经过几个月的沉默，Aptos通过减少积累奖励将新的争议和活力注入生态系统

在APTOS生态系统保持沉默几个月之后，一个称为AIP-119的社区建议将新的争议和活力注入了这一第一层的公共连锁店。

After months of silence from the Aptos ecosystem, a community proposal called AIP-119 has injected new controversy and vitality into this Layer 1 public chain.

经过几个月的Aptos生态系统的沉默，一个名为AIP-119的社区建议将新的争议和活力注入了该第1层的公共连锁店。

On April 18, Aptos community member moon shiesty initiated the "Phase-by-Phase Reduction of Staking Rewards" proposal "AIP-119", suggesting that the staking reward rate be reduced from the current approximately 7% by 1% per month over the next three months, and the final annualized rate of return be reduced to 3.79%.

4月18日，Aptos社区成员Moon Shiesty发起了“逐阶段降低放订奖励”提案“ AIP-119”，这表明，在未来三个月内，股票奖励率将从目前的7％降低1％，最终的年度回报率将减少到3.79％。

The proposal believes that reducing the staking reward rate will contribute to the long-term growth of the Aptos ecosystem, especially promoting more active competition in the DeFi field, and will also help enhance the token economics of APT to support its long-term sustainable development. As the first step in the reform of the Aptos economic model, the proposal will accept community feedback, and if the proposal is passed, a 6-month observation period will be set to evaluate the impact.

该提案认为，降低股票奖励率将有助于Aptos生态系统的长期增长，尤其是在Defi Field中促进更积极的竞争，还将有助于增强与之支持其长期可持续发展的标志性经济学。作为改革Aptos经济模式的第一步，该提案将接受社区反馈，如果通过该提案，将设定一个为期6个月的观察期来评估影响。

In the eyes of many observers, this is not only an adjustment in technical governance, but also an attempt to reconstruct the underlying logic of the Aptos economic model.

在许多观察家的眼中，这不仅是技术治理的调整，而且是重建Aptos经济模型的基本逻辑的尝试。

Hidden dangers of high returns and structural inflation

高回报和结构通货膨胀的隐藏危险

Aptos’ current staking yield ranks among the top in the L1 public chain, but the problems it brings are becoming increasingly prominent. Although the 7% risk-free annualized return has attracted a large number of users to lock APT to participate in staking, it has also caused serious inflationary pressure and inefficient use of funds.

Aptos目前的积分产量位居L1公共连锁店中的首位，但是它带来的问题越来越重要。尽管7％无风险的年度申报表吸引了大量用户锁定参与积分的机会，但它也引起了严重的通货膨胀压力和资金效率低下的使用。

The community generally believes that this model is constantly diluting the value of tokens and hindering the flow of ecological funds to more risky and innovative applications. As the initiator of the proposal said, the staking reward plays the role of "central bank interest rate" on the chain, and the "interest rate" at this moment may have deviated from the actual market.

社区通常认为，该模型不断稀释令牌的价值，并阻碍了生态资金的流动流向更风险和创新的应用。正如该提案的发起人所说，积分奖励在链条上起着“中央银行利率”的作用，目前的“利率”可能已经偏离了实际市场。

In the past two years, although Aptos has attracted developers with its ultra-high performance and the security of the Move language, the activity of the ecosystem has never matched it. At the same time, Sui, which is also the "Move twin star", continues to grow stronger, forming a sharp contrast.

在过去的两年中，尽管Aptos通过其超高的性能和移动语言的安全性吸引了开发人员，但生态系统的活动从未与之匹配。同时，也是“移动双星”的Sui继续变得更强壮，形成了鲜明的对比度。

Many community members attribute this to the structural problems of the Aptos token model - a high proportion of tokens are concentrated in the hands of the foundation and core nodes. Combined with the high staking returns set in the early days, the ecosystem funds are overly concentrated on "passive income", which in turn inhibits constructive innovation.

许多社区成员将其归因于Aptos代币模型的结构性问题 - 大部分代币集中在基础和核心节点手中。结合早期的高积分回报，生态系统资金过于集中在“被动收入”上，这反过来又抑制了建设性的创新。

Three things a new official does when he takes office

新官员上任时要做的三件事

The proposal was made against the backdrop of a series of recent changes in the management and market positioning of Aptos. According to community sources, Aptos founder Mo Shaikh had a legal dispute with early members, and the final result was that Chinese Avery Ching took over as CEO of Aptos Labs (formerly CTO), and Mo Shaikh withdrew from daily management.

该提案是在Aptos管理和市场定位的一系列最新变化的背景下提出的。据社区消息人士称，Aptos创始人Mo Shaikh与早期成员发生了法律纠纷，最终的结果是，中国艾弗里（Avery Ching）接管了Aptos Labs（以前是CTO）的首席执行官，而Mo Shaikh则从日常管理中撤回。

After he took office, Aptos' strategic narrative also shifted from "scalable L1" to "next-generation global trading engine", and more clearly emphasized performance and trading experience as core competitiveness.

上任后，Aptos的战略叙事也从“可伸缩L1”转变为“下一代全球交易引擎”，更清楚地强调了绩效和交易经验作为核心竞争力。

What is more remarkable is that Aptos has re-embraced the Chinese-speaking market: setting up the Chinese community MovemakerCN, hosting multiple hackathons and providing tens of millions of dollars in ecological funding, demonstrating its determination to rebuild community trust and expand the global developer network.

更引人注目的是，Aptos重新构成了讲中文的市场：建立中国社区Movemakercn，主持多个黑客马拉松，并提供了数千万美元的生态资金，这表明了其决心重建社区信任并扩展全球开发人员网络。

In terms of technology, Aptos is also constantly promoting performance optimizations such as Zaptos upgrades and Block-STM v2, hoping to attract developers in the new "low-return, high-performance" ecosystem to rebuild prosperity with PMF (product-market fit) driven by real needs as the core.

在技​​术方面，Aptos还不断促进诸如Zaptos升级和Block-STM V2之类的性能优化，希望吸引新的“低返回，高性能”生态系统中的开发人员，以通过由真实需求作为核心驱动的PMF（产品市场）来重建繁荣。

What does the community think?

社区怎么看？

Although the proposal of AIP-119 touched the pie of vested interests, the overall feedback from the community did not fall into emotional confrontation. On the contrary, opinions from multiple parties, including Amnis Finance, the largest liquid pledge agreement, showed a more rational review and feedback. Amnis pointed out in a public response that the current proposal direction is reasonable, but the execution pace is too aggressive and may damage the competitiveness of Aptos. They believe that the pledge yield is similar to the interest rate tool in emerging markets. For public chains like Aptos, high returns are the key to attracting capital.

尽管AIP-119的提议触及了既得利益的馅饼，但社区的总体反馈并没有陷入情感上的对抗。相反，包括最大的液体承诺协议在内的多个政党的意见显示了更合理的审查和反馈。 amnis在公众回应中指出，当前的提案方向是合理的，但是执行步伐太激进了，可能会损害APTOS的竞争力。他们认为，承诺收益率类似于新兴市场中的利率工具。对于像Aptos这样的公共连锁店，高回报是吸引资本的关键。

If it drops to 3.79%, Aptos will be in the lowest yield tier in the L1 camp, which may cause funds to flow to higher-return options such as Solana or U.S. Treasuries. In addition, opponents worry that a sharp drop in returns will weaken retail investors' motivation to lock positions, increase the market circulation of APT, and thus intensify selling pressure. The DeFi ecosystem may also face the risk of a decline in TVL due to the shrinking of leveraged staking strategies.

如果下降到3.79％，APTO将处于L1营地的最低收益率层，这可能会导致资金流向诸如Solana或美国国债等高回报选择。此外，反对者担心回报的急剧下降会削弱零售投资者锁定位置，增加邻算市场流通的动机，从而加剧了销售压力。由于杠杆作用策略的减少，Defi生态系统也可能面临TVL下降的风险。

Regarding the verification nodes, opponents pointed out that the reduction in yields will significantly

关于验证节点，反对者指出，收率的降低将显着