Aptos, A new Layer-1 Proof-of-Stake (PoS) blockchain, is gaining quick recognition and popularity in the crypto market. The blockchain industry has seen several momentum shifts from several layer-1 blockchain solutions such as Binance Smart Chain (BNB), Solana, Avalanche, Algorand, etc., that describe themselves as ETH killers based on their ability to enable more scalable smart contracts, launch dApps, and allow the development of several blockchain projects.
Aptos is the new kid on the block, and is fondly referred to as the “Solana Killer.” It’s no secret that Solana enjoyed the most attention in 2021, alongside Ethereum, as its exceptionally cheap and fast network aided the NFT boom in 2021.
After completing its seed funding rounds in the first half of 2022, Aptos launched its mainnet in mid-October; however, the “Solana Killer” only started to boom in January. After a slightly negative initial three months, the Aptos token (APT) recorded about 400% gain in January, making it become arguably the most talked-about crypto, as many investors have placed it on their watchlist.
What is Aptos?
Aptos is a layer-1 blockchain built by Aptos Labs with the aim of creating a reliable, high-performance blockchain that is safe from downtime. Aptos uses the move programming language developed by Facebook (Meta) for the “Diem Blockchain Project.”
Aptos co-founders Mo Shaikh and Avery Ching met when they worked together at Meta, and they have other highly reputable team members that have been gathered from top projects. This rich history and strong background have contributed to the massive hype Aptos has generated, as they have many huge institutional investors, such as Coinbase, FTX, Binance, and many industry bigwigs in and out of crypto.
Aptos: Solana Killer? New Ethereum Killer?
Aptos is fondly compared with Solana, as they have some similarities, particularly exceptional speed, due to the fact that their engines can run computations in parallel. Solana, the previous popular ETH Killer, shook the blockchain industry with the possibility of handling 50,000 Transactions per second (TPS) with a 2.5 seconds finality, outperforming Ethereum (20 TPS, 2-minute finality). However, Aptos comes with the promise of offering a possible 160,000 TPS with finality in under a second; hence, it is fast becoming popular.
More importantly, Aptos aims to be more reliable without downtimes, as indicated in its whitepaper. Solana, its major competitor, faced about ten outages in 2022, which accumulated several hours, news not good enough for blockchain technology. In order to achieve this, the Aptos blockchain synchronizes its leader nodes with nearby nodes, which can take over in case a leader node fails.
Ethereum’s longevity, wide developer, and user base make it the most reliable Layer-1 blockchain; although its high fees and longer wait times could be somewhat frustrating, it still remains a popular choice; however, blockchains like Solana, Avalanche, and now Aptos now give it a run for its money. Regardless, amid speculations of a 100,000 TPS and instant finality for ETH 2.0., the blockchain industry awaits what the completion of Ethereum to a PoS blockchain will hold for its users.
Why is Aptos Gaining Popularity?
Aptos was just launched last year but is making huge waves, as the name on many lips this year, after its surge, as it gained 400% in January.
However, it didn’t just start; Aptos has raised huge investments since Q1 2022, with huge investments from crypto VCs such as FTX ventures, Coinbase Ventures, a16z crypto, Jump crypto, and many more. Many of these highly-reputable VCs have contributed to several rounds of investments, and so retail investors have been slowly tapping in since December 2022.
Below are the reasons behind Aptos’ unprecedented success.
- Reputable Co-founders: Shaikh and Ching are well reputable in the crypto and blockchain industry. Besides having experience working together on Diem, they have worked on other cryptos and even have also invested in other projects; as a result, they have great connections with many investors in Venture Capitals.
- Solid History: Facebook (Meta) has long been working on payment systems, from the time of Libra to Diem, with the Move programming language before shifting focus to the Metaverse. This rich history makes investors hold a positive bias for Aptos.
- Excellent Competition For Layer-1 Blockchains: More than its founders’ reputable background and rich history, Aptos is set to disrupt the layer-1 blockchain industry with impressive statistics such as 160,000 TPS and instantaneous transaction finality. Hence, it is in a pole position to outshine its competitors.
Should You Invest in Aptos?
On the face of it, it seems like a no-brainer to put in some bucks and buy some Aptos tokens. Of course, the likes of FTX, Binance, Coinbase, and other VCs that have invested big can foresee something good, and it won’t be foolish to follow them. Additionally, its solid history and initial performance seem like good reasons to invest in Aptos.
However, there is no 100% sure investment, and no matter how promising any investment appears, it is important to do your own research, be convinced, and also diversify your portfolio; never throw all your eggs in a single basket.
What is the $APT token?
$APT, or the Aptos token, is the Governance token of the Aptos blockchain network. As with other layer-1 blockchains, it fuels the blockchain and rewards network validators.
Purchasing APT tokens is a way to invest in Aptos. You can purchase APT tokens from all major CEXs, including Binance, Kucoin, Coinbase, OKX, Kraken, and Pancakeswap,
With competitors like Ethereum and Solana, Aptos has big shoes to fill, and 2023 will be a huge pointer to what the blockchain network can really offer investors as well as blockchain participants.