Aptos (APT) is drastically restructuring its existing high-inflation structure and shifting to a "performance-linked" tokenomics approach, prioritizing fee-based burns and long-term staking rewards. With prices at all-time lows, the plan is to shift to a deflationary system that severely restricts token supply, aiming to restore trust in the ecosystem.
Layer 1 blockchain Aptos announced a new tokenomics overhaul via X (formerly Twitter). The team stated, "The Aptos network will transition to 'performance-based tokenomics,' where the supply mechanism adjusts based on network utilization." Key changes include setting a token cap, increasing gas fees, reducing staking rewards, and a token buyback program funded by fees.
According to this restructuring plan, the maximum APT issuance will be set at a "hard cap" of 2.1 billion. At the same time, the Aptos Foundation has decided to permanently lock up 210 million APT, worth approximately $180 million (approximately 261.1 billion won). This locked-up amount will not be released to the market and will effectively be removed from circulation. The foundation also announced that future network operating funds will be funded from staking rewards rather than token sales, demonstrating its intent to reduce selling pressure.
A notable change is the increase in gas fees. Aptos has proposed increasing network gas fees tenfold. Despite this, the team emphasized, "Even after the increase, the fee per transaction will remain at approximately $0.00014 (around the mid-0 won range), which is among the lowest in the world." The logic is that as fee revenue increases, the scale of the "programmatic token buyback and burn," which relies on these fees, will also increase, ultimately reducing the APT circulation.
The staking reward structure will also be significantly revised. The annual staking reward rate, currently around 5.19%, will be halved to 2.6%. However, Aptos announced plans to introduce a "long-term staking preference" structure through a governance proposal. Validators and delegators who opt for long-term lockups will receive rewards higher than 2.6%, while short-term, liquidity-focused staking participants will remain at the base 2.6%. The underlying goal is to attract long-term participants, who will reduce procurement costs while enhancing network stability.
This shift in tokenomics comes amidst a prolonged period of sluggish APT prices. Since February 2025, APT has fallen to around $0.86 (approximately 1,250 won), a sharp 87% drop from its peak of around $6.31 (approximately 9,159 won) in February of the same year. Compared to its all-time high of $19.92 (approximately 28,898 won) in 2023, the decline represents a 95% decline. Market concerns about token inflation and potential fund sell-offs have consistently been cited as key drivers of price pressure.
Despite this, Aptos Network's on-chain metrics remain top-tier. From a DeFi perspective, Aptos ranks as the tenth largest blockchain by stablecoin market capitalization, with a total stablecoin value of approximately $1.4 billion (approximately KRW 2.0319 trillion). It also ranks eleventh by on-chain stablecoin transaction volume, with a cumulative transaction volume of approximately $58.7 billion (approximately KRW 85.185 trillion), according to on-chain analytics platform Artemis Terminal. Despite its sluggish price, Aptos remains a significant presence in terms of DeFi infrastructure and usability.
From inflation to deflation… Aptos's winning move
This adjustment stems from Aptos's strategic decision to acknowledge the limitations of its "subsidy/high-inflation" model, which it has maintained since its inception, and to shift to a "profit/burn" structure based on usage. While relying on token subsidies to grow the ecosystem is effective for initial growth, it has been criticized for its perceived lack of sustainability over time and growing concerns about price dilution.
The new framework proposed by Aptos can be summarized into three main axes. First, structural supply pressure is reduced through an issuance cap and permanent lockup of foundation tokens. Second, ultra-low fees are maintained, but the size of buybacks and burns is designed to naturally increase as network usage increases. Third, long-term staking is more advantageous than short-term mining and farming, simultaneously increasing network security and governance participation. This structure, which Aptos calls "performance-based tokenomics,"
While these changes may be perceived as negative in the short term, with gas fee increases and reward reductions, some believe they could contribute to restoring trust in the medium to long term through deflationary expectations and improved token structure. In particular, with the APT price already down approximately 95% from its peak, analysis suggests that further supply reductions and burns, when coupled with increased on-chain activity, could play a role in defending token value.
However, further governance discussions are needed before this proposal is finalized. A tenfold increase in gas fees and a halving of the staking reward rate could be a burden for users and validators. The details of Aptos's announced "long-term staking incentives" and the speed at which increased gas revenue translates into actual APT burn will be key points of interest going forward.
Aptos's tokenomics shift could serve as a model for other Layer 1 projects facing token inflation and foundation sales controversies. The market is watching to see whether Aptos (APT) can reverse its price slump and trust crisis through a performance-linked deflationary model, and what impact this experiment will have on Layer 1 tokenomics overall.
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🔎 Market Interpretation
Aptos (APT) has announced a shift to a deflationary "performance-based tokenomics" model that strictly controls supply, as its price has fallen to an all-time low due to prolonged token inflation and concerns about a potential sell-off of its foundation holdings.
This is an attempt to reduce structural selling pressure by setting a hard cap of maximum issuance (2.1 billion) and permanently locking up 210 million tokens held by the foundation. In addition, this is an attempt to create a structure in which supply decreases as network utilization increases by increasing gas fees and introducing a fee-based buyback/burn model.
Although the price has fallen 95% from its all-time high, DeFi indicators such as stablecoin volume and on-chain transaction volume remain high, raising expectations that the combination of on-chain activity and deflationary design can contribute to restoring trust and defending value.
💡 Strategy Points
① Supply Structure: The maximum issuance of APT is limited to 2.1 billion, and 210 million of the foundation supply is permanently locked up, with the intention of preemptively blocking market concerns about 'additional large-scale selling.'
② Fee/Burn Mechanism: While increasing gas fees by 10x, the absolute fee level remains ultra-low. The increased fee income is used to programmatically buy back and burn tokens, directly linking network usage and token scarcity.
③ Staking Incentive Restructuring: Instead of lowering the basic staking reward rate from approximately 5.19% to 2.6%, a structure will be introduced that provides higher rewards to validators and delegators who choose long-term lockups, encouraging long-term participation and governance contributions over short-term farming.
④ Risk/Point of Interest: A 10x increase in gas fees and a reduction in rewards could be a short-term burden for users and validators. Key checkpoints include whether the actual governance is passed, the detailed design, and the speed at which fee revenue leads to actual APT burning.
⑤ Layer 1 Benchmark: Aptos' deflation experiment this time can serve as a reference model for other Layer 1 projects facing inflation and foundation selling controversies. If successful, 'performance-linked deflationary tokenomics' could spread as the baseline for next-generation L1 designs.
📘 Glossary
• Hard Cap: This refers to the maximum issuance limit for tokens. A clearer hard cap makes supply predictions easier and reduces concerns about inflation (continuous increase in issuance).
• Permanent Lock-up: A measure to tie up a specific quantity of tokens in a way that they cannot be released through smart contracts or policies, preventing them from ever being released into the market. This effectively reduces the amount in circulation.
• Deflationary Tokenomics: A token economic structure where burns and withdrawals exceed issuance and rewards, or where supply is designed to decrease over the long term. The goal is to increase scarcity over time.
• Gas Fee: This is the fee users pay to process transactions on the blockchain. Aptos plans to introduce a structure that uses this gas fee as a source of revenue to buy back and burn tokens.
• Staking Reward Rate (APR): This is the annual interest rate received when tokens are staked on the network and used for validation. Aptos is restructuring the system to lower the base reward rate while offering preferential rates to long-term lockup participants.
• Long-term Staking: A staking method that locks up tokens for a certain period of time without unlocking them. It is often used in structures that offer higher rewards in exchange for increased network security and governance stability.
• Buyback & Burn: This is the process by which a project purchases its own tokens from the market and then permanently renders them unusable. This reduces the circulating supply, potentially increasing the scarcity of remaining tokens.
• DeFi: Decentralized Finance (DeFi) refers to decentralized finance (DeFi), which provides interest-bearing deposits, loans, and transactions on the blockchain without intermediaries such as banks. Aptos maintains a leading position in this field based on on-chain stablecoin size and transaction volume.
💡 Frequently Asked Questions (FAQ)
Q.
What is the key reason Aptos is changing tokenomics?
Aptos (APT) has suffered a significant price decline due to high inflation and concerns about the sale of Foundation tokens, negatively impacting long-term trust. This restructuring aims to alleviate concerns about price dilution and restore trust in the ecosystem by limiting the maximum issuance, permanently locking up a portion of Foundation tokens, and introducing a fee-based burn structure to transition to a deflationary model that reduces supply.
Q.
How will a 10x gas price increase affect users?
While this represents a tenfold increase in numbers alone, Aptos's current gas fee is extremely low, so even after the increase, it's expected to remain at around $0.00014 per transaction, the lowest in the industry. While users won't experience a significant change in cost, the increased gas revenue will be used to fund token buybacks and burns, contributing to reducing the APT supply. However, dApp operators and services that process large volumes of transactions will need to re-evaluate their cost structures.
Q.
Wouldn't it be disadvantageous for holders if staking rewards were reduced?
In the short term, the base annual reward rate will be reduced from approximately 5.19% to 2.6%, potentially reducing the appeal for participants who only want to "lock up for a short period and receive interest." Instead, Aptos aims to realign incentives in a way that favors long-term holders by introducing a structure that rewards validators and delegators who choose long-term lockups with higher rewards. We believe that combining supply reduction (deflation) with long-term staking incentives could provide long-term benefits to holders, including token value stability and enhanced network security, rather than simply increasing the interest rate.
TP AI Precautions
This article was summarized using a TokenPost.ai-based language model. Key points in the text may be omitted or inaccurate.
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