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crypto tokenomics Celestia Aptos

Professor: New Crypto Projects Like Aptos And Celestia Should Watch Out

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Altcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Omid Malekan, an author and professor at the Columbia Business School, has expressed concerns that a tokenomics practice among newly launched layer-1 blockchains like Aptos and Celestia may eventually draw the attention of regulators and face crackdowns.

This “Insider” Practice By Crypto Projects Like Aptos And Celestia Is Unfair

Taking to X on January 7, Malekan noted the habit of projects allowing insiders with locked tokens to stake and earn rewards. Though the professor acknowledges that more staking can enhance network security, allowing “insiders” to stake and earn rewards on their locked tokens is “unfair” because retail token holders must pay full price for the assets.

Related Reading: Bitcoin Payments Skyrocket As Merchant Numbers Triple To Over 6,000 Worldwide

Typically, insiders, most of whom tend to be early adopters participating in seed sales or other funding rounds, receive token prices at massive discounts, giving them an “advantage,” even an opportunity to become whales or hold massive amounts of the asset. It is especially so if the project becomes a market leader commanding huge valuations.

Malekan also expressed concerns about allowing insiders to sell their staking rewards immediately, sometimes years before their tokens vest. “This is just wrong,” the professor protested on X, adding that this practice is a “backdoor unlock that allows privileged insiders to dump on ordinary users for a quick profit.”

In light of what new projects, including Celestia and Aptos, tend to do, the professor advises upcoming and existing platforms to adjust their tokenomics strategy. Specifically, their goal should prioritize long-term sustainability and a path to neutrality, chiefly for all token holders, rather than rewarding insiders and early investors.

The author says there are “many red flags” and is “chronologically disappointed” with what’s happening in the current setup.

Aptos price trending upward on the daily chart | Source: APTUSDT on Binance
Aptos price trending upward on the daily chart | Source: APTUSDT on Binance, TradingView

SEC And Other Regulators May Soon Step In

If these projects fail to address this concern, the professor warns that regulators, like the strict US Securities and Exchange Commission (SEC) and others, will likely intervene. This is noteworthy, considering that most agencies, especially the SEC, have been careful in their commentary of altcoins besides Bitcoin (BTC). 

Related Reading: Solana Transaction Volumes Surge 700% To New Records Amid Calls For SOL To $200

Some SEC officials have clarified that only Bitcoin is a commodity. However, in their assessment, the rest may be classified as securities under their preview.

To emphasize the importance of this classification, which could seriously impact staking and, by extension, network security, Gary Gensler avoided answering questions as to whether the world’s most capitalized altcoin, Ethereum, is a security or a commodity like Bitcoin.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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