Due to Ethereum’s network issues, other Layer 1 blockchains are now able to compete and provide the answers that users need. One such platform is Solana, which established itself as a respectable rival by providing a green consensus method, quick transactions, and affordable prices.
However, it appears that the once-promising rival is currently battling serious problems, such as persistent platform outages and resource exhaustion, casting doubt on the viability of its long-term competition. Due to these difficulties, a new breed of blockchains based on the Move programming language have become more viable.
Aptos, a Web3 firm formerly known as Aptos Labs, seeks to build a productive layer-1 blockchain. I know what you’re thinking, this isn’t another smart-contract layer that purports to be more scalable than the others.
Aptos was founded by former employees of Diem, Meta’s abandoned blockchain project, despite the fact that it is a brand-new firm. This is encouraging because Aptos already has a solid foundation upon which to create their goods.
Continue reading to discover all there is to know about Aptos.
What Exactly is Aptos?
In order to increase accessibility, speed, and decentralization for billions of users, Aptos, a scalable Layer 1 blockchain, is currently used as an experimental transaction-ordering algorithm. The protocol has not yet produced a custom token.
To rise above the hoopla and forge its own way in the web3 sector, Aptos is a potential invention that is now hailed as a “Solana killer.” Avery Ching and Mo Shai, who formerly worked at the now-defunct Diem/Libra/Novi projects led by Facebook (now Meta), built it.
Move, a Rust-based programming language developed independently by Meta from the earlier Diem blockchain, is used by Aptos. Block-STM also asserts that the network can process more than 130k transactions per second, which will reduce users’ transaction costs.
The Sui L1 platform, created by a different team that previously worked on Facebook’s blockchain project, also makes use of it. But it is still unknown whether many programmers would be prepared to use Move because of its relative obscurity in the programming community.
Aptos has drawn some of the biggest investors in the web3 sector, including FTX and Jump Crypto, who have invested $150 million in the new blockchain platform. Also, Andreessen Horowitz and other venture capitalists (VCs) invested an extra $200 million in Aptos.
What’s Happening in Aptos?
Aptos has managed to collect considerable funding from a number of influential crypto players, despite the market’s weakness. The $150 million Series A fundraising round for the firm was recently headed by Sam Bankman-FTX Fried’s Ventures and Jump Crypto.
In the first two weeks of March, $200 million was invested in Aptos by a16z, Tiger Global, and Multicoin Capital, to mention a few. A recent investment round is said to have increased the company’s valuation since March to over $2 billion.
Furthermore, Aptos has been actively hiring, making prominent hires like the former Solana Head of Marketing Austin Virts. Many Solana supporters have chosen to relocate to Aptos in addition to Solana employees.
Given the claims that it is, investors are unsure whether Aptos is actually the next Solana or if, instead, it is merely another pump-and-dump scheme designed to recover investors’ money following the recent market liquidations by venture capitalists and whales. When it comes to VC-heavy projects, Aptos is the exception, but there is more to it than meets the eye.
The development of Aptos’ environment has been their top priority. Since the debut of Aptos’ developer testnet in March, more than 1,500 Aptos-core repositories have been forked, and millions of transactions have been made.
The code base is open source, and currently there are over a hundred projects using it. It won’t be long until more businesses, including Pontem Network and Protagonist, join them in building and testing the network.
Another characteristic of the city is the Aptos Grant Program, which offers non-dilutive funding to project teams and individuals. There is no denying that if a blockchain is successful, the value of the initial projects built on it tends to soar.
If all goes according to plan, early investors will have made a sizable profit before the launch of Aptos’ mainnet in late September. Solana and Avalanche have grown 9,848 percent and 3,165 percent, respectively, since their debuts in 2021.
Is Aptos a Good Investment?
Aptos will launch soon despite the lack of a coin and whitepaper. Because we are their prized possession, Sam Bankman-Fried and other VCs may anticipate to shill for us nonstop.
Given the domino effect of industry-wide insolvency, investors should use caution when dealing with enterprises heavily financed by venture capitalists like Aptos.
Despite Aptos’ testnet’s success, it is clear from this that the business is concentrating on creating a commercial solution.
Around Aptos, a thriving developer and builder community has emerged, keen to benefit from the platform’s advantages. If Aptos’ mainnet launch in September is a success or a failure, we won’t know until then.
Aptos’ ICO launch date hasn’t been made official, and the project doesn’t yet have a coin. However, the launch of their mainnet is planned at the end of September. We ought to be able to watch their coin in use before the mainnet is live.
Even though Aptos has already demonstrated interesting capabilities, its ability to compete against L1 blockchains will depend on both its imminent mainnet launch and long-term performance.
Further, only time will tell if it truly possesses the necessary qualities to qualify as a legitimate “Solana killer.” Numerous Ethereum rivals have existed in the past, but the most of them experienced price crashes as Ethereum remained the top L1.