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Aptos Labs is all set to bring the promised evolution within the crypto space with launch of Aptos mainnet today. The mission to create a safe and most scalable layer 1 blockchain network of former blockchain developers at Meta is getting real.
Aptos blockchain took about four years time for its technical development and during the same time it successfully reached at the valuation of 1 billion USD. Given its attempt towards being a perfect blockchain network with smart contract compatibility, suitable for crypto innovations like decentralized applications (DApps), decentralized finance (DeFi), decentralized autonomous organizations (DAOs), non-fungible tokens (NFTs), etc. it often seen to be dubbed as potential “Solana Killer”.
Bahamian crypto exchange FTX also announced on Twitter about listing of Aptos native crypto asset APT token on its platform by 19th October 2022. It is worth mentioning that FTX is also a prominent investor in the blockchain project.
Why Solana Killer Suddenly?
Ethereum is undoubtedly the first and by the time biggest smart contracts compatible blockchain network. However, with time and growing demands of changes within the tech space, the blockchain started to lag behind which made ways for other players like Cardano (ADA), Solana (SOL), BNB (BNB), etc to take advantage of shortcomings of Ethereum (ETH).
Specifically, Solana (SOL) made its identity different due to its ultra-high transaction speed. The network claimed to reach up to 710,000 transactions per second (TPS). However, in everyday use cases, the network roams around 50,000 TPS, which is also a significant speed in comparison to any other blockchain network. Then what made Aptos blockchain deserving to be called the Solana Killer?
The reason lies within, again, the shortcomings of Solana. It happened on several instances when the network witnessed an outage. For instance, in early June this year, the network was stuck with an abrupt outage making it stop for about four hours and it resulted in loss of billions of USD.
Such flaws within the blockchain space made ways for Aptos blockchain network like projects. During its testing, the network claimed to handle approx 130,000 transactions in a second.
Showcasing its unique features like transaction speed Aptos managed to receive pretty much the attention of various Venture Capitals. In March, it managed to receive funds worth 200 million USD from Andreessen Horowitz and others while in summer in a FTX led Series A funding round it raised 150 million USD in investment.
The amount of capital received by the firm created an unannounced notion that many investors within the crypto space are preferring Aptos instead of other players like Solana. Last month, Aptos went on to make Anchorage Digital as its preferred institutional custodian after a long time of collaboration.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
