Binance Labs adds support for Solana Killer Aptos

binance labs

Aptos is an innovative blockchain project that, although at an early stage of development, is attracting the attention of investors. Among them we find Binance Labs who chose to reaffirm their confidence in the project. After an initial investment last March, the venture capital and incubator section of the largest exchange increased its investment in a project already known as the “Solana killer”.

What is Aptos?

Aptos is a layer 1 blockchain project that uses the Move programming language. This was originally developed as part of the the Meta Platforms blockchain project was terminated, diem. After this abandonment, two former employees of the firm, Avery Ching and Mohammad Shaik created Aptos Labs to exploit the potential of Move.

The Aptos blockchain is currently only at the beginning of its development. There is no signal generated in fact and a white paper released only a month ago. However, the project is already the subject of the most attention from informed observers and institutional investors.

For good reason, the Aptos network, while not fully functional, shows a confusing performance. The blockchain is especially capable of processing up to 130,000 transactions per second. For comparison, the Solana blockchain supports 3000, which is already particularly competitive at the moment.

Is Aptos the new “Solana killer”?

Aptos is said to be on its way to becoming Solana’s toughest competitor. This is mainly explained by its ability to uninstall the blockchain, which is nevertheless effective, in terms of the number of transactions processed, as we mentioned, but not only.

This new blockchain would also be more reliable than the Solana network. It is estimated that unlike SOL infrastructure, Aptos would be much less prone to breakdown and failure. Each block of this blockchain will indeed be synchronized with the leader nodes so that another node can immediately take over in the event of a failure.

In addition, Aptos would be more secure than its competitor. This is particularly explained by the multiple verifications of transaction signatures operated by Move. Therefore, this new blockchain would be less subject to DoS attacks.

Many investment companies have bet on the project

Due to these performances, Aptos has been the subject of various major investments. Among the venture capitals that have chosen to believe in this project is Binance Labs. Last March, the company did indeed participate in a funding round brought by Aptos $200 million. Also around the table were Andreessen Horowitz, Three Arrows Capital, Tiger Global, FTX Ventures and Coinbase Ventures.

This fundraising raised Aptos Labs’ valuation to $1 billion. At the time, Binance Labs’ Chief Investment Officer, Jeffrey Ma, expressed his belief that Aptos could help deliver 100 million new users in the encrypted space.

Later, last June, it was the turn of venture capital firm Paypal Ventures to invest in the project. This investment allowed Aptos Labs to launch its first test network. Note that the third blockchain testnet took place on September 9.

Binance reaffirms support for Aptos

This week, Binance Labs announced in a press release that it has made a new investment in favor of Aptos Labs. Binance co-founder and director of Binance Labs, Yi He, justified this support by stating:

We are delighted to work closely with the Aptos team. At Binance, we have always believed in the power of blockchain technology to benefit the masses, just like the internet. However, building infrastructure remains a stumbling block in the industry. We believe the technological competitiveness of the Aptos team could bring increased scalability to blockchain infrastructure while supporting new use cases for Web3.

Aptos has announced that the funds received will be used to expand its teams but also to implement initiatives and tools aimed at further developing the Aptos community. Binance Labs declined to disclose the amount of its new investment. The venture capital firm however cited Aptos’ current valuation which has been raised to $4 billion.

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