Aptos as a technology

What is Aptos?

Aptos is a layer 1 blockchain with resource objects and Move programming language. Aptos newly released crypto project aims for safe, scalable, and upgradeable proof-of-stake infrastructure.

A brief history of Aptos (Diem)

The Mainnet was launched in October 2022 with a mission to redefine the Web3 user experience, but the project’s history goes back to 2019.

Diem and Facebook. What’s now called Aptos chain started with a technology company Diem. Meta (aka Facebook) was fascinated with the idea of creating a stablecoin Libra. In an effort to lead digital currencies, Meta acquired Diem blockchain initiative. Things didn’t go as planned, and in late 2021, Facebook’s blockchain saga came to halt. Diem was sold to Silvergate Capital for $182 million. After the sale, some employees decided to continue an open-source quest for a blockchain and founded Aptos Labs.

Here comes Aptos. In December 2021, Aptos arose as a breakaway project that combines passionate leaders and engineers who believe in decentralized blockchain technology. They secured millions from Andressen Horowitz and other Web3-focused VC funds – enough for a successful devnet and a series of testnets.

Mainnet. Aptos road to mainnent took less than a year. On October 17 2022, Aptos “Autumn” Mainnet came online. A few days later, the layer 1 project added Names Services, and struck a tentative deal with Google Cloud. The next steps in Aptos roadmap are (1) attracting new Web3 projects, (2) delivering higher TPS, and (3) making configurations and upgrades.

Aptos Labs team

Aptos Labs, the team behind the layer 1 project, is not exactly a newcomer in blockchain technology. Aptos Labs’ roster includes former leaders and engineers from Meta’s blockchain Diem, Meta’s wallet Novi, and Move programming language. The CEO Mo Shaikh has a diverse background in capital markets, accounting, and consulting.

Aptos funding

During the first seven months of the devnet stage, Aptos raised $350 million. The first investors onboard were Andreessen Horowitz, a16z, and Multicoin. They brought in around $200 million.

By July 2020, Aptos Labs had secured an additional $150 million from Apollo, Griffin Gaming Partners, Franklin Templeton, Circle Ventures, and Temasek. Notably, the funding round was led by Jump Crypto and … FTX Ventures (Hacken coverage of the FTX saga). Binance has also invested an unspecified amount in March and September 2022.


Well summarized.

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