Aptos
Coinbase, Binance and FTX All Announce Support for New ‘Solana Killer’ Altcoin Project
Three of the biggest crypto exchanges in the world are supporting the launch of a highly anticipated digital asset project. Coinbase, FTX, Binance and other crypto exchanges have announced support for Aptos (APT), a new layer 1 blockchain headed by developers co-founders Mo Shaikh and Avery Ching from Aptos Labs. The Aptos chain uses programming […]
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VC-Backed Blockchain Project Aptos Reveals Protocol’s ‘Mainnet Has Arrived’
A new layer one blockchain network called Aptos announced the launch of its mainnet on Monday, following a slew of capital injections from a number of venture capital (VC) firms. The blockchain protocol, crafted with a Rust-centric programming language dubbed Move, is backed by VC companies such as Parafi, Andreessen Horowitz (a16z), FTX, and Multicoin […]‘Performing as expected’ — Aptos Labs defends day 1 criticism
Aptos’ blockchain claims to handle three times the amount of transactions per second than Solana but day one of its launch saw the network transacting a much lower amount.
After four years of development and millions in funding, the layer-1 blockchain Aptos (APT) finally launched its mainnet on Oct. 17, albeit to somewhat mixed reception.
The proof-of-stake (PoS) blockchain has seen millions invested in it from venture capital firms and has previously claimed the ability to process 160,000 transactions per second (TPS).
However, some members of the community have pointed out that the claimed TPS is falling far short of expectations on the mainnet.
According to Aptos’ blockchain explorer, the network is seeing around 4 TPS at the time of writing, while some users on Twitter have reported not being able to send transactions.
Others on Twitter noticed the Aptos Discord was closed for a few hours after the launch of the mainnet, accusing the team was attempting to stop discussion around potential launch issues.
Cointelegraph reached out to Aptos for comment and was directed to a “Day one update” tweet by Aptos on Oct. 18.
In the tweet, Aptos said the network is “performing as expected” with activity increasing as more ecosystem participants join. Cointelegraph was able to view a variety of transactions from users using its blockchain explorer.
Day one update:
— Aptos (@AptosLabs) October 18, 2022
Today has been exciting. Thank you for all the support!
The Aptos network has been performing as expected and will see increased activity as ecosystem projects onboard and get going.
Aptos also said it closed comments on its Discord and Telegram channels to “protect the community from scams” and they will “return to normal when appropriate.”
The tokenomics of Aptos is not yet publicly available, leading some to cite concerns that cryptocurrency exchanges such as Binance and FTX are listing its token without such information available to their customers.
Related: Court partially denies Aptos Labs' motion to dismiss Glazer's $1 billion lawsuit
Aptos has seen millions invested from venture capital firms, with the most recent round of funding in July netting Aptos Labs $150 million. A prior round in March raised $200 million with participants including Andreessen Horowitz (a16z), FTX Ventures and Coinbase Ventures.
Aptos Labs was created by former Meta employees Mo Shaikh and Avery Ching, who were involved in the failed Diem blockchain project, which wound down in February of this year and sold its intellectual property and other assets.
The blockchain is built on a programming language originally developed for the defunct Meta-built Diem blockchain.
Layer 1 Blockchain Aptos Raises $150M From FTX, Jump Crypto
Aptos, Led by Meta’s Ex-Employees, Gets $200 Million to Build a Scalable Blockchain System
Aptos, a new startup created by some of Meta’s former employees involved in the Diem project, has announced it has raised $200 million for its upcoming goal of creating a scalable blockchain system. The investment, conducted in a strategic funding round, involves some well-known VC names, including Tiger Global, Katie Haun, Multicoin Capital, 3 Arrows […]Diem team members raise $200M to launch blockchain derived from it
“Since departing Meta (formerly Facebook) we have been able to put our ideas into motion, ditch bureaucratic red tape, and build an entirely new network,” Aptos stated.
Former Meta employees and key players behind the firm’s defunc stablecoin project Diem have raised $200 million to expand a new project dubbed “Aptos.”
Aptos was cofounded by former Novi — Meta’s crypto unit — strategic partnerships lead Mo Shaikh and tech lead Avery Ching. The duo arenow serving as the CEO and CTO for the new firm. Both left the company in December, prior to Diem being sold to Silvergate Capital in February this year.
The team is building a decentralized Layer 1 blockchain that is partly based on Move, the coding language initially developed for Diem. The company is now in the process of growing its developer ecosystem and attracting projects to the blockchain, which it touts will be a cheap, secure and scalable network.
According to a March 16 announcement, Aptos’ $200 million strategic funding round was led by capital venture giant Andreessen Horowitz (a16z), along with backing from top firms such as Three Arrows Capital, FTX Ventures, Paxos and Coinbase Ventures.
The funding will be used to hire new staff and to support “companies, brands and builders” who are looking to develop projects on the Aptos blockchain, with the startup teasing that several DeFi, NFT, Web3, social media and payments projects are already in the works.
Speaking with TechCrunch, Aptos refused to disclose a specific valuation but suggested that it is “well off into the unicorn territory” of around $1 billion.
Alongside the funding announcement, Aptos has also launched a public devnet with an open-source codebase. The team told the publication that big names such as Anchorage, Binance and Coinbase have been providing guidance and contributing code for the devnet. The announcement stated:
“Later in Q2, there will be an incentivized testnet to help scale the network and stress test it as it marches toward mainnet. We invite validators and other infrastructure providers to join our community now in anticipation of that.”
Aptos expects Mainnet to launch in Q3 later this year, giving developers roughly six months to build projects before the network is live to the public.
Related: Vale Diem: How Facebook’s ambitious stablecoin project came to an end
In a blog post late last month, Aptos emphasized that the focus of its blockchain is based on “absolute safety, extensible scalability, and credible neutrality,” while being able to work on its ideas without intense scrutiny from regulators like in the case of Diem:
“Since departing Meta (formerly Facebook) we have been able to put our ideas into motion, ditch bureaucratic red tape, and build an entirely new network from the ground up that brings them to fruition.”
“Aptos is using Move, the safe and reliable language originally developed for Diem. The ideas we conceived then are still relevant and will serve as an important foundation for a safe, scalable, upgradable Web3. Our plans for decentralization and permissionless access are progressing quickly and will be developed in the open,” the post added.