As a seasoned analyst with a knack for deciphering the intricacies of the blockchain industry, I find myself consistently impressed by the meteoric rise of Aptos in 2024. The co-founded venture by Mo Shaikh and Avery Ching has demonstrated an impressive ability to adapt and innovate, leveraging its roots from Facebook’s Libra project into a scalable, high-performance DeFi platform.
You could say Aptos, co-founded by Mo Shaikh and Avery Ching, was on the move in 2024.
The blockchain technology initially developed for Facebook’s abandoned Libra/Diem project, now known as Layer-1, has secured partnerships with established Traditional Finance (TradFi) companies like Stripe, Franklin Templeton, and BlackRock. Additionally, Aptos has introduced an updated version of its smart contract programming language, Move. Remarkably, this language is being used beyond the project’s ecosystem – it was employed to build Movement, a second-layer network functioning above Ethereum.
As we approach 2025, the demand for quicker functioning blockchains, as demonstrated by the excitement surrounding Solana compared to Ethereum, could signal positive trends for Aptos, a venture-backed initiative designed with scalability at its core.
Recently, CoinDesk had a conversation with Ching, who serves as the Chief Technology Officer at Aptos, and is among the most influential figures of 2024. The discussion centered around the integration of DeFi into mainstream finance, his predictions for the upcoming year, and various other topics.
When you look back at 2024, what were your main personal highlights while working on Aptos?
At number one on my list was the inaugural developer conference by Aptos, named Aptos Experience, held in Seoul. Connecting with and collaborating with hundreds of creative developers working on leading projects within the ecosystem was as invigorating as it was affirming. I’m already eagerly anticipating the next event.
Our continuous effort is focused on enhancing developer workflows, pushing boundaries with user interfaces, and ensuring system efficiency and scalability. We launched Move 2’s initial release, optimized our consensus protocol for the lowest possible latency, and expanded network capabilities. Aptos set a new daily transaction record of 326 million transactions in a single day and currently holds the top four daily records. To facilitate development on Aptos, we introduced Aptos Build, an extensive toolkit. Furthermore, we significantly upgraded the user experience with AptosConnect and Aptos Keyless. Aptos is making significant strides in setting new industry standards, making significant progress towards the next phase of finance, including achieving near-instant transaction speeds — sub-second latency on Aptos.
What were your biggest challenges in building Aptos this year?
Time is essential when it comes to constructing something as complex as Aptos, which requires technology, infrastructure, and more. Our primary focus has been on creating, integrating, enhancing, and linking to make Aptos a prime destination for decentralized finance (DeFi) with high-performance capabilities. Additionally, we’re working diligently to improve interoperability with Ethereum Virtual Machine (EVM) ecosystems—all fueled by Move on Aptos.
Has Aptos established several notable collaborations within the traditional finance sector this year? On a scale from 1 to 10, how far along would you say we are in the mainstream acceptance of Decentralized Finance (DeFi)?
Blockchain technology today might be similar to how the internet was perceived in the late 90s – it’s just getting started. Although this phrase is frequently used in our field, when considering widespread financial acceptance, it holds significant truth.
2024 saw significant advancements across multiple fronts, particularly in technology, where we introduced our digital asset management platform for financial institutions called Aptos Ascend. Additionally, we established connections with industry leaders such as Stripe, Circle, and Tether. Notable companies like Franklin Templeton, Blackrock, Libre, and others began utilizing tokenized assets on Aptos’ platform.
What potential effects could the newly inaugurated U.S. government and modifications within institutions such as the Securities and Exchange Commission (SEC) have on the widespread acceptance of Decentralized Finance (DeFi) by institutions in 2025?
It was heartening to witness Congress collaborating in a strongly bipartisan manner to progress the regulatory structure within the U.S. over the past year. Organizations such as the Blockchain Association, where we became members last year, will also serve as valuable platforms for exchanging viewpoints, providing practical insights, and fostering connections between government officials and industry experts. Establishing a regulatory environment that encourages Web3 innovation originating from the U.S. would be an excellent indication for our sector.
What other big trends do you foresee for 2025?
With the growing buzz and anticipation around cryptocurrency as we approach the new year, there’s a noticeable surge in developer interest for web3 technologies. At Aptos Labs, we’ve been busy preparing for the potential future of the 5 billion internet users worldwide. We’re particularly thrilled about the interconnected cycle of finance, loyalty programs, e-commerce, and advertising technology, and are collaborating closely with partners like K-gen and STAN to drive innovation in this area.
A notable instance is our latest collaboration with NBCUniversal, which was officially announced in 2024. This partnership involves a multi-year plan to revolutionize audience interaction via blockchain-based experiences. This isn’t simply a token alliance; it’s a strategic move to forge stronger, more impactful relationships between entertainment brands and their fans. By merging customer loyalty programs and interactive gaming platforms onto the Aptos network, we’re showing how blockchain can upgrade conventional engagement methods, benefiting both content creators and enthusiasts alike.
This profile is included in our “CoinDesk’s Most Influential 2024” collection. To view the list of all nominees for this year, click here.
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2024-12-10 18:29