Carpe Diem

We’ve been talking about blockchains for years, and especially about the scalability trilemma. Has new kid on the block Aptos got what it takes?

• Aptos’ layer 1 blockchain launched yesterday to more of a ‘fan farewell’ than a fanfare.
• The blockchain had been tagged by some with a maximum transaction rate of 160,000 TPS, but was operating nowhere near that on day 1.
• The native blockchain explorer shows a verified rate of just over 4 tps, and critics were quick to pile in.
• One postulated that there were some launch glitches that made the platform unusable and led to the community Discord being shut down.
• The blockchain project is based on the Proof-of-Stake mechanism. It is the brainchild of Mo Shaikh and Avery Ching, two former Meta employees.
• They were part of the Diem blockchain team, which was dissolved earlier this year, and have used the Diem programming language in Aptos.
• The firm has raised $350 million over several rounds, with lead investors including a16z, FTX Ventures, and Binance Labs.

Aptos tweeted to say “network has been performing as expected and will see increased activity as ecosystem projects onboard“. They added that the social media channels were shut down to “protect the community from scams“.