The price of APT has dropped by approximately 25% over the past week following a leadership change at the blockchain project Aptos.
The asset now ranks 33rd on CoinGecko, competing in market capitalization with Bitget Token and the stablecoin USDS.
The new CEO will be Aptos co-founder and CTO Avery Ching, who, according to former head Mo Shaikh, will “lead the company into the next phase of growth.”
For as long as I can remember, I’ve been passionate about building systems that empower people—fairer, more open systems. Since 2016, I have been deeply involved in the blockchain world, both exploring and contributing to its transformative social and economic potential.
Three…
— Mo Shaikh ? aptOS (@moshaikhs) December 19, 2024
In a conversation with The Block, a representative of Aptos Labs stated that Ching will focus on technological innovations and strive to bring new products to market quickly “to support the ecosystem.”
The Aptos blockchain platform operates on the AptosBFT consensus algorithm, utilizing parallel transaction execution technologies. The Move programming language is used for creating smart contracts.
The project was founded by former employees of Diem (previously Libra), a division of Meta that was closed in early 2022.
In August, support for Aptos was added by Tether, the issuer of the most popular stablecoin USDT.