Aptos Labs, the firm behind Aptos, the highly anticipated Layer-1 blockchain developed by ex-Meta employees, has launched its mainnet after months of testing.
In an official blog post, the firm emphasized upgradeability, its native programming language ‘Move’, and a “people-first” user experience as some of the network’s core principles and unique features that set it apart from competitors.
The developers behind the Proof of Stake blockchain have previously claimed that it will be capable of processing 160,000 transactions per second—three times more than competitor Solana.
However, data from Aptos Explorer shows that, since its first day, the so-called “Solana-killer” has so far managed to process speeds of 3.88 transactions per second, as of this writing. Despite this, Aptos maintains that the network “has been performing as expected and will see increased activity as ecosystem projects onboard and get going”.
This response, coupled with some users noticing that the official Aptos Discord server was temporarily disabled upon the launch of its mainnet, has given rise to speculation that the team was trying to prevent users from discussing its bumpy first day.
The company has yet to release details about its native token, APT, although FTX and Binance have already listed it on their exchanges, leading to concerns about how retail buyers could be impacted.
Aptos was co-founded by former Meta employees Mo Shaikh and Avery Ching, who worked on Meta’s Diem project before leaving to found the newly launched blockchain. The move attracted significant attention from venture capital firms, who have since poured millions of dollars into the project.
The most recent round of funding, held in July, netted Aptos Labs $150 million, while a prior round in March raised $200 million. FTX Ventures, Coinbase Ventures, Jump Capital, and Andreessen Horowitz (a16z) are just some of the firm’s notable backers, and the startup is currently valued at around $6 billion.
Aptos joins fellow Layer-1 blockchains Ethereum, Solana, Cardano, and Avalanche in trying to solve the “Blockchain Trilemma” by providing security, scalability, and decentralization at the same time. Currently, Ethereum is considered to be the most decentralized and secure Layer-1 network, with various Layer-2 scaling solutions in development.
On the flipside
- Some fear that the heavy involvement of venture capital firms in the startup’s funding will result in its token being dumped by retail investors.
- The project’s tokenomics have yet to be released by its developers.
Why you should care
Aptos is a new Layer-1 blockchain with the goal of providing scalability, security, and decentralization. While it still has a long road ahead, the network has brought new ideas to the table, which is always welcome in the blockchain space.