Hassan Maishera
On Tuesday, Aptos Labs announced via X that it has launched MonoMove, Aptos' new execution engine and the biggest scalability upgrade in network history.
Moving global markets onchain takes a new standard of speed and safety. Aptos stated that MonoMove delivers both, executing the smart contracts behind every onchain market up to 55x faster.
Order books, collateral checks, price feeds, payouts. These actions run constantly, and they have to hold up when markets move. Behind every action, there is a smart contract executing. Aptos built MonoMove to make that execution faster.
Aptos is a scalable layer-1 blockchain based on the Move programming language. APT is the project's native token.
Aptos is a Layer 1 Proof-of-Stake (PoS) blockchain that employs a novel smart contract programming language called Move, a Rust-based programming language that was independently developed by Meta (formerly Facebook)’s Diem blockchain engineers.
Aptos’s vision is a blockchain that brings mainstream adoption to web3 and empowers an ecosystem of DApps to solve real-world user problems.
The PoS blockchain can achieve a theoretical transaction throughput of over 150,000 transactions per second (tps) through parallel execution.
In March 2022, Aptos raised $200 million in a seed round led by the venture capital firm Andreessen Horowitz (a16z). Other crypto heavyweights like Tiger Global and Multicoin Capital took part in the funding round.
Fast forward to July, the startup raised another $200 million in a Series A round with participation from Dragonfly, Apollo Global, Franklin Templeton, Animoca, Jump Crypto, and others.
APT is down 5.7%, trading at $0.7753 per coin. For a start, the Aptos team claims that its network can process over 150,000 TPS. By comparison, Ethereum’s mainnet TPS is around 12 to 15.
This high transaction throughput is enabled by a parallel execution engine (Block-STM)—a Byzantine fault-tolerant (BFT) PoS consensus mechanism. For context, most blockchains execute transactions sequentially, which means that a single failed transaction or high network demand could hold up the entire chain.
