Does Aptos crypto exist? Why is it gaining traction?

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Does Aptos crypto exist? Why is it gaining traction?

 Does Aptos crypto exist? Why is it gaining traction?
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Highlights

  • Aptos was established in 2021 and the startup's founders are ex-Meta employees.
  • Aptos is a layer-1 blockchain with an emphasis on scalability and financial inclusion.
  • The previous seven months have seen Aptos host hackathons.

Web3 startup Aptos announced raising US$ 150 million in a funding round led by FTX Ventures and Jump Crypto on Monday, July 25. The startup is expected to use its new funding to improve the decentralized web's "usability and socializing."

The fundraising round included participation from numerous new partners, including Apollo, Franklin Templeton, and Superscrypt, as described in a blog post from Aptos. Additionally, Multicoin and a16z, two of the top venture capital firms investing in cryptocurrencies, continued to promote it.

Web3 refers to the upcoming class of web apps being created on top of smart contracts and blockchain technology. Theoretically, Web3 apps combine the early internet's decentralization with Web2's functionality, which is currently dominated by digital behemoths like Google and Facebook.

Decentralized finance (DeFi), which uses self-executing code to provide common financial services to everyone, permissionless, is one component of Web3. Many believe that DeFi offers centralized services a safer and more open substitute.

What is Aptos?

As a layer-1 blockchain with an emphasis on scalability and financial inclusion, Aptos was established in 2021. The startup's founders are ex-Meta employees who worked on Diem, the failed stablecoin payment system of Meta, formerly known as Facebook.

Over the past year, several comparable Layer 1 blockchains with high transaction throughputs, such as Solana, Celo, and Polygon, have had significant network outages that necessitated validator cooperation to restart and bring the networks back up. Now, Aptos claims it is developing a "next-generation Layer 1" that would ostensibly get around these problems.

In June, for instance, centralized lenders like Voyager were compelled to halt user withdrawals due to liquidity difficulties.

Aptos
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Due to the latest funding round, Aptos is gaining traction among cryptocurrency enthusiasts. However, it is important to know that Aptos crypto does not exist at the moment.

Bottom line

The previous seven months have seen Aptos host hackathons, reach 20,000 operational nodes on devnet, introduce a series of incentive-driven testnets, and secure US$ 350 million in funding.

Earlier, the greatest names in Silicon Valley and the cryptocurrency industry contributed to Aptos' stunning US$ 200 million funding round, including PayPal Ventures and others.

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Web3 startup Aptos announced raising US$ 150 million in a funding round led by FTX Ventures and Jump Crypto on Monday, July 25. The startup is expected to use its new funding to improve the decentralized web's "usability and socializing."

The fundraising round included participation from numerous new partners, including Apollo, Franklin Templeton, and Superscrypt, as described in a blog post from Aptos. Additionally, Multicoin and a16z, two of the top venture capital firms investing in cryptocurrencies, continued to promote it.

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