Aptos Labs finally launches Layer-1 blockchain
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Layer-1 blockchain platform Aptos Labs finally went live with its mainnet on October 17 after months of testing.
Aptos confirmed the news via a Medium blog post, saying the launch is “step one in a long journey to create universal and fair access to decentralized applications for billions of people through a secure, scalable and upgradeable blockchain.”
The project cites key factors such as upgradeability and the use of Move programming as differentiating it from existing blockchain networks.
The firm previously said there is a gap in the crypto space for innovative and adaptable blockchain to “serve the needs of billions today and in the future”.
Day One Update:
Today has been exciting. Thanks for all the support!The Aptos network has performed as expected and will see increased activity as ecosystem projects are onboarded and get underway.
— Aptos (@AptosLabs) 18 October 2022
Launch performs “as expected”
FTX-backed Aptos Labs was created by former Meta employees Mo Shaikh and Avery Ching in 2021, with both co-founders previously working on Meta’s blockchain project Libra, which was later renamed Diem.
The project announced that it would stop its services in February after more than two years and several attempts to launch its original digital currency.
Aptos rolled out its test phase earlier this year and said it had handled 130,000 transactions per second. Shortly after its launch on October 17, the company took to Twitter to confirm that the network had “behaved as expected”, while thanking users for their support.
“The Aptos network has performed as expected and will see increased activity as ecosystem projects onboard and get underway.”
It added that comments on the platform’s Discord and Telegram channels were paused to “protect the community from fraud” during this time frame. “Developers are actively monitoring and channels will return to normal when appropriate.”
Backed by Web3 investors
Aptos has received backing from a number of notable investors in the crypto space – it closed a $200 million funding round back in March led by a16z, with participation from Tiger Global, FTX Ventures, Coinbase Ventures, Binance Labs and PayPal Ventures.
Four months later, it raised $150 million in a Series A round led by FTX Ventures and Jump Crypto, with participation from Binance Labs. The round pushed the company’s valuation to top $2 billion.
FTX recently announced that the exchange will list Aptos Labs’ APT token on Wednesday.
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