*This is from our interview published on YouTube
The Big Whale: There are already many blockchains - Sui, Solana, Ethereum and others. What is your value proposition?
That's a great question to start with! When thinking about blockchains, it's essential to consider who uses them.
First of all, there are the developers, particularly those who have started developing things on Ethereum. These developers are now looking for ways to evolve their products and applications in new environments.
Then there are businesses that want to understand what blockchain technology can offer them. That's an important part of the equation.
And finally there's the end user - who doesn't want to worry about the complexity of blockchain but still wants to enjoy its benefits with the same fluid experience they have in Web2.
When we created Aptos, building on our experiences with Libra at Facebook (now Meta Ed.), we had these 3 groups in mind: developers, businesses and end users.
The result is a blockchain like Aptos that supports thousands of transactions per second with incredibly low transaction costs.
We also noticed challenges with existing protocols. For example, the memecoin culture is interesting, but end users often encounter issues such as crashes or validation delays on certain protocols.
We see this on many blockchains, but not with Aptos. Recently, we demonstrated our network's ability to process 2 billion transactions in 24 hours - far exceeding the combined capabilities of Visa, MasterCard and American Express.
In summary, Aptos is the first network capable of meeting the needs of all three groups - developers, businesses and end users. Our vision is to offer a fluid and reliable solution for everyone.
You use the Move language for Aptos invented at Facebook. Why is Move better than Solidity (Ethereum's programming language), for example?
It's designed to handle both simple and highly complex smart contracts, offering flexibility for a wide range of use cases - from sole traders to large enterprises.
One of Move's most notable features is Move Prover, which enables formal verification. This is essential for ensuring the security and reliability of smart contracts.
Move has attracted so much interest that other blockchains, such as Solana, have announced initiatives to implement it.
Move is still a little-used programming language. What is your strategy to attract more developers and creators to the Aptos ecosystem?
Over the past year, we've spent a lot of time travelling and connecting with the community. For example, we organised DeFi Days in Hong Kong and attended DevCon in Bangkok, where we also set up meetups and hacker houses . This approach has been successful, and we plan to continue it next year.
The feedback we've received so far indicates that Move is easy to learn, especially for developers familiar with Rust or Solidity (Ethereum's programming language, ndlr ).
"Becoming a must-have payment network" Your main competitor, Sui, also uses the Move language. What are the differences between the Move used by Sui and yours?
Firstly, I'd like to point out thatAptos offers the fastest transaction speeds. We have achieved unrivalled reliability with finality in less than a second and 99.99% availability, which doesn't exist anywhere else.
This reliability gives large companies, such as BlackRock and Franklin Templeton, the confidence to launch their projects on our platform.
Secondly, our gas costs are much lower - 100 times lower - than those of other layer 1s (first layer blockchain, editor's note). This makes Aptos an incredibly cost-effective platform.
Thirdly, although both platforms use Move, our implementation and enhancements are a notch above. We've collected a lot of feedback from the community, which has allowed us to evolve Move faster than any other smart contract language.
Earlier this year, we announced Move 2, which includes several major features designed to simplify the development of decentralised finance (DeFi) applications.
These include a new Move compiler, dynamic fungible asset management, Aptos Intents, and the Move Linter. These improvements make Move more efficient than ever.
Finally, all these advances put us in a unique position, not only compared to other protocols, but also against networks such as Visa and SWIFT.
Would you say that Aptos is currently focused on payments and financial services?
That's an excellent point. Aptos' mission is to enable a globally connected economy, and that requires an efficient payments system. There are only two things you can do with money: keep it or spend it.
If we're talking about spending, you can buy a physical object, like a coffee, or acquire digital assets, like memecoins. In both cases, you need the fastest and most efficient systems to facilitate these transactions.
On the savings side, people want access to money market funds, stocks and bonds. Blockchain technology offers an opportunity to enhance these traditional financial activities. Aptos enables all of this by creating an environment that combines speed, reliability and interoperability.
Starting by improving the way money works doesn't just make sense, it's essential. It allows us to push the boundaries of what's possible, whether in digital assets or traditional finance.
Recently, you launched a payment card. It's quite surprising to see a layer 1 blockchain partner with a player in its ecosystem to launch a card. Why launch this product now? And what value does it bring to Aptos users?
To answer your question, let's go back to the concept of money. How do we use money today? Of course, you can scan a QR code or use your phone with Samsung Pay or Apple Pay.
Most people have several cards. Why? Because they're easy to use and accessible in places where mobile payment systems don't necessarily work.
That's where the Aptos card with Arculus comes in. It allows users to pay with stablecoins such as USDC or USDT, and potentially even with new forms of central bank digital currencies (CBDCs) that could soon be launched on Aptos.
The card integrates seamlessly with cold wallet solutions, ensuring that your digital assets are secure, while allowing them to be used as easily as traditional credit or debit cards.
You've highlighted the speed and cost advantages of blockchain-based payments. But traditional systems like Visa and MasterCard work very well in Europe and the United States. Don't you think that the real advantage lies more in cost savings than in speed?
You're absolutely right. Although speed is important, the cost advantage is a real factor in transformation. In sectors such as catering, where profit margins hover around 10%, transaction fees of 2.5% to 5% can eat up almost the entire profit margin.
Let's take a simple example: if you buy a cappuccino for €5, transaction fees with traditional payment networks can leave the café owner with just €4.70 or less.
On Aptos, stablecoin transactions move faster than on traditional networks and cost just a fraction of a cent.
By offering an alternative that dramatically reduces transaction costs, Aptos isn't just helping small businesses survive - it's helping them thrive. Lower fees mean more money stays in the business, which benefits the whole ecosystem.
Of course, reliability also plays a part. Payment networks need to be stable and reliable, and Aptos offers 99.99% availability.
On 21 November, Aptos officially announced support for USDC, Circle's stablecoin. Can you tell us more about what's to come? For example, will we soon see a euro stablecoin on Aptos? Which players are you looking to attract?
Stablecoins are indeed a powerful tool, and we want to welcome as many of them as possible.
We just have to adapt to different demands: some may trust a stablecoin issued by their bank or a financial institution, while others prefer those issued by regulators or even central banks in the form of digital currencies.
With USDC on Aptos and our collaboration with Stripe, we have a very effective system in place, and we want to create other types of partnerships like this.
With regard to stablecoin in euros, we are quite optimistic about bringing additional options to European users.
We are already working with the Hong Kong Monetary Authority on their central bank digital currencies (MNBC) initiatives. These developments are part of a wider strategy to support both institution-backed stablecoins and MNBCs.
Our belief is that it is up to the user to decide which stablecoins they want, whether for payments, cross-border transfers or other uses. Aptos is designed to support a wide variety of stablecoins, and we look forward to seeing more stablecoins come to market as adoption grows.
You mentioned regions like Europe and the US, which already have well-developed payment systems. Which areas of the world are you targeting with Aptos' payment solutions?
Each region of the world has its own relationship to payment, but one of the key use cases we are focusing on is cross-border payment.
A recent report by Circle showed that 30% of stablecoins are used for cross-border transactions. Why? For the costs, quite simply.
Traditional money transfer services such as MoneyGram, Western Union or Remitly charge significant fees for international transfers. With blockchain, we can dramatically reduce these costs, making transactions more affordable for users.
As for the regions we are targeting, we see huge potential in Latin America, mainland Africa and South East Asia. These areas are not only dynamic, but also have a high demand for efficient money transfer solutions.
We already have initiatives underway in each of these regions and plan to continue to invest our efforts there.
"We want to attract DeFi giants like we did with Aave" One of Ethereum's greatest assets is its vast ecosystem of DeFi protocols. Aptos is still a long way from that. What is your plan to develop a robust DeFi ecosystem?
DeFi is a priority for us. Let me start with a few figures to highlight our growth. A year ago, we had around $60-65 million in total locked value (TVL) in the Aptos ecosystem. Today, we're up to $1.1 billion in TVL.
That's pretty incredible growth in just twelve months, with protocols benefiting from our parallel transactions, low fees and unrivalled reliability.
A large part of our strategy is based on working with key DeFi players like Aave. Aave's founder, Stani Kulechov, has been an exceptional partner.
Their current TVL is around $18.5 billion - an impressive figure. When Aave officially launches on Aptos, the impact on our ecosystem will be immense.
So is your goal to attract established giants like Aave, or do you plan to support Aptos-native DeFi projects?
Both are equally important. If you look at the Ethereum ecosystem, it thrives on a mix of large established protocols and native projects.
Similarly, Aptos already has several native protocols - such as Thala, Econia and Merkle - that are building DEXs (decentralized exchanges), AMMs (Automated Market Makers) and lending/borrowing solutions. These teams have been working with us from day one.
Bringing in established players like Aave adds a new dimension. They bring resources, experience and a dynamic that helps the whole ecosystem to grow. It's like having a big brother paving the way, allowing smaller players to thrive - and maybe even surpass the big brother one day.
So, it's very likely that protocols like Uniswap and MakerDAO (now Sky) will be launching on Aptos soon?
I can't say much about that at the moment, but we have a lot of respect for what Uniswap, MakerDAO and other protocols have done. We have a good relationship with them, and we think they would benefit enormously from the speed, reliability and cost-effectiveness of the Aptos ecosystem.
We're excited to see how their projects develop, and who knows - there could be some exciting announcements in the future...
We're currently in a bull market. What are your targets in terms of total locked-in value (TVL) to achieve?
When we look at current TVL in Web3, it remains relatively modest, especially compared to the traditional asset management world. Institutional players don't manage billions, they manage trillions!
A billion-dollar ecosystem may sound impressive in crypto, but for an institution like BlackRock, which manages around $11 trillion in assets, it's just a drop in the bucket.
To put things in perspective, even a 10% allocation from an institution like BlackRock would completely transform the DeFi landscape. The good news is that we're already seeing the first steps in that direction.
BlackRock recently launched its money fund, BUIDL , on Aptos, marking their first foray outside the EVM (Ethereum Virtual Machine) protocols. This was in mid-November, and is an important milestone.
Interest from players like BlackRock, as well as our ongoing efforts to integrate other asset managers, could lead to exponential growth in TVL. So yes, we are targeting multi-billion dollar TVL by 2025.
Speaking of BlackRock, how did you convince them to deploy their money fund on Aptos, their first non-EVM protocol?
Large institutions like BlackRock are incredibly rigorous when evaluating blockchain platforms. They look at performance, reliability and cost - and Aptos excels in all three areas.
Beyond the technical benefits, our engagement with regulators also plays a major role. I sit on the CFTC's Digital Assets Committee, and we work actively with regulators around the world. This gives confidence to institutional players who want to work with us.
BlackRock has recognised our vision, our technology and our team. And while we're delighted to have them on board, we know this is just the beginning. We're working to attract other major asset managers to the Aptos ecosystem. That's how we're going to take DeFi to several trillion dollars.
As with every cycle, some emerging players have ambitions to surpass Ethereum. Is this the case for you? Are you an Ethereum killer?
Personally, my Web3 journey began in the Ethereum community, and I have enormous respect for those who have contributed to its success.
The Ethereum and Bitcoin communities are fundamental to Web3. We wouldn't be here without them. So no, killing Ethereum is not our goal. Our DNA is much more about collaboration.
Each blockchain has its unique strengths. Ethereum enables things that Bitcoin can't, and Aptos enables things that Ethereum can't. That's fine.
The idea is to build bridges between ecosystems rather than walls. We're already working with projects like Aave and others, which started in the EVM world and are now exploring Aptos and Move.
What exactly might this collaboration look like?
Ideally, we'll get to a point where the complexity of interacting with different networks will be completely abstract. Think of a podcast recording: you don't worry about the infrastructure behind the application. Blockchain should work the same way.
We're already making progress in this direction. Tools like Connect simplify the connection of wallets and the management of addresses. We're also working to make it easier for developers to deploy applications, a bit like when they choose a cloud infrastructure like AWS or GCP.
By removing complexity and improving the developer experience, we're not just building a blockchain, but an environment where innovation can thrive - that's where Aptos will really shine in this cycle.
In 2022, Aptos raised $400 million from major players like a16z (Andreessen Horowitz), Binance and others. How do you manage such a large sum, and what are your plans for allocating this capital?
We raised $400 million in two phases: $200 million in the initial funding and a further $200 million in our Series A.
We obviously want to allocate these funds to develop our ecosystem as much as possible, but also to be able to cope with several economic situations, whether in a bull or bear cycle.
Speaking of market cycles, does a bull market influence your approach to cash management and investments?
In fact, we launched our network during a bear market, so we understand the importance of prudent cash management.
In a bull market, there are more opportunities, but they often come with higher costs. That's why we remain selective, ensuring that any investment aligns with our DNA, which emphasises team, product and go-to-market strategies.
Being patient and disciplined allows us to make informed decisions that benefit the ecosystem, regardless of market conditions.
In 2025, what do you think will be the biggest opportunity and threat for Aptos?
In the Web3 world, there are always threats, but fortunately the barrier to entry for layer 1 blockchains remains high - it's hard to find the talent and resources to build at that level.
That said, I think the biggest opportunity and the biggest challenge are really the same: to create a revolutionary application, a killer app . When you think about the evolution of the cloud, its success has been driven by the products that have developed on top of it - whether it's YouTube, Twitch, Netflix or even video games. These applications have pushed the boundaries of cloud infrastructure and networks, which have had to evolve to meet their demands.
The same goes for Web3. The next generation of founders and entrepreneurs has the potential to create products that redefine what's possible with blockchain technology, and we're here to support them every step of the way. If anyone among our listeners or readers is working on something exciting, get in touch with me on Twitter, I'd love to talk about it.
Speaking of adoption, the recent election of Donald Trump could signal big changes for the US regulatory landscape. Do you think this will affect the crypto ecosystem?
This is an important point. Regulatory clarity is absolutely essential for Web3. The election of President Trump should greatly benefit the US crypto ecosystem.
When businesses and entrepreneurs have a clear understanding of what they can and cannot do, it creates a much more favourable environment for innovation.
We believe this clarity will be a positive step forward for crypto and Web3, encouraging wider adoption. At Aptos, we are actively working with policymakers to ensure the right frameworks are in place to support growth.
The US has a crucial role to play in shaping the global crypto landscape, and we are optimistic about the potential for progress in the coming years.
