Aptos Experience Recap

Image Source: The Aptos Experience 2024

 

Table of Contents

1. Introduction

2. Aptos: Delivering Unmatched Infrastructure for Blockchain Adoption 

3. Expanding Aptos' Ecosystem Beyond Web2 and Web3
3-1. Aptos' Web3 financial adoption spanning TradFi to DeFi
3-2. Aptos' expanding gaming ecosystem with active onboarding
3-3. Expanding Aptos adoption across diverse industries

4. Pioneering Global Mass Adoption: Korea and the APAC Markets

5. Closing Thoughts

 

 

1. Introduction

The Xangle Research team attended the Aptos Experience on September 5 and 6, 2024. As the first-ever global conference for the Aptos ecosystem, the event brought together a diverse group of experts and industry leaders from around the world to discuss the technological capabilities of the Aptos network and its potential impact across various industries. More than just a series of presentations, this conference was designed as an immersive “experience,” giving attendees the chance to engage directly with key figures within the Aptos ecosystem and explore its wide-ranging applications firsthand.

The conference highlighted the scalability and versatility of Aptos’ technology and ecosystem, with extensive discussions on how Aptos is set to drive innovation across sectors such as finance, gaming, and consumer industries. Attendees had the chance to explore a variety of applications through interactive booths within the Aptos ecosystem. Additionally, a token distribution event using the Aptos Hard Wallet allowed participants to experience firsthand Aptos’ robust financial infrastructure. Developer office hours and networking opportunities further encouraged collaboration and the exchange of technical knowledge, fostering deeper connections within the community. In this recap, we’ll take a closer look at the discussions that took place at the Aptos Experience, and uncover the future potential and opportunities within the Aptos ecosystem.

 

2. Aptos: Delivering Unmatched Infrastructure for Blockchain Adoption 

Aptos, a Layer 1 blockchain originating from Meta’s (formerly Facebook) Diem project, has rapidly emerged as a monolithic Proof-of-Stake (PoS) network engineered for exceptional scalability and security. With cutting-edge technologies such as AptosBFT and BlockSTM, Aptos is theoretically capable of supporting over 100,000 transactions per second (TPS) with sub-second latency. Furthermore, the platform leverages the Move programming language, which provides a stable, high-speed, and adaptable development environment, delivering a superior blockchain experience that meets the needs of both developers and end users.

Throughout the event, the overarching theme was the superior performance of the Aptos network. Leading figures from the ecosystem described Aptos as "the premier infrastructure for mass adoption," with developers praising its rapid transaction speeds and minimal transaction costs as key reasons for their choice. A notable highlight came on August 15th, 2024, when the network saw a surge in activity following the launch of Season 2 of Tapos, a play-to-earn (P2E) gaming application within the ecosystem. During this period, transaction volumes spiked to an impressive 326 million daily transactions—setting a record across all Layer 1 networks—yet the network experienced no outages, underscoring its performance.

More significantly, despite this unprecedented transaction volume, Aptos managed to maintain low transaction fees. During the third quarter, Aptos recorded the lowest transaction fees among nine comparable networks, with fees amounting to only 31% of the next lowest network, Sui. Even during the August 15th spike, fees peaked at $18.2K, ranking just fourth among the nine networks. This remarkable cost efficiency, coupled with its robust network performance, demonstrates Aptos’ ability to seamlessly onboard a large user base.

In 2024, the TVL on the Aptos network exceeded $700 million, marking substantial growth. This increase in TVL, occurring even as altcoin prices have generally declined since April, is a testament to the resilience and vitality of Aptos' DeFi ecosystem. Native DeFi protocols such as Aries Market and Amnis Finance have spearheaded loyalty programs, further driving ecosystem engagement. Aptos' ability to handle high TPS with minimal latency continues to attract a steady influx of new DeFi projects.

Avery Ching, CTO of Aptos Labs, underscored the network's competitive edge, stating: “Aptos outperforms other chains in terms of finality, transaction fees, and processing speed, and these are the key components to driving widespread adoption.” He continued, “Aptos provides a seamless development environment, allowing creators to focus on their ideas without the burdens of complicated infrastructure. This high-performance network is critical to enhancing user experience.” Aptos' scalability and security are fostering real-world use cases in sectors ranging from DeFi and gaming to payments, propelling the broader democratization of Web3.

At the conference, Aptos Labs also showcased ongoing improvements to its consensus protocol aimed at further optimizing blockchain performance. Sasha Spiegelman, Head of Research at Aptos Labs, introduced Raptr, a new consensus protocol unveiled during the session “High Performance Finance Meets Privacy on Aptos.” Raptr leverages Directed Acyclic Graph (DAG) technology to achieve high transaction throughput and minimize latency. This advancement marks a key milestone in the evolution of Aptos’ consensus mechanisms, transitioning from static parallelization to dynamic parallelization with BlockSTM, and now to the more advanced BlockSTM v2.

Notably, Raptr is designed to scale across 256-core machines, allowing for greater transaction parallelization and the ability to handle a higher volume of conflicting workloads. Furthermore, Raptr is built to maintain high performance even under challenging conditions, such as network disruptions or sluggish validators. This ensures that Aptos can support significantly higher throughput while keeping end-to-end latency around 800ms. These continuous protocol upgrades reflect Aptos' commitment to building a faster and more efficient blockchain network, and they are expected to contribute significantly to the expansion of the Aptos ecosystem and enhance user experience.

Source: https://x.com/SashaSpiegelman/status/1831577706091196685

Aptos Labs also introduced Move 2.0, the latest iteration of its programming language. Wolfgang Grieskamp, Head of Move Language at Aptos Labs, highlighted the crucial role that programming languages play in shaping blockchain development, stating, "The limits of my development language define the boundaries of my world." According to Grieskamp, Move 2.0 offers more concise and intuitive representations of data structures, which significantly enhances both readability and flexibility. This allows developers within the Aptos ecosystem to build blockchain applications that are not only more secure but also highly efficient. For more details on Move 2.0's specific features, you can visit the provided link. The ecosystem has recently witnessed a rapid increase in infrastructure projects adopting the Move language, including Initial and Movement Labs. As the ecosystem continues to grow, Aptos' ongoing efforts to enhance and develop the Move language will be critical in cementing its position as a leading force within the blockchain space.

 

3. Expanding Aptos' Ecosystem Beyond Web2 and Web3

Beyond its impressive performance and technical advantages, the Aptos network showcased real-world applications across a variety of industries, with builders from sectors such as finance, gaming, and enterprise solutions sharing their insights. These discussions provided a clear picture of how blockchain technology, particularly through Aptos, is addressing existing limitations and unlocking new possibilities. It was evident that the Aptos ecosystem is creating tangible value across industries, transcending mere technological benefits.

3-1. Aptos' Web3 financial adoption spanning TradFi to DeFi

In the session titled “Our Experience: Building a Mutual Fund on Aptos,” Andrew Crawford from Franklin Templeton, a major U.S. investment firm, delved deeply into their rationale for choosing the Aptos network to establish a mutual fund. Franklin Templeton, leading the integration of traditional finance and blockchain technology, launched the Benji app in 2023, which allows users to invest in tokenized securities and cryptocurrencies. Crawford emphasized the substantial benefits of on-chain mutual funds, highlighting that they offer superior security, rapid transaction processing, 24/7 trading capabilities, and significantly reduced fund management costs. He remarked that Aptos' blockchain infrastructure optimizes operational efficiency, allowing fast settlement confirmations due to its ability to handle transactions in parallel. Crawford further elaborated on the unique strengths of Aptos’ Move programming language, which provides not only robust security but also high readability, fostering the level of trust required in financial markets. He explained that this reliability was a key factor in Franklin Templeton’s decision to use Aptos, as the platform’s architecture can meet the stringent demands of the financial industry.

He acknowledged that there were challenges in the initial stages of adopting blockchain technology, but highlighted the active and ongoing support from Aptos' community as instrumental in overcoming these obstacles. This communal backing, along with Aptos' growing ecosystem, reinforced Franklin Templeton’s commitment to the platform. Crawford expressed optimism for the future of financial markets, crediting Aptos’ cutting-edge architecture and its flexibility to adapt to the evolving needs of the financial industry. He looks forward to seeing how Aptos will continue to streamline and improve the operations of financial products moving forward.

The conversation extended to CeDeFi, where CeFi and DeFi are integrated into a unified model. During the panel discussion "Crypto's Next Chapter: The Hybridization of DeFi and CeFi Markets," Walter Hessert of Paxos, Vishal Gupta of TrueX, and Robert Macdonald of ByBit explored the potential synergies between centralized finance and decentralized finance in delivering innovative financial services. Hessert pointed out that stablecoins represent a lucrative business opportunity and that combining CeFi’s centralized control with DeFi’s flexibility could lead to a more inclusive and stable financial ecosystem.

These sessions made it evident that Aptos is becoming the infrastructure of choice for a broad range of financial institutions. The onboarding of traditional financial institutions—each bringing large user bases and significant funds—will serve as a catalyst for both user adoption and capital flow into the Aptos ecosystem. We foresee Aptos playing a pivotal role in the convergence of blockchain technology and conventional financial systems.

3-2. Aptos' expanding gaming ecosystem with active onboarding

In the session “Web3 Gaming Revolution: New Innovations in Game Economics and Design,” representatives from Supervillain Labs, STAN, LYNC, and TallyUP! explored the groundbreaking innovations in the economic and design aspects of Web3 games. Panelists emphasized that Web3 gaming empowers players with asset ownership and direct participation in in-game economies. Aptos’ high TPS and parallel execution capabilities were recognized as critical enablers of these features, ensuring seamless and real-time in-game interactions, thus enhancing the player experience.

Supervillain Labs, a studio founded by key figures from NPIXEL's Web3 division MetaHeadquarters, launched Supervillain Idle RPG, an idle mobile RPG, on the Aptos network in July. By September 10th, the game had already surpassed one million downloads. To delve deeper into Supervillain Labs and their vision for the future of gaming, refer to Xangle’s interview with Sungjun Lee, Co-CEO of Supervillain Labs “Dreaming of a Villain in the Game Market”.

STAN is a community platform designed for gamers within the Aptos ecosystem, offering a space for users to connect, communicate, and engage in various gaming-related activities. LYNC provides infrastructure for game developers, enabling them to easily create and manage blockchain-based games, particularly focusing on the design of in-game economic systems. Meanwhile, TallyUP! operates as a global, tournament-based, creator-centric Web3 platform where users can compete in various games and earn rewards based on their achievements.

Outside the conference hall, booths featured a wide array of gaming applications, with one of the most notable being ERAGON. This platform allows users to deploy Web3-based mobile games effortlessly. Over the past month, ERAGON has recorded approximately 7.6 million transactions and boasts 23,200 active users. Presently, the platform offers eight instant games, two on-chain games, and two installed games. Developers can easily deploy games using ERAGON’s development kit, while users are rewarded with $EGON tokens. Although $EGON is currently an in-game currency, there are plans to transition it to an on-chain token in the near future.

Source: ERAGON

The growth of gaming applications within the Aptos ecosystem is accelerating, driven by the network's scalability and developer-friendly tools, including Move language development kits and SDKs compatible with Unity and Unreal Engine. These tools significantly boost development productivity, and the majority of game studios building on Aptos are based in the APAC region, where Web3 gaming adoption is particularly high. Aptos is capitalizing on this trend, positioning itself as a key player in the expansion of blockchain gaming in the APAC market.

3-3. Expanding Aptos adoption across diverse industries

The Aptos Experience showcased a broad range of projects spanning industries beyond finance and gaming. In the session titled “Reimagining Payments: On-chain Transactions with Mobile, Wallets, and Stablecoins,” global payments leaders such as Visa, PayPal, IDA, and Arculus shared their visions for the future of on-chain transactions. Visa and PayPal underscored the importance of making cryptocurrency payments more intuitive and accessible, noting that increasing ease-of-use and utility will be pivotal in shaping the future of the payments industry. IDA, a Hong Kong-based digital asset company focused on bridging Web2 and Web3 and linking fiat with stablecoins, emphasized that simplifying blockchain’s complexity is essential for the mainstream adoption of Web3. Arculus, known for developing blockchain-based payment solutions, highlighted the need for a standardized global payment experience. While the session focused on the transformative potential of blockchain payments, several panelists offered a pragmatic view, acknowledging that on-chain payments alone cannot resolve all existing challenges in the payment ecosystem.

The entertainment industry also saw growing integration of Web3 technology. In the session “NBC Universal’s Web3 Journey,” NBC Universal partnered with Aptos to deliver innovative user experiences through Web3. Starting its Web3 ventures with an NFT project leveraging its intellectual property, NBC Universal has expanded into new business areas across multiple platforms and content verticals. Notably, they have launched an NFT scavenger hunt utilizing QR codes during Universal Studios’ annual Halloween Horror Nights and have also explored Web3 projects tied to their IPs like Renfield and The Exorcist. This year, NBC Universal revealed plans to further diversify and expand its Web3 business through a long-term partnership with Aptos, which is expected to fuel significant growth in the future.

In the session titled “Art, Sports, and Culture Meets Technology: Empowering Creativity & Digital Ownership,” panelists explored the profound impact of blockchain technology on the creator economy and its potential applications. KYD, a decentralized ticketing platform, is utilizing blockchain to tokenize event tickets, enhancing transparency in secondary sales and offering a more equitable revenue-sharing model for artists and organizers. Mereo, a fan engagement platform, uses blockchain-based data to enable artists to recognize and reward their most loyal supporters, with an emphasis on maximizing revenue streams for creators. Overlai, a content authenticity verification platform, explained how blockchain technology can verify the originality of storytelling and enable new revenue models through decentralized micropayments for creators.

 

4. Pioneering Global Mass Adoption: Korea and the APAC Markets

Aptos is placing a strategic focus on Korea and the broader APAC region, which is emerging as a global hub for blockchain innovation. Hosting the Aptos Experience in Seoul for the first time reflects the region’s critical importance to Aptos’ ecosystem strategy. Furthermore, the first global hackathon was also held in Seoul, underscoring the central role Korea plays in Aptos’ roadmap. Aptos has established an office in Seoul and employs more staff in Korea than in any other location, with many ecosystem teams based in the city. During the conference, numerous discussions centered around the future of both the Korean and APAC markets, with Web3 leaders sharing insights into the advantages of adopting Web3 technologies.

The session titled “APAC’s Investment Potential & Key Drivers for Adoption” featured discussions led by companies such as Jambo and Irongrey, which emphasized the vital role of the APAC market in shaping the future of Web3. Aptos reiterated its strategy to leverage success in the APAC region as a springboard for global mass adoption. With the APAC market currently at the forefront of Web3 innovation, major companies like Google Cloud have underscored the region’s immense growth potential. Aptos views its successes in the APAC region as a crucial step toward expanding into the U.S. and European markets, thereby unlocking new opportunities for global adoption.

In the session “How Web3 Is Transforming the Used Car Market,” Kwon Hawk, CEO of Deutsche Motors, shared insights into the integration of blockchain technology within the used car market, specifically detailing why the company chose Aptos. In May, Deutsche Motors announced its partnership with Aptos to bring blockchain solutions to this sector. “Deutsche Motors aims to bring blockchain into the traditional automotive industry to improve transparency and trust,” Kwon stated. He emphasized that blockchain can play a pivotal role in improving vehicle traceability and ensuring proof of ownership in the used car market. He further explained that Aptos was chosen for its high performance, reliability, and ease of integration, particularly due to the advantages provided by the Move language, which makes it suitable for traditional industries. This session underscored the increasing versatility of blockchain applications across various industries, from finance to gaming, and the appeal of Aptos' high-performance infrastructure for Web2 companies transitioning to Web3.

The session titled “Enterprise Adoption of Web3 in Korea: Use Cases and Benefits” featured a panel with Jonathan Kim, Web3 Business Team Leader at SK Telecom; James Kim, Co-Founder of Xangle; and Taeho Kang, Managing Director of Lotte Group. The panel discussed how Korean enterprises are adopting Web3 technology. SK Telecom has partnered with Aptos Labs to launch T wallet, a cryptocurrency wallet service, while Lotte Group has developed the ValleyLand Universe on the Aptos network, with plans to expand into additional applications such as a soccer fan platform. A central theme in the discussion was the immense opportunity and potential of the Korean market. James Kim noted, “The Korean market has long been a key player in the speculative side of Web3, but we’re now seeing a surge in companies that genuinely understand the technology and are building real services.”

The sessions collectively highlighted how major Korean companies are leveraging blockchain technology and how Aptos’ technical capabilities, particularly the Move language, are central to these Web3 transformations. It is particularly significant that Korean enterprises are exploring practical approaches to Web3 adoption, driven by Aptos’ superior performance and the inherent flexibility of the Move language. This focus on the Korean market not only underscores its potential but also positions Aptos to expand globally, with its strong foundation in Korea and the broader APAC region serving as a strategic advantage.

 

5. Closing Thoughts

The Aptos Experience provided a critical platform for engaging with the Aptos ecosystem firsthand, offering insights into its substantial potential. There were in-depth discussions on how Aptos' technological excellence can be applied across multiple industries, such as finance and gaming. Key sessions that attracted significant attention explored the potential integration of DeFi and CeDeFi, the innovative economic models of Web3 gaming, and the advancement of on-chain payment systems.

A particularly meaningful takeaway was the increasing adoption of Aptos by traditional financial institutions, underscoring their pivotal role in reshaping the financial ecosystem. At the same time, the rapid expansion of the gaming ecosystem, especially within the APAC region, demonstrated that Aptos is emerging as a central platform for Web3 gaming. The breadth of applications across diverse industries underscores that the Aptos ecosystem is generating real-world value, extending far beyond its technological advancements. 

Looking forward, Aptos is expected to build on its strong technological foundation and ecosystem scalability to drive the widespread adoption of blockchain technology through deeper collaboration with a range of industries. In particular, by enhancing the efficiency of on-chain financial systems in conjunction with traditional finance and revolutionizing user experiences in sectors like gaming and entertainment, Aptos is positioned to become a crucial catalyst for the democratization of Web3. We hope the Aptos Experience served as a valuable opportunity for participants to familiarize themselves with the Aptos ecosystem and engage in substantive discussions on the future direction of blockchain technology and ecosystem development.