What is Aptos: APT ecosystem explained

Aptos is a scalable, safe, and upgradeable Layer 1 blockchain. It uses the programming language Move and a unique way of organizing the on-chain state into resources and modules stored in separate accounts. Aptos is the successor to Meta. In 2019, Meta announced the development of its own private blockchain-based Diem (Libra) stablecoin. In January 2022, Meta sold Diem Association to Silvergate Capital. Some employees split off and created a public Aptos protocol based on Diem’s technological know-how, such as the Move programming language.

The Aptos Team

Aptos Labs is run by former Meta employees: 

• The CEO is Mo Shaikh. He previously worked at Meta, BlackRock, The Boston Consulting Group, Consensys, and other major companies.

• The CTO is Avery Ching. Former lead developer at Yahoo! and Meta. 

Aptos Foundation received $150 million in July 2022 in an A funding round. The total investment for that year was $350 million. Binance Labs, Jump Crypto, and Andreessen Horowitz were among them. On October 17, 2022, the Aptos Foundation launched a mainnet called Autumn and partnered with Google Cloud. The team recruited Web3 developers who created wallets, DeFi, NFT, and other projects. 

How Aptos Work

The main difference between Aptos and other blockchains is the unique data model. The on-chain state is organized in the resources that hold the accounts. This way, the system attains decentralization: users actually own the token objects, not just a record in a smart contract.

Aptos uses the Move programming language, which simplifies the development of Web3 applications. The team compares its implementation in blockchain to how Rust has affected infrastructure development. In addition, Move Prover allows for formal verification of smart contracts and code security validation. 

Here are other key aspects that distinguish Aptos from other blockchains:

• Block-STM is an engine for the parallel execution of smart contracts. Unlike existing concurrency solutions, it does not affect the experience in contract development. In addition to increasing blockchain throughput, Block-STM reduces the cost of executing on-chain transactions.

• AptosBFTv4 is a Proof-of-Stake consensus algorithm optimized to maximize the use of available resources. For example, a single node can perform multiple consensus tasks simultaneously. The team calls it the fastest BFT consensus algorithm. 

• The developers have implemented a modular architecture to adopt new technologies rapidly. The protocol is optimized for frequent updates and has successfully passed stress tests.

• Aptos uses a Merkle Tree version for data storage, which is the best tradeoff between CPU workload, reading and writing rates, performance, and disk capacity.

• For users, Aptos offers additional security features like address key rotation, address recovery, and pre-execution transactions for previewing results.

What Makes Aptos Unique

Let’s hear the opinion from Subash from Mokshya Protocol about the Move programming language:

Zellic, a smart contract auditing team that investigated the Move language, adds a bit more:

1. Move book
2. Step-by-step tutorial created by AptosLabs
3. Aptos repository

The APT Token Explained

The initial supply of Aptos tokens was 1 billion tokens, with 51,02% allocated to the community through grants, ecosystem items, and other growth initiatives. APT has eight digits of precision. The minimal unit is called an Octa. Early investors’ and contributors’ tokens are blocked until autumn 2023 and will then be gradually unblocked for 4 years. The maximum reward for validators is 7% annually and is reviewed each epoch. That said, it is reduced by 1.5% each year, which the team calculates will reduce rewards to 3.25% after 50 years. The protocol burns the transaction fees collected. The on-chain management mechanism can change the amount of rewards and the fundamental principle of commission distribution.

Speaking of tokenomics, Aptos blockchain expert Cernach noted:

We plan to review Aptos tokenomics fully, so stay tuned for updates on the Everstake Blog.

The Aptos Ecosystem

The Aptos Network is a thriving blockchain ecosystem with over 300+ projects focusing on innovative areas like NFTs, DEXs, GameFi, and the Metaverse. Director Austin curates the ecosystem. Aptos wallets offer unique features like multi-signature and X-page connectivity.

Aptos hosts a robust portfolio of DeFi projects, including Thala Labs, Pontem Network, and PancakeSwap. These projects have gained substantial popularity and boast a significant combined Total Value Locked (TVL). The ecosystem also houses notable NFT marketplaces such as Topaz Market, Blue Move, and Wapal, along with gaming companies like Aptos Arena. It includes developers like Mokshya Protocol and Move Developers DAO as well.

Explore the full ecosystem on their GitHub and stay updated with the latest news and developments through our Blockchain Manager on X.

dApps

Aptos Labs has launched three basic dApps so far:

• Petra Wallet for your daily APT and NFT transactions and staking 

• Aptos Names naming service to secure your .apt domain

• Aptos Explorer explore transactions, view analytics, validators, and the latest blocks

Aptos Partnerships 

Aptos has partnered with several major payment processors, cloud hosting platforms, and Web3 applications, including:

• Trust Wallet that supports Web3 apps in mobile wallets for iOS and Android

• MoonPay, a global payments processor that added support for buying and selling Aptos with bank cards

• Google Cloud, which provides infrastructure for hosting Aptos nodes

• Microsoft’s Azure OpenAI Service will deploy new offerings that combine AI and blockchain technology

• Short video platform Chingari integrated the Aptos Network into their app in Q3 2023

• SushiSwap, a decentralized exchange (DEX), has expanded to Aptos, marking its first non-EVM chain deployment

• MARBLEX will introduce WARP Bridge solution for multichain adoption

• Aptos product studio Pontem Network collaborated with Aptos Labs to develop open-source products

• PancakeSwap, a project that launched its app on Aptos and migrated its CAKE token

• Investment foundation Outlier Ventures joined forces with Aptos Foundation to kick off a series of 12-week-long startup accelerators granting projects up to $100,000

• Everstake — a responsible validator trusted by 675k+ users across 70+ blockchain networks— joined Aptos as a node operator. Our Aptos validator nodes help service millions of data requests received on the mainnet.

Aptos Community

Aptos has a strong community of developers, NFT collectors, traders, investors, and influencers. Protocol’s official X Account boasts 435K followers and shares news about the ecosystem on a daily basis. 

Aptos hosts numerous offline events in Asia, America, Europe, and other locations. Both founders, Mo Shaikhs and Avery Ching, are active on social media. To learn about the most active influencers in the Aptos ecosystem, check out the list of Aptos influencers with the highest engagement. Here is the list of the most notable Aptos influencers, builders. NFT collections and analytics tools:

Aptos (APT) Staking

There are several types of staking in Aptos, including liquid staking via various services, NFT staking for rewards, etc. It’s important to understand, however, that those services are custodial. It is important to understand the differences between all these types and choose the one that suits your needs, profit and risk expectations.

Delegated staking is non-custodial, so only you have access to your crypto. While ‘delegation’ sounds like sending funds to someone, in reality, this term corresponds to only freezing the stake in the wallet. By delegating to a responsible validator such as Everstake, you get your APR rewards and help stabilize the blockchain. The validator of your choice uses the coins to increase their voting power and support community-centered proposals. The current maximum reward rate on Aptos staking is 7% per year, and it is evaluated at every epoch. The maximum staking reward rate declines by 1.5% per year.

Learn more about How to stake Aptos APT.

Frequently Asked Questions

Why stake Aptos APT?

APT delegation allows users to retain control of tokens and earn interest while being able to withdraw funds. This also provides an additional layer of security as there is a lock-up period for your coins.

Where to stake Aptos APT?

Aptos relies on node operators validating transactions to the network. It also has a staking incentive model (Delegated Proof-of-Stake) that allows Aptos validators to earn rewards for delegating to trustworthy validator nodes. 

Everstake has been selected as a Node Operator. For those interested in taking an active role in the network by staking APT coins, find comprehensive instructions on how to do so on Everstake’s Aptos-related blog posts.

Can I stake Aptos APT with Everstake?

Yes, you can stake APT with Everstake.

Why Stake with Everstake?

Everstake—a responsible validator trusted by 675k+ users across 70+ blockchain networks—was among the first to join Aptos as a node operator. The Everstake team ensures 99.9% uptime and steady returns. We have a dedicated team of community, DevOps, and R&D specialists. You get your blockchain community representative with Everstake. You can always contact our Aptos blockchain manager on X.