Aptos: why the hype?

Premium
Protocol
Launched at the end of 2022 by former engineers of the Diem project (ex-Libra), the Aptos protocol is a big success. We met its team in Paris to try to understand.

This is one of the sensations of this beginning of 2023 on the crypto market. The Aptos project cryptocurrency, APT, has gained 400% in one month and has just passed 2.5 billion in capitalization.

The project is not too well known in Europe, but in the United States, it is much talked about, mainly for two reasons:

  • The first is that it is backed by almost every big investor in the industry. Andreessen Horowitz, Circle, Binance, Coinbase, PayPal, Jump Crypto, Multicoin, and even FTX - before its explosion - have invested in the project. In total, all these players have injected $350 million.
  • The second is that it was created by former engineers of the Diem project, the digital currency project of Meta (ex-Facebook) abandoned in 2022.

The goal of Aptos is not to completely take over the Diem project, but to build on its legacy, and on what the developers have learned about the "Move" programming language.

"At the end of the Diem adventure, we said to ourselves that we shouldn't stop there," explains Mohammad Shaikh, co-founder of Aptos, while in Paris. "A large part of the team followed us for this new project.

Do you want to read more?

Only premium subscribers have access to this article!
Sign up to access the best content, get exclusive info and join the whale community. 🐳

A protocol designed for gaming and new social networks

Aptos is a layer 1 blockchain, in other words an infrastructure project like Ethereum or more recently Solana or Avalanche. "Aptos is a very fast blockchain that has the ambition to focus on gaming and new social networking platforms," insists Mohammad Shaikh.

To achieve this, the protocol relies on partnerships such as the one it has forged with Npixel, a South Korean video game studio that announced in early January the Web3 adaptation of Gran Saga, a successful game available on iOS and Android.

The worldwide release is scheduled, for now, in the second quarter of 2023. "They are strong in communication, but there are a lot of announcements about gaming. We will wait to see what they really deliver", blows a competitor.

Should we expect other projects of this type on Aptos? "Our goal is to make ourselves known, to present our vision, and other projects, especially from Web2 giants, will follow", underlines Bashar Lazaar, in charge of the ecosystem and partnerships.

A successful launch according to node operators

If the protocol certainly lacks applications and users (this is normal, its network was launched in mid-October), it has already seduced staking specialists.

"The launch of Aptos has been a real success," says Ernest Oppetit, Chief Product Officer at Kiln. "Thanks to their Move language that includes formal verification of smart contracts and a less complex scalability architecture than on Ethereum, they have quite an interesting potential," he insists.

The project can also rely on very attractive incentives to become a validator and expect to earn up to 7% return per year. That's not even counting the upside potential of the crypto APT.

In a sign that Aptos is aimed primarily at large enterprises, the threshold of cryptocurrencies needed to run a validation node has been set at 1 million APT, or about $17 million at current prices.

"This may present a barrier to the general public, but we wanted to start with a very robust ecosystem," concludes Bashar Lazaar. According to our information, this limit could be quickly lowered.

What could prevent Aptos from continuing to grow? Beyond the technical debates, it could be the controversies and the bad commercial choices.

At the time of its launch, almost half of the APT tokens were reserved for the foundation and private investors. The latter will be able to start selling their assets from October 2023... "It's a bad signal for a protocol that is launching itself," blows an expert, "Solana has been criticized a lot for its dependence on venture capital funds, but with Aptos we have undoubtedly crossed a new threshold".

Do you want to join the Web3 revolution?

Find the best of the crypto, NFT and DeFi news every Wednesday and Thursday in the two newsletters written by our specialised journalists Grégory Raymond and Raphaël Bloch.

Aptos: why the hype?
Published on
Published on
February 1, 2023

Aptos: why the hype?

Launched at the end of 2022 by former engineers of the Diem project (ex-Libra), the Aptos protocol is a big success. We met its team in Paris to try to understand.

This is one of the sensations of this beginning of 2023 on the crypto market. The Aptos project cryptocurrency, APT, has gained 400% in one month and has just passed 2.5 billion in capitalization.

The project is not too well known in Europe, but in the United States, it is much talked about, mainly for two reasons:

  • The first is that it is backed by almost every big investor in the industry. Andreessen Horowitz, Circle, Binance, Coinbase, PayPal, Jump Crypto, Multicoin, and even FTX - before its explosion - have invested in the project. In total, all these players have injected $350 million.
  • The second is that it was created by former engineers of the Diem project, the digital currency project of Meta (ex-Facebook) abandoned in 2022.

The goal of Aptos is not to completely take over the Diem project, but to build on its legacy, and on what the developers have learned about the "Move" programming language.

"At the end of the Diem adventure, we said to ourselves that we shouldn't stop there," explains Mohammad Shaikh, co-founder of Aptos, while in Paris. "A large part of the team followed us for this new project.

Do you want to read more?

Only premium subscribers have access to this article!
Sign up to access the best content, get exclusive info and join the whale community. 🐳

Subscribe for free to read more.

A protocol designed for gaming and new social networks

Aptos is a layer 1 blockchain, in other words an infrastructure project like Ethereum or more recently Solana or Avalanche. "Aptos is a very fast blockchain that has the ambition to focus on gaming and new social networking platforms," insists Mohammad Shaikh.

To achieve this, the protocol relies on partnerships such as the one it has forged with Npixel, a South Korean video game studio that announced in early January the Web3 adaptation of Gran Saga, a successful game available on iOS and Android.

The worldwide release is scheduled, for now, in the second quarter of 2023. "They are strong in communication, but there are a lot of announcements about gaming. We will wait to see what they really deliver", blows a competitor.

Should we expect other projects of this type on Aptos? "Our goal is to make ourselves known, to present our vision, and other projects, especially from Web2 giants, will follow", underlines Bashar Lazaar, in charge of the ecosystem and partnerships.

A successful launch according to node operators

If the protocol certainly lacks applications and users (this is normal, its network was launched in mid-October), it has already seduced staking specialists.

"The launch of Aptos has been a real success," says Ernest Oppetit, Chief Product Officer at Kiln. "Thanks to their Move language that includes formal verification of smart contracts and a less complex scalability architecture than on Ethereum, they have quite an interesting potential," he insists.

The project can also rely on very attractive incentives to become a validator and expect to earn up to 7% return per year. That's not even counting the upside potential of the crypto APT.

In a sign that Aptos is aimed primarily at large enterprises, the threshold of cryptocurrencies needed to run a validation node has been set at 1 million APT, or about $17 million at current prices.

"This may present a barrier to the general public, but we wanted to start with a very robust ecosystem," concludes Bashar Lazaar. According to our information, this limit could be quickly lowered.

What could prevent Aptos from continuing to grow? Beyond the technical debates, it could be the controversies and the bad commercial choices.

At the time of its launch, almost half of the APT tokens were reserved for the foundation and private investors. The latter will be able to start selling their assets from October 2023... "It's a bad signal for a protocol that is launching itself," blows an expert, "Solana has been criticized a lot for its dependence on venture capital funds, but with Aptos we have undoubtedly crossed a new threshold".

No items found.

Do you want to join the Web3 revolution?

Find the best of the crypto, NFT and DeFi news every Wednesday and Thursday in the two newsletters written by our specialised journalists Grégory Raymond and Raphaël Bloch.