@minnus from @blockworksres just published a deep dive about $APT tokenomics on @Aptos. Here's a summary: TLDR: Aptos now burns more in gas fees than it pays its operators. Blockworks' THNI (Token Holder Net Income) metric turned positive in May and has held since. ➣ Four changes were approved through onchain governance in under a month: gas fees went up 10x, staking rewards were halved to 2.6%, supply was capped at 2.1B APT, and 210M APT was locked permanently. ➣ Net supply growth fell ~70%, from ~5% to ~1.5% a year. ➣ Every gas fee has been burned since genesis. Burns used to cover 0.2% of issuance. Now it's ~10%. ➣ Fees went up 10x and activity doubled anyway, from ~4.5M to ~9M transactions a day. The median transaction still costs ~$0.0003. ➣ @DecibelTrade's fully onchain order book is the biggest source of demand. It makes up 98% of Aptos trading transactions and has done $7.5B in volume in seven months. ➣ Investor and team vesting ends this October. Yearly unlocks drop from ~135M to ~21M APT. ➣ Security held up. Staked APT is down only ~10%, and ~64% of supply is still staked. ➣ Burns would match issuance at roughly 10x today's Decibel-style activity, about 1,050 TPS. Mainnet has already hit 13,400 TPS. ➣ Of the four L1s Blockworks compared, Aptos is the only one consistently positive on THNI. Ethereum and Sui are negative, and Solana is just above zero. Full report: app.blockworks.com/report/Ap…