OKX Ventures and Aptos Foundation launch $10m ecosystem fund

Source: Crypto Briefing

OKX Ventures and Aptos Foundation have launched a $10 million fund to support the Aptos ecosystem and promote Web3 adoption. The initiative includes an accelerator program operated in partnership with Ankaa, focusing on developing quality projects on the Aptos blockchain.

The fund will select five projects for its inaugural accelerator cohort in September. Key focus areas include infrastructure, decentralized finance (DeFi), real-world assets (RWA), gaming, social, artificial intelligence (AI), and other decentralized applications (dApps) crucial for Aptos ecosystem growth.

“We see immense potential in Aptos, particularly due to its use of the Move programming language – a game-changer for creating secure and efficient smart contracts in the DeFi space,” stated Jeff Ren, Partner of OKX Ventures.

Ren added that as the crypto adoption grows, spurred by more ecosystems than Ethereum and Bitcoin, OKX Ventures is enthusiastic about the prospect of Aptos becoming a major player in the blockchain space.

The total value locked (TVL) on Aptos dApps grew by 333% in 2024 alone, surpassing $600 million, making it the largest Move-based blockchain by TVL.

Move is a programming language developed by former members Libra, Meta’s attempt to create a stablecoin that was shut down in 2022 due to regulatory pressure. The team split in two and gave life to two different Move-based blockchains: Aptos and Sui. Yet, the technology spread and is now being used by other protocols, such as Movement Labs.

“OKX Ventures’ vast network and robust expertise in supporting virtually all areas of the Web3 space is an invaluable resource for the Aptos ecosystem,” said Bashar Lazaar, Head of Grants and Ecosystem at Aptos Foundation. “The team’s commitment to fostering a conducive environment for innovation and growth aligns perfectly with our vision for Aptos.”

The accelerator program will provide selected projects with venture support, mentorship, go-to-market exposure, and access to the combined network of OKX, Ankaa, and Aptos Foundation experts.

Mo Shaikh, CEO of Aptos Labs, commented that this joint ecosystem growth fund and accelerator will prove critical to cementing Aptos as the Move-based L1 to prove out elusive use cases and onboard Web2 developers into Web3.

Fostering alt-L1

Blockchains such as Aptos are commonly known as “Alt-L1,” short for alternative layer-1, a title given to blockchain infrastructures besides Ethereum. Jeff Ren shared with Crypto Briefing that Move-based blockchains are incredibly important due to their unique ability to enhance the security and efficiency of smart contracts.

“By fostering the growth of the Aptos ecosystem, we’re essentially nurturing a fertile ground for innovation that can drive the next wave of blockchain advancements. This aligns perfectly with our investment priorities, as we aim to support projects that can significantly advance the blockchain space,” he added.

Notably, Alt-L1 blockchains usually become a strong narrative during bull cycles, like Solana and Avalanche were during the 2021 rally. Ren believes it won’t be different this time.

“Alt-Layer 1 networks are stepping up with greater scalability, lower fees, and innovative technical architectures that promise to revolutionize the blockchain landscape,” he concluded.

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Author: Gino Matos