Web3 startup Aptos Labs is building a Layer-1 blockchain that promises to be a game-changer for smart contracts and decentralized applications. Aptos is not just another smart contract platform that promises more scalability and faster transactions. Rather, it’s a much more focused infrastructure platform that’s building on the foundations of Diem, a blockchain created by Facebook parent company Meta Platforms that was scrapped earlier this year.
Diem was widely regarded as one of the most exciting blockchain projects thanks to its Rust-based programming language Move, which differs from Solidity because it handles assets separately as resources. As explained in this blog post by Blocto co-founder and CEO Lee Hsuan, Move brings the promise of more security and fairness, as well as better performance for dApps.
Though Aptos is yet to release its whitepaper, there are reputable claims that its blockchain will be able to process in excess of 130,000 transactions per second, making it one of the fastest Layer-1 networks around and ensuring very low transaction costs.
Perhaps the biggest reason to be excited about Aptos is the incredible backing it has received. It first came to attention when it raised $200 million from the likes of a16z, Tiger Global, and Multicoin Capital in March. More recently, it grabbed another $150 million in a July Series A round led by Sam Bankman-FTX Fried’s Ventures and Jump Crypto. These investments, along with a more recent cash injection from Binance Labs, have help Aptos to quadruple its valuation over the last six months.
Much of that capital has been directed towards growing Aptos’s ecosystem. To date, more than 1,500 Aptos core repositories have been forked since its testnet was first launched in March, with millions of transactions processed. With over 100 projects currently building on the platform ahead of the launch of its mainnet later this year, it’s only a matter of time before we start hearing much more about them.
1. Liquidswap
Liquidswap has claimed the honor of building the first decentralized exchange atop of Aptos and it has all the ingredients required to become a big hit among DeFi traders. Based on Curve and Uniswap, it’s the first automated market maker building on Aptos.
The project is the brainchild of Pontem Network, a product development studio with team members spanning the U.S., Israel, Russia and Dubai. Among the first to realize the potential of the Move language, Pontem was notable for its focus on developing dApps for Diem prior to that project shutting down. So it makes perfect sense for Pontem to switch focus to Diem’s successor, Aptos, where it’s building a number of critical projects.
Pontem’s team intends to create a complete portfolio of essential dApps for Aptos, including a native wallet, browser code editor and developer tools. However it’s Liquidswap that’s generating the most excitement thanks to its promise of utilizing Move to bring some unique functionality to the DeFi marketplace.
For instance, Liquidswap will enable the creation of multiple liquidity pools for the same token pairs, hosted on different addresses. This is one of the nuances of Move, and can enable new functions such as dynamic fees. Other capabilities include both uncorrelated and stable swaps, a DAO-governed treasury and support for thousands of transactions per second thanks to Aptos’s parallel transaction execution mechanism.
Like most other DEXs, Liquidswap will utilize a X*Y + K pooled liquidity model that enables users to provide liquidity and receive passive income in the form of transaction fees whenever assets are exchanged via that pool.
2. Blocto
Blocto is a popular, cross-platform smart contract wallet for crypto that’s designed to address problems around private key management, high gas fees and complicated wallet addresses. With Blocto, users are able to access and manage a wide range of cryptocurrency tokens, non-fungible tokens (NFTs) and other assets across multiple supported blockchains, all in one place.
Following a DAO-based community vote, Blocto has begun working on an integration with Aptos with the intention of creating the very first, full-featured digital asset wallet on its blockchain. In a recent blog post, Blocto stated that it’s a big believer in Aptos’s vision of creating one of the safest and most performant blockchains in the world, and its aim is to help it bring that vision to reality.
One of the key aims of Blocto’s integration is to enable 30-second onboarding into the Aptos ecosystem. With that, users will be able to begin interacting with Aptos’s ecosystem of dApps in just a few clicks
Some of the features Blocto users can look forward to as a result of this integration will be an Aptos wallet asset card, the ability to deposit, withdraw and transfer Aptos-based tokens and NFTs, an in-app Web3 browser for Aptos dApps, in-app native staking for Aptos assets, a Web SDK, and Blocto’s native token BLT on Aptos. What’s more, Aptos users will also be able to take advantage of Blocto’s unique choice of custodial or non-custodial mode, ensuring safety of their assets via a recovery key mechanism.
Blocto has long-term plans for Aptos too, including App and Unity SDKs and an extension wallet.
3. Zaptos Finance
Zaptos Finance aims to be Aptos’s number one non-custodial liquid staking platform, developed by an experienced team of builders that previously worked at big tech firms like Amazon, Microsoft and Snapchat. Its backers include Aptos itself via the Aptos grant program, Big Brain Holdings and Builders Capital.
With Zaptos, users will be able to stake their Aptos assets and receive an IOU derivative token that can then be utilized with dApps and DeFi applications across the Aptos blockchain ecosystem. For each APTOS token staked, users will receive an equivalent amount of stAPTOS tokens to use for decentralized borrowing and lending. In the meantime, the original staked assets will earn users a passive income. Zaptos itself manages all deposits, identifying the most rewarding validators and delegating those tokens in a way that ensures the network is both decentralized and secure. Another advantage of Zaptos is there’s no minimum staking period, so users can instantly exit their position at any time by swapping their stAPTOS tokens.
Besides stAPTOS, users can also stake their tokens for a minimum commitment of one year and receive zAPTOS tokens instead, with the guarantee of higher staking rewards.
4. Topaz
Already up and running on the Aptos testnet, Topaz aims to be the blockchain’s primary marketplace for NFTs and is said to be focused on delivering unparalleled security and scalability for digital collections.
Topaz has only just gotten up and running but already it is home to a number of inspiring NFT collections, such as Topaz Trooper, Aptos Zero, Souffl3 Sugar and Souffl3 Flour. One of its key features is its integrated NFT launchpad platform for artists to mint new digital collections on the Aptos blockchain. Already, there are a number of upcoming mints to look forward too, such as Bruh Bears, which is a secretive Web3 movement, and Aptomingos, a collection of 1,212 flamingos on the Aptos blockchain that’s striving for a stronger and more educated ecosystem.
Topaz plans to integrate with the Fewcha wallet to enable Aptos users to unlock the full functionality of its premiere NFT marketplace, where they can buy, sell and explore various digital assets.
5. Aptos Launcher
Aiming to become the number one launchpad for new projects building on Aptos, the appropriately named Aptos Launcher has created a full scale ecosystem for new token launches. Its goal is to encourage new crypto projects to build on Aptos and grow what promises to be one of the most promising blockchain ecosystems around by offering funding and expertise to scale their ideas.
Funding projects on Aptos Launcher is as simple as can be. All users have to do is connect a compatible wallet such as Blocto, purchase APTOS tokens from a DEX such as Pancakewap and then stake them on the Aptos Launcher platform. By staking, users gain access to a variety of upcoming projects they can invest in, with a guaranteed allocation for all users.
What really stands out about Aptos Launcher is the innovative tax model it employs to power ecosystem growth. It’s based on a straightforward 7% tax on all investments, which can be modified by the Aptos Launcher DAO community. The tax it collected will then be used for buy backs and burns, to keep token supply in check, and for marketing purposes to increase the visibility of the projects it supports.
In addition, a percentage of the tax will go towards Degen VC, a unique investment arm that will provide further funding towards the most promising projects building on Aptos. Top holders will have the opportunity to become part of an elite council of degens and be involved in the decision making process, while all token holders will benefit from additional opportunities to generate income through profit sharing. Degen VC will also provide grants to individual developers to build, test and submit projects to Aptos Launcher.
Aptos Is Moving Forward
Powered by its rapidly growing ecosystem, the Aptos project is advancing towards a key milestone, namely the launch of its mainnet in September 2022. The Aptos testnet has been up and running since May with more than 1,000 validators powering the network as part of a gamified test to find problematic bugs and eliminate any vulnerabilities.
The Aptos mainnet will introduce key capabilities including validator evaluation and DDOS mitigation, smart contract integration with support for staking and voting, fine-grained storage that reduces storage maximums for single accounts, enhanced support for parallel transactions running on the same account, and configurable gas schedules that map fees to usage.
With the launch of the Aptos mainnet, the Aptos ecosystem will truly come to life, enabling developers to finally deploy an array of battle-tested dApps that will become part of one of the most exciting blockchain communities around. It will also give thousands of followers who’ve been sat on the sidelines the chance to get involved, as the APTOS token will be publicly listed on multiple CEX and DEX platforms.
Aptos is building a blockchain that promises increased scalability and reliability along with new unprecedented new functionality not yet seen in the world of distributed ledgers. It remains to be seen if the project will live up to the hype, but with the growing strength of its ecosystem and the success of its initial testnet, it could well prove to be one of the most significant Layer-1 networks to date.
