Do. Feb 22nd, 2024

– Aptos (APT) is a layer 1 proof-of-stake blockchain that supports smart contracts and decentralized applications.
– The token has surged more than 343% in the last 30 days due to renewed interest in layer 1 blockchains.
– L1 blockchains refer to the base-level chains that compose a given network, allowing for an ecosystem of other potential applications to be built on top of it.

Aptos (APT) is a layer 1 proof-of-stake blockchain that supports smart contracts and decentralized applications. This blockchain was developed by ex-Meta staff, and has seen immense success in the past month, with the token surging more than 343.76% over the past 30 days. This surge in price is attributed to the renewed interest in layer 1 (L1) blockchains.

Aptos was funded with $350m in two rounds of financing in 2022 from a16z, Tiger Global, and Multicoin Capital, among others. In July of that same year, the company raised $150 million in a Series A financing round led by Sam Bankman-Fried’s FTX Ventures and Jump Crypto. However, the initial launch resulted in some criticism over the tokenomics, leading to a somewhat tumultuous start.

But now, the coin is proving to be one of the hottest in a period that has seen a renewed interest in layer 1 (L1) blockchains. These blockchains refer to the base-level chains that compose a given network, allowing for an ecosystem of other potential applications to be built on top of it.

Aptos is unique as the project was borne by developers who had previously worked on Diem, Meta’s now-shelved blockchain initiative. The Aptos blockchain uses a Rust-based programming language that, according to its whitepaper, can process more than 130,000 transactions per second, using a process called „proof-of-stake consensus.“

The surge in APT’s price, along with the renewed interest in layer 1 blockchains, points to a larger trend of increased confidence in the crypto space. With the introduction of more secure, efficient, and cost-effective blockchains, the crypto industry appears to be headed for a bright future.

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