On October 14th, MEXC launched a live Twitter space broadcast on MEXC Global Twitter. The theme of this event is “Why is Aptos so Hot”. Four guests of developers or researchers came here to talk with us about why Aptos is so hot from different perspectives . They are
- The Cryptojew(@zchrhrhr);
- Deon/ Gaming Director of Galaxy Blitz（@angrysagamer）
- E/Chief Community Officer of Saanhoi.Club(@SaanhoiClub)
- Wang Ye/Mint Ventures Analyst（@snapp_ye.bit）
and the following is a text excerpt from this livestreame.
Thank you for the introduction and I am so happy you are here and join us in this space. For next, I would like to start with the first talk of “What’s the New Chain of Aptos and its strength?”. I think most of the participants here know Meta’s failure to launch its blockchain-based stablecoin project Diem, and it has led several of its employees to leave and develop their own Layer 1 blockchains. This was the start, here they made their first launch—and do so with a bang—is Aptos.
So, I think most of you still wonder what makes Aptos so special and hot. But we can figure it out in this section.
Before we start, here is a special reminder for our audience. We have $500 MX token to distribute to those who participate in our gleam tasks and ask questions during the free Q&A section.
Q1： What are the innovations of Aptos’ Move language and Diem-BFT V4 consensus mechanism?
There are abundant resources regarding the pros and cons of MOVE, not dig into the details.
· First-Class Resource.
I would like to emphasize on some of the features of BFT
1. Good for applications-Fast-scalability
2. Permissioned – Contradictory mechanism-bad for Lock values-Hard to sustain asset transfer- Example. USDt
3. Use Application to generate traction but high churn. People will come and leave.
The biggest improvement made by Diem-BFT V4 lies in the overall transformation of the blocks. For traditional public chains, each public chain usually contains information about all transactions, while for Aptos, each block actually contains only a summary of the transaction information, and the verifier will go to the transaction pool itself to find the full information corresponding to the summary. This mode of transmission is much faster.
For Move language, this language is designed for financial scenarios with extremely high security and has some value and influence in use.
Q2: What are the advantages of Aptos in attracting developers and ecological market adoption, given that the public chain track is in a red sea and high-performance Layer 2 is coming online one after another?
I think there are a couple of reasons. We can talk about Aptos’ potential of course. As the majority of the audience may already know, Aptos is backed by renowned investors like Andreessen Horowitz, FTX Ventures and Multicoin Capital, just to name a couple. They have a very strong team as well. Nowadays, public expectations and belief of prospects become the main driving force. We want to put our time and effort to build our project, Saanhoi, on the chain that has the strongest tailwind forward.
Another advantage I can think of is that Aptos’ tokens are already launched and some have received airdrops or buy Apt to explore Aptos Blockchain. Therefore, there will be opportunities in this space as the entrance is opened up and more people are coming in. For example, there are a lot of news and headlines about Aptos so it’s definitely growing, becoming more well-known.
So that is really attracting us and we do believe in its future traffic growth. We would love to get on the train, help develop the Aptos ecosystem, and share the early benefits from its growth. Another highlight worth pointing out is the Aptos Grant Program. Aptos’ program has pretty open restrictions with a friendly space for everyone. Supporting early developers and projects is a great idea and it is definitely a great way to get exposure and traffic. One additional thing for this question, I just want to kindly remind everyone who’s listening, keep an eye out for Aptos next round of grants!
As to the advantages, Aptos provides funds to help many projects grow, which is quite attractive for most startups. The success of Stepn has proved the importance of games to the Layer 1 public chain. The cooperation of gaming projects like GB and Lay 1 public chain is surely a win-win solution. GB is one of the first competitive large-scale games deployed on aptos, so don’t miss our ongoing beta test. Don’t miss our airdrop. Join us now.
The biggest attraction of Aptos at present mainly comes from
(1) There are relatively few projects on Aptos now, and developers going to Aptos will have a better first-mover advantage. But if a developer wants to go to the ethereum chain to develop a dex, it is already difficult for projects like Uniswap to compete.
(2) Aptos has shown better operational capability and has more ecological funds to provide developers with multifaceted support.
(3) Aptos own features, including better performance, security of Move language and influence of big capital, etc.
Q3: Facing the problem of the “impossible triangle” of a public chain, Aptos tends to be high performance and the decentralization of nodes is weak. What do you think about the questionable security of the main network operation in the later stage?
Like previously mentioned
Too centralized without license
No institutional deposit-EOS’2B claim but turns to be a 2c scheme
1. Hard to retain assets.
2. Project has to continuously working on new projects for user acquisition
3. Team becomes an incubator
4. Limited productivity restrains creativity
6. Same routine with SOL
7. Spike and fall
Aptos performs more generally in terms of decentralization, and it focuses mainly on scalability. The threshold to become an Aptos node is actually very high, which will reduce the degree of decentralization to a certain extent, and may also be a security risk because of the evil of a few nodes. But Aptos is not as prone to downtime as Solana. (I once wrote about it in an article)
Q4: According to the token allocation model, most of the market chips are concentrated in the hands of Aptos officials and institutions, and more than 82% of APT is in staking status, and staking rewards are unlocked, which may influence the secondary market trading of APT, what do you guys think?
This depends on the development of the aptos ecosystem. Numerous examples of public chains have proved that Layer1 and Layer2,if not deployed with large-scale applications, will die slowly. If there are several large-scale applications with MAU exceeding 1 million in aptos, then aptos can fully support the current market value. One possible large-scale application with over 1 million MAU is gaming projects such as GalaxyBlitz.
GB does not require any investment and knowledge of crypto wallets to start the game. As long as Galaxy Blitz achieves 1% of the user scale of COC, GB will allow aptos to be welcomed by thousands of households in the United States.
Remember, Web3 applications are only successful if they are approved by the US market. COC and sci-fi games are most welcomed in the American market. Thus, as a sci-fi version of the COC type game, GB will definitely be recognized by the American market.
Right. So recently when I was browsing twitter, I saw a lot of concerns around this huge pile of staking tokens. On one hand, this will create more volatility for the token, and more uncertainty around dumping in the future. People are also saying that the staking rewards ultimately belong to a couple big whales. So yea those are legit voices and concerns. But speaking from a NFT project perspective, it is not necessarily bad. At the beginning, holding a huge amount of tokens in the founders’ hands grants them the control for the project.
Aptos team can observe how the market goes and release the tokens according to schedules. Having the control at the early stage also helps them to move more quickly and efficiently towards their goals. Saanhoi also has three stages, the core team governance, then core DAO governance and finally community autonomy. There are a lot of risks at the beginning and we as the core team will take on the risk. Then there will be two conditions before we can pass the control to the core DAO. First, we need to have successfully gathered a group of people to move towards the same goal, that is to increase the exposure and presence of Eastern culture in Web3,and second we need to have developed and tested a way for collaboration and governance.
There will be a period of time for the members to experiment with the DAO mechanism, to take risks, to make mistakes. That’s totally fine since we already establish the building blocks and foundation at the team governance stage. So I think Aptos holding their tokens and control right now is reasonable, and I’m really looking forward to seeing what they will do and react.
When we refer to token economics, we tend to focus on two points. The distribution of tokens and the inflation rate of tokens. In terms of inflation rate, the design of Aptos is basically reasonable, but considering that Ether has already broken even and Aptos still needs to issue additional tokens to keep the system running, then Aptos actually needs to break even through rapid ecological development. From the token distribution point of view, I think they are indeed somewhat centralized.
PART 3: Analysis from different Aptos developers’ perspective
For the next part, I would love to ask all of the guests some questions related to your perspective.
Since all of you are different kinds of developers and must know the key points from your side.
Q5: Many projects on Aptos were migrated from Solana. What is the reason? Is it the capital relationship behind it? Or is it because Aptos has some incentive factors?
Most projects just want to make some quick money. They only go where traffic is.GB is different. With $10 million raised, we gave it a lot of thought before deploying on Aptos.
Our wish to occupy the American market is the premise of cooperating with Aptos. We believe this move can expose us more to American crypto users.
Solana used to be a very powerful public chain because people thought Solana had high TPS and low gas fee. But now people find that Solana has high TPS but it is easy to go down. Although it has a very low gas fee, it never breaks even. Now everyone has lost confidence in Solana, and developers want to choose a more promising high-performance public chain. Of course, capital boosting and so on are all influencing factors.
Q6: When NFT project developers develop a NFT project, why you choose to deploy on Aptos, and how do you guys think you can have impacts on Aptos ecosystom？
The core of NFT lies in its cultural attributes. If chivalry and medieval culture represent Europe, then science fiction culture represents America.
We have our own characteristics in science fiction culture. For example, in the GalaxyBlitz game, our laboratory has a circle of particle accelerators; our ice mines have nuclear fusion capabilities; our MSI black holes were originally used to deal with garbage, and later evolved into powerful weapons.
Only this kind of cultural characteristics can attract users with a higher cultural level, and this kind of user portrait is highly similar to the users of web3.
There is one phenomenon that we have seen before, it is that some NFT projects are created because they want to get on a certain chain. We believe that a NFT project should be created for the sake of its mission, value, and perspective, not for the purpose of getting on a specific chain.
The former will choose whichever chain fits the project the most. From Saanhoi’s perspective, our needs are safety, low cost, and efficiency. You know we ultimately want to become a DAO so the vast Saanhoi Metaverse requires the collaboration and governance of a huge number of community members. Saanhoi DAO also needs a safe treasury for governance and profit distribution right?
So Aptos is the chain that provides everything we need. Aptos has an incredibly high transactions per second alongside its proven safety of the smart contract. A high TPS can lower the cost of collaboration while the safe Move programming language can improve the security of Saanhoi DAO treasury. And of course we have an ambitious goal to spread the words in the book we originated from, the classic of Mountains and Seas, also called Shan Hai Jing.
We want people around the world to at least hear about this book and maybe get curious about it. So getting on this quickly growing ecosystem can bring us further in our journey.
The logic for NFT projects to choose a distribution chain is mainly the project’s own needs. For example, a luxury NFT like Bored Ape prefers to be distributed on the “noble chain” Ether. Ordinary NFTs may prefer to publish on a low-gas fee chain like Aptos. Gaming NFTs may choose a gaming chain like Ronin. At present, NFT on Aptos chain is relatively high, and it is expected that NFT will bring a lot of user volume and revenue for Aptos. User volume will be one of the very important influencing factors in public chain competition.
Q7: Do you have any specific opinions of what NFT projects should do in a bear market?
What is a bear market? A bear market is when money is flowing out, speculators are leaving, assets that are originally overvalued returning to their intrinsic values or even lower. I think this time is definitely challenging for everyone but there are also opportunities. NFT projects should really focus on creating values and innovating. And it is also a time for the founders to think about why they started the journey at the beginning.
For Saanhoi, building an NFT project in a bear market isn’t easy and we have to get clear about what our mission is, that is to introduce a Eastern classic Shan Hai Jing to the world. We also need to consider what value we can bring to our community, people following along, and other stakeholders. So the first layer of this value creation process is definitely the exposure to Eastern culture and more specifically, the stories and tales of beasts and plants in the book.
Like Deon mentioned earlier that science fiction culture represents America, we believe that Shan Hai Jing will be a great start to introduce and explore Eastern culture.If you have followed our twitter SaanhoiClub, which is the account on the stage, we have shared some pictures of the beasts, and we also will be sharing the stories that we translated from the original text.
Another thing is all the possible derivatives from the book. Thanks to the enormous worldview and imagination of the book, we have a lot of ideas for merchandise and media content that we will give back to the community in the future. So just getting back to the topic, NFT projects need to consider its intrinsic value and how to deliver it.
I have done some statistics, the transaction volume of low-end NFT declines very significantly in the bear market, or even disappears completely. And the high end NFT (like Bored Ape) still maintains a high influence. I think it’s hard for NFT programmers to do anything to change this fact. But for NFT buyers, high end NFT should be given priority.
Q8: It is impossible without competition between public chains, especially since the current industry users are limited. How to compete with popular public chains like Ethereum and Cosmos for limited users? Is it relying on the public chain itself or the application layer project? What methods are there?
The public chain must rely on large-scale applications to attract users. It is not wise to attract only a small number of Web3 users. The wise ones will always try to attract the vast web2 users.
There are 7 billion people on earth, and 200 million are playing COC. If a COC-like game reaches 1% of the user number of COC, it will have 2M users.
An industry that has not been adopted on a large scale has no future. The public chain must support applications with high quality and low threshold. Otherwise, it will run out the credit of this industry and become a sinner.
Wang Ye :
The competition of public chains is mainly two dimensions, one is good to use and the other is ecologically complete.
For good use, firstly, the TPS should be high, secondly, it needs to be secure enough, and also cheap enough. For complete ecology, Aptos can’t take over the ecology from Ethernet for the time being, so the most important task of Aptos is to accumulate a very large number of applications. For high performance, what Aptos needs to do is not to have negative news such as downtime and theft. It is expected that Aptos can become the next Solana, which is the next most influential new public chain.
Cosmos and Ether have a very unique competitive advantage in that they can support multi-chain interactions. (For Ether, it is mainly Optimism,Arbitrum, starkware, zksync and other layer2). This competitive advantage may be more difficult for Aptos to challenge, but Aptos can also compete by having a very secure cross-chain solution or building many rollups.
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