“连锁店很快，心脏痛苦，金钱很少。”这种嘲笑的言论囊括了许多早期支持者的无助。

随着Sui随风升起，另一个“移动双星”发现自己处于完全不同的困境中。

Author: Fairy, ChainCatcher

作者：童话，链球手

Editor: TB, ChainCatcher

编辑：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.

“连锁店很快，心脏痛苦，金钱很少。”这种嘲笑的言论囊括了许多早期支持者的无助。

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.

随着Sui随风升起，另一个“移动双星”发现自己处于完全不同的困境中。在其成立之初，Aptos以高的TP，移动语言和强大的资本支持进入了市场，但是资本可以加速公共连锁店的成熟度，但它不能以真正的活力来赋予它。

What kind of predicament has Aptos fallen into?

Aptos陷入了什么样的困境？

The halo fades, ecological growth stalls

光晕淡出，生态增长摊位

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出生于2022年，由前Meta团队支持，并在“下一代L1”的光环下成为星级项目。在A16Z，Yzi Labs和Jump Crypto等机构的支持下，Aptos最初享有资本市场的热心支持。但是，随着市场情绪的冷却，其曾经封闭的技术叙事逐渐失去了吸引力。

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.

根据Dune数据，APTO上的每日活动地址数量已下降到约100万，每日交易的数量在3至400万之间，而SUI也基于移动语言，每天超过1000万笔交易，而DEX交易量和应用程序收入远远超过APTOS。

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

那么，Aptos的生态增长出了什么问题？

Image source: Defillama

图像来源：Defillama

False prosperity built on resource accumulation

基于资源积累建立的虚假繁荣

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以前的生态扩张在很大程度上依赖于“资源驱动”模型，而不是真正的市场需求。 Crypto KOL @CryptObraveHQ指出，Aptos向合作伙伴分发了大量令牌，引入了著名的Defi项目以丰富基础设施，并通过OTC再融资将诸如Binance和OKX之类的顶级机构带入了生态结构。但是，这种“快速修复方法”并没有导致真正的用户迁移，而是类似于“资源套利游戏”：

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

Aptos的“生态支持”比实质更具形式

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启动了LFM计划，旨在帮助生态项目为TGE做准备。但是，获得了强有力的社区支持的第一批LFM成员Amnis Finance面临着Airdrop的问题。

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.

社区成员@Kuigas指出，Amnis Finance的空投分配高度集中：在440,000个地址中，只有10,000个收到了空调，使许多真正的用户空手而归。在这种“生态支持”气流闹剧中，Aptos在项目审查和社区治理方面的缺点被暴露出来。

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

Aptos的“生态支持”类似于名义合作，而不是真正的生态共同建设。

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为Amnis提供了丰富的资源支持，包括令牌奖励，后者花了一年的时间在营销和赠品上。但是，整个过程更多的是形式而不是实质，最终导​​致PR失败：

@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说，围绕Amnis Finance的空投的争议猖ramp，而Aptos则选择保持沉默和退出，重复了一系列过去的犯罪。

Image source: @KuiGas

图像来源：@kuigas

Core executives cluster to leave

核心高管集群离开

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.

在过去的一年中，Aptos在执行层面经历了不断的动荡，首席执行官Mo Shaikh是产品设计Jessica Anerella的负责人，以及产品主管Cathy Sun都离开了，引起了人们对内部治理混乱的担忧。

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以远低于市场价值的价格进行了APT的OTC交易。当时，APT的市场价格在10-13美元范围内，但一些投资者可以以大约40％的价格参与OTC。巧合的是，在这一事件暴露后不久，联合创始人兼首席执行官Mo Shaikh和几名具有VC背景的员工开始彼此离开。

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.

据推测，人员变动的直接原因可能涉及与OTC相关的兴趣，而基本原因是Aptos在代币发布后的总体表现不符合预期。

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

社区的“挫败感”是Aptos朝着衰落迈进吗？

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曾经备受期待，但现在它深深地陷入了社区的怀疑和失望中。 “缺乏市场敏感性，不清楚的战略方向，内部腐败……”许多社区成员表示沮丧，因为曾经亮相的期望正在被现实逐渐侵蚀。

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

社区成员@yi_juanmao直言不讳地说，Aptos和Sui的核心团队都来自大型公司，但其开发轨迹完全不同。他批评Aptos在市场敏感性，战略布局，用户维护和生态共同建设方面不在Web3路径上。取而代之的是，它似乎沉迷于吹嘘其高的TP，越来越类似于僵化的传统Web2企业。他进一步指出，Aptos的生态系统充满了寄生项目，过于依赖资本注入，整个