮喪，因為曾經亮相的期望正在被現實逐漸侵蝕。

Community member @yi_juanmao bluntly stated that Aptos and Sui's core teams both come from large companies, but their development trajectories are completely different. He criticized Aptos for not being on the Web3 path in terms of market sensitivity, strategic layout, user maintenance, and ecological co-construction. Instead, it seems to be obsessed with boasting about its high TPS, increasingly resembling a rigid traditional Web2 enterprise. He further pointed out that Aptos's ecosystem is filled with parasitic projects, overly reliant on capital infusion, and the entire

社區成員@yi_juanmao直言不諱地說，Aptos和Sui的核心團隊都來自大型公司，但其開發軌跡完全不同。他批評Aptos在市場敏感性，戰略佈局，用戶維護和生態共同建設方面不在Web3路徑上。取而代之的是，它似乎沉迷於吹噓其高的TP，越來越類似於僵化的傳統Web2企業。他進一步指出，Aptos的生態系統充滿了寄生項目，過於依賴資本注入，整個