Aptos Labs acquires HashPalette, expanding the network’s exposure in Japan
Aptos Weekly Overview - October 3, 2024
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By The Numbers
Aptos transactions this week: 22.4M (+49.5%)
Network transactions per second (TPS): 37
Active users: 1.5M (-0.5%)
New users this week: 647.4K
Total staked APT: 870.72M (-0.7%)
Aptos total value locked (TVL): $553.6M (+0.60%)
NFT weekly sales: 2.9K (+65.1%)
The percentages and metrics are based on a 7-day timeframe from Flipside data as of Sept. 30, unless noted otherwise.
Inside the blockchain
🌐What happened: Aptos Labs announced it acquired HashPalette Inc., a subsidiary of HashPort Inc., and the main developers of the Palette blockchain.
🌐Why does it matter: This acquisition looks to provide Aptos with exposure to the Japanese market. HashPort, a key player in Japan’s blockchain consulting scene, will be able to access Aptos’ scalability, enhanced security, and various developer tools that it has to offer. This could build a new avenue for traditional enterprises and decentralized infrastructure collaboration.
Additionally, the Palette blockchain plans to launch by January 2025, which will align with Expo2025, one of the largest technological conventions in Japan. Aptos will power the event’s digital wallet, opening access to digital assets and blockchain-powered experiences for millions of participants.
Aptos Labs' acquisition of HashPalette will also migrate the Palette network and applications to its blockchain. This integration aims to position the Aptos ecosystem in regions that it didn’t have deep exposure in previously. It also opens the chain to more subsectors like manga, sports, music NFTs and more, as Aptos Labs cofounder Mo Shaikh noted on X.
Different countries and enterprises will have varying outlooks when it comes to web3 technology. For Japan, it has traditionally been open toward new innovations, like blockchain technologies.
🌐The big picture: In general, Japan has been known as a leader for its technological innovations, so the HashPalette acquisition points to the country's continued efforts to stay up to date in a rapidly evolving space.
Blockchains are being ushered into more everyday use cases, and this acquisition could establish Aptos as a key player in Japan’s web3 ecosystem.
Separately, Aptos' role as the provider of Expo2025’s digital wallets can offer a real world demonstration of blockchain being applicable in everyday use cases. If this partnership is rolled out successfully from a user experience standpoint, it could encourage more enterprises to partner with blockchains on a nationwide scale.
Aptos integrating into Japan’s technological footprint can help drive more mainstream acceptance of blockchain technology as well as integrate cultural sectors like anime into the industry.
Ecosystem wins
Franklin Templeton launched its OnChain U.S. Government Money Fund (FOBXX) on the Aptos network - currently over $20M of BENJI already in subscriptions
Aptos Labs partnered with Cal, a student-run organization at UC Berkley focused on blockchain research
RD Technologies raised $7.8M in its Series A funding round with, and saw investments from Aptos Labs, among others
Amnis Finance, a liquid staking protocol on Aptos, hit $197.9M in TVL on Sept. 28, marking an all-time high, according to DefiLlama data
Speaking of TVL… Aptos hit $573.4M on Sept. 30, an all-time high for the network (chart below)
The community is makin’ Moves
Hear from the co-founders of Overlai and what they’re building on Aptos in this video
Spooks Labs hosted an X space that covered NFTs on Aptos in Q3
Read about emojicoin, an emoji-centric platform built using Aptos technology, in this thread by X user xorkiki
Rarible integrated Aptos Connect to its NFT trading platform
By the headlines
You might have seen these Aptos-related headlines recently…
Franklin Templeton’s onchain money fund goes live on Aptos blockchain (Cointelegraph)
Aptos blockchain aims to disrupt payments with instant, low-cost transactions (The Street)
Join in the fun
Want to dive into the ecosystem full-time? Find the latest job postings on Aptos Foundation here.
Applications for the Movementum Accelerator program are open until Oct. 7 - apply here
Apply to join Protocol Camp, a web3 boot camp program in SouthEast Asia dedicated to builders on Aptos, until Oct. 6
Registrations for Code Collision, a global hackathon hosted by Aptos, are currently live until Oct. 15
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.