Blood- sucking, Migration and Capital Bureau’s Move Public Chain Fire

“There are almost 200 people in this Aptos Builder community. Because they are all acquaintances of the Solana ecosystem, everyone tacitly kept silent until the number of new people gradually became more active in the group.”  Solana Ecological TVL Ranked Top 5 A project leader Tom mentioned.

The Aptos builder community Tom mentioned was initiated by Ian Macalinao, the Co-founder of the Solana stable asset trading protocol Saber Labs and an early developer of Solana in June this year. He and Dylan, another Solana developer, announced in July this year that they had jointly launched a $100 million Protagonist fund to focus on investing in the Aptos ecosystem.

Ian Macalinao has invited hundreds of mature projects and developers of the Solana ecosystem into the Aptos Builder community by private chat, and now there are more than 800 people. However, the Aptos community, which is dominated by Solana project parties and developers, did not cause much excitement in the early stage.

Until July this year, Aptos announced that it had completed a total of 350 million US dollars in financing this year; another Move Gemini public chain Sui also announced a B round of financing of 300 million US dollars. At this time, everyone began to find that not only the capital matrix of Aptos and Sui are basically Solana’s investors, but even the project side, developers, and even some employees are highly overlapped.

Compared with the “organized” migration of Solana, which supports the Rust language, Polkadot, another head public chain that supports the Rust language, is also deploying and migrating in a relatively low-key manner. Like Solana, many original Polkadot project parties are developing and deploying multiple Aptos and Sui ecological projects at the same time.

About the popular Move public chain Sui and Aptos, more than 20 Chinese and American venture capital institutions, project parties and developers will take you to explore the stories behind them.

What does it mean to leave Solana?

“The execution layer is much more difficult than consensus, which is ‘relatively simple’ and we don’t see Avalanche or BNB Chain as Solana’s main competitors, but Aptos & Mysten.”

Solana co-founder Aeyakovenko said so during an online conference hosted by Dragonfly partner Haseeb in July.

This seems to be the case. Aptos’ first step in challenging Solana is to grab people and projects.

In addition to the above-mentioned Ian Macalinao’s large-scale migration of the Solana project to Aptos with a $100 million ecological fund, an Aptos developer also initiated a vote, asking “What was your background/experience before developing on Aptos?” 50% of people who voted were developers of the Solana ecosystem.

After contacting many Solana project parties, we found that choosing to migrate or deploy multiple chains to the Move public chain has almost become the consensus of Solana ecological projects. 

From the perspective of the project team, whether or not the Move public chain will become the killer of Rust and EVM&Solidity public chains, choosing to migrate or deploy multiple chains to the Move public chain is a bet of “doing more yourself”.

As a rare hot spot in the bear market, if the Move public chain is up, the project parties that have migrated and deployed in the past can continue to talk and raise funds directly in the primary and secondary markets, even if the Move public chain ecology has no expected results or progress is slow, the project party Losing up to a few months of learning and development costs is very worthwhile in a bear market, but once successful, a new wave of wealth opportunities will be harvested.

Ian Macalinao also said that “Leave” is a strong word, and most strong developers will not lose anything by spending time on the Move ecosystem, because now the market is for projects without PMF (product and market fit). very difficult. 

For example, Dialect, a Web3 intelligent messaging platform based on Solana, announced in March this year that it had completed a $4.1 million financing led by Multicoin Capital and Jump.

Although Dialect’s management and Aptos are highly overlapping, it does not rule out the possibility that there is capital behind to promote this deployment. Dialect’s official explanation for choosing Aptos is as follows:

Solana’s unique architecture can achieve extremely fast speed and ultra-low cost, but the future is multi-chain, and if Dialect sets up arbitrary silos, it cannot provide the best service to customers. 

For Solana developers, Dialect will continue to provide tooling support; for Aptos developers, Dialect can’t wait to work with them and see what incredible things Aptos developers have built.

On the other hand, the market controversy about the Aptos ecology has also begun to become prominent. The investors and Solana’s core capital are highly overlapped, and the project party is also from the Solana ecology. It is inevitable to raise doubts: VCs who have made a lot of money on Solana are also in Doing the game to copy the next Solana?

Perhaps due to the pressure of the loss of ecological projects, according to the information on the GitHub page of the Solana Foundation, the team has incorporated the Move language into the development strategy.

It is worth noting that after the preliminary statistics of Deep Tide and AptosWorld, almost all the DeFi tracks of the Aptos ecology have been subdivided by the DeFi projects of the Solana ecology, such as DEX, NFT, lending, derivatives, cross-chain bridges and other DeFi subdivisions On the track, there are at least two or three more mature projects running on Solana who are developing the Move version, which means that only among the hundreds of ecological projects that have been migrated and multi-chain deployed by Solana, roll up before going online. .

However, in the eyes of many industry practitioners, this kind of “bubble phenomenon” will inevitably occur in the early stage of most large-scale public chains.

In the early stage, a large number of projects with mixed good and bad or chasing popularity flooded into the public chain ecology, and then screened out excellent projects through market testing, which is the only way for the ecological development and prosperity of almost every public chain, and the developers of the major public chain open source communities Participation in development projects is a normal phenomenon.

Nothing Research Partner Allen Ding said that the arrival of other ecological developers can quickly fill the Move ecosystem, and it is not a problem to focus on fork and migration projects in the initial stage. After all, the basic application of the public chain has been fixed. For example, DEX, lending, and stable currency in DeFi are all very mature tracks. For the new public chain, the significance of quickly complementing the ecology is greater than the pursuit of paradigm innovation at the application layer. In the current DeFi 2.0 era, the upper-layer application is built based on the underlying application, that is, the composability of the application is more important to everyone.

What is the experience of the Polkadot project party in migration?

In addition to the Solana ecological project coveting the dividend cake of the Move public chain, there is another force that is also eyeing it – Polkadot.

Among the few official public cooperation projects of Aptos, including Pontem Network, which received the eighth grant from the Polkadot Web3 Foundation at the end of 2020, it also stated that after the official announcement of cooperation with Aptos in April this year, it will test incentive tokens. It will be released on Aptos in the future.

In addition to Pontem, we have learned that many Polkadot project parties are also developing multiple Aptos and Sui ecological projects at the same time.

In early September, a Polkadot ecological project held the Move Developer Conference in Hangzhou, and invited Sam Blackshear, the father of the Move language, CTO & co-founder of Sui, to give a video speech.

At the conference site, many Polkadot projects have introduced a variety of products and project plans to be deployed in the Aptos and Sui ecosystems, and some teams have even deployed more than 5 products in the Move ecosystem.

Like Solana, as one of the biggest value capturers of the new public chain narrative in the last bull market, many experiences of the project side of the Polkadot ecosystem are worth learning from. Especially in the early stage of the public chain and the infrastructure is not perfect, what should the project party do to maximize the benefits.

About how the application can maximize the capture and realization of the value of the public chain. The creator of the DeFi concept, Max, the founder of Dharma Protocol, once raised an interesting question in 2019: The project company relies on financing to burn money for development and operation every day. If Ethereum has always been so card, so expensive, and the threshold for newcomers is so high Gao, do you really wait three or five years to do ecological projects on it?

Looking at it today, a few years later, this question seems to have many answers. Although Ethereum 2.0 has not been fully realized, public chains such as Solana, Polygon, and BSC have prospered for a long time, and the major Layer 2s also have a large ecological market.

The almost standard answer given by the Polkadot ecological project party is: in the early stage of the public chain, actively use the official Grant to increase key endorsements and financing; when the public chain infrastructure is not perfect, map it first in other mature public chains, In the case of good market conditions, Launch Token will first realize the public chain ecological value held up by capital in advance; when the public chain infrastructure begins to improve, the narrative cycle will be extended through the first network/first currency/crowd loan auction, etc.

For example, the official Grant, the Grant of the Polkadot Web3 Foundation is very important for most Polkadot ecological projects, especially in terms of brand endorsement, project financing and ecological cooperation; now most of them choose to migrate or deploy multiple chains to the Move public chain projects are also actively Applying for the Grant of Aptos and Sui, the popular application even made Aptos official have to suspend the application entrance.

A project that provides DID solutions and Elixir language SDK said that they have won places in several hackathons sponsored by public chains before, and their project has recently entered the list of the second batch of Aptos official grants (author’s note: Aptos The second batch of Grants is still under investigation and has not been officially announced) and is being finalized.

Therefore, even though there are many Aptos projects now, if you can’t get the official Grant or be invested by big VCs, you will only become a “dog” of the Move ecosystem.

Some public chain foundations have also begun to take measures in response to the current project’s preference for “footing on two boats”.

A DeFi project party who requested anonymity said that they also won a grant from the Web3 Foundation this year, but the foundation did not immediately announce the approval list and give the sponsorship money to the project party at one time, but based on the development progress submitted by the project party. Conduct inspections and release sponsorship funds in batches to prevent the project party from getting the “Grant endorsement” and turning around and running to other chains to develop and continue to get Grants. Currently they develop on Rust during the day and learn Move at night to test and develop Aptos.

In any case, the project party will vote with code, and moving towards Move has become an unstoppable trend.

“The Move ecosystem will even give some projects that are not popular on other public chains such as Polkadot a chance to re-emerge.”

Allen Ding also said that in the current bear market environment, the funds in the market tend to stick together, and Aptos and Sui are the best choices at present. Developers will definitely give priority to places with users and capital. Not only the ecological projects of Solana and Polkadot, but other public chain developers will also pay attention to the development of the Move ecosystem, and even join in.

The Chinese figure in the Move ecology

Looking back at the historical development of the entire Layer1, Chinese capital often plays an important role.

Whether it is the early Ethereum, BTS, EOS or later Polkadot, Cosmos, NEAR, Filecoin, Flow, Dfinity (Internet Computer), Solana and other star public chains, there are deep participation of Chinese background encryption VCs behind them. VCs are also willing to invest and build ecosystems. For example, DFG supports Polkadot ecology, Fenbushi Capital supports Filecoin and Flow ecology, and SNZ supports ICP ecology. Even if the financial return of investing in the public chain ecology itself is not too high, it has already earned money on L1 itself. Gotta be full.

However, in the investment of Aptos and Sui, the relative absence of Chinese VCs has resulted in a lack of enthusiasm for investing in the Move ecosystem. Instead, Chinese developers are more active.

From the perspective of the capital lineup, Aptos and SUI are mainly participated by American top crypto VCs such as a16z\FTX Ventures\Jump Crypto; secondly, the valuation is too high and many investors are discouraged. USD 100 million, the latest equity valuation is USD 2.8 billion, and Token FDV is as high as USD 4.2 billion.

Although there are still many domestic individual and institutional investors participating in the investment of the two major Move public chains through SPV , most of them are still participatory investment. Bixin Ventures and A&T.

Bixin Ventures has invested in both Aptos and Sui. Its partner Wangxi told Deep Tide TechFlow that Bixin has carried out research on the Move language very early, and has been supporting Starcoin since 2019 to understand and support the development of the Move language. A key factor in the connection between Bixin and Aptos and SUI.

“Because of being familiar with the Move ecosystem and the Libra system (later renamed Diem), we believe that Aptos and Sui’s team will definitely become a challenger to the current blockchain system.”

Wangxi said that the innovation of Aptos and SUI is not limited to technology. As projects that are highly anticipated by the entire market and supported by top capital, their innovation is comprehensive, which is also an important reason for Bixin’s participation. Bixin also Willing to support good projects migrating to Aptos and SUI.

Starcoin core developer Jolestar said that they started experiments on Move as early as June 2019 after Libra came out, including trying a layered state channel scheme on Move, executing contracts in the state channel, and verifying Move As the feasibility of layered smart contracts, and then start to design the public chain Starcoin based on Move in early 2020, and the Starcoin mainnet will be officially launched in June 2021. As the first public chain of Move, no one has built DeFi applications based on Move. Experience, the team assisted the ecological project to explore the application of Move in Swap/StableCoin/NFT Market/CrossChain Bridge and other fields. At the same time, Move’s development tools and documents are not complete. The user experience has been greatly improved.

As one of the earliest Move developers in China, Jolestar believes that Move has the most potential to build an ecosystem like Solidity, and even surpass it:

Because of the dependencies and calling methods between Move contracts, it can maximize the reuse of modules, which is suitable for building the infrastructure of smart contracts layer by layer, and Move’s “free state” model allows digital assets to be used in different contracts. interflow, providing type-based compositionality. Based on the above two characteristics, Move can play a greater value in the layered expansion scheme, such as realizing cross-layer contract reuse and combination, and cross-layer migration of any state. Move has also evolved from a smart contract language designed for Libra into an open source community project, becoming a multi-chain design, allowing it to be adopted by more infrastructure projects such as public chains, thereby constructing a larger ecosystem.

It can be said that Starcoin helped cultivate and educate the earliest Move developers in China. The Asia-Pacific region is still one of the most active regions for Move development . When Mysten Labs, the developer of SUI, completed a new round of financing of 300 million US dollars, it said Funds will be invested in the Sui ecosystem and continued expansion into the Asia Pacific region.

Will the Move public chain become the killer of other public chains?

From the first day that the Move public chain released its financing dynamics, the controversy has never disappeared.

Some people think that this belongs to the “capital bureau” that is all too clear: play it once and play it a second time, without any cover, and the starting valuation is so high that there is little chance of speculation.

But there are also industry practitioners who are excited about this, especially a new language like Move, which can bring some changes to the industry.

“Aptos and Sui have collected almost all the elements of the top projects in the industry: royal blood, star team, public chain track, Move language that is more friendly to blockchain, technical highlights, developers get together, and T0-level investment lineup Wait.”

Allen Ding believes that the rise of Aptos and Sui represents the arrival of the new public chain era. Layer 1, which has risen in the last round, is mainly to capture the overflow value of ether, and there is not much bright spot in its own vertical scene and technology. And Aptos and SUI are telling a narrative of a new scenario away from Ethereum. This may be the narrative direction of the new public chain in the future, that is, there is a clear scene, and it is separated from the architecture design of EVM&Solidity.

A few questions we are still often asked about the new public chain are, “Why do you want to create a new Layer 1?”

There are already too many various Layer 1 public chains in the market. Is this capital reinventing the wheel for profit? The ecology of blockchain requires more aggregation, rather than fragmentation and fragmentation of value. Would it be fun to build an ecosystem from scratch just because Move is likely to be better than Solidity or other development languages?

Another problem is that from the moment Aptos and Sui appeared with the golden key, developers like to compare the Move language with Rust, and Aptos with Solana, and even think that Aptos/Sui will be a Solana killer, just as Solana originally It’s like saying he’s an Ethereum killer.

The answer to these questions can be borrowed from Binance founder CZ’s answer when responding to the relationship between BSC and Ethereum: the people who use Ethereum are not the same as those who use BSC. After the establishment of BSC, the transaction volume of Ethereum did not decrease, but it did not increase anymore. This was because it encountered a technical bottleneck, and the maximum load capacity of the network was 15 to 20 transactions per second. And in more unseen places in Southeast Asia, India and Africa, BSC provides a cheaper network that can enable more people to use and enter the blockchain.

Bixin Ventures Wangxi said that one of the most common questions about Web3 is, why does Web3 not have a killer application? The performance bottleneck of the blockchain should account for most of the factors, and Aptos and SUI are expected to make breakthrough innovations on this issue. In the future, Aptos can process 160,000 transactions per second, and SUI will be around 120,000 transactions. The finality of both is sub-second.

Aptos and SUI break through the basic idea of ​​blockchain expansion in the past, and propose new implementation paths, such as modularization, parallel processing, and so on. Although the two have slightly different technical routes, they both focus on building a secure, scalable, and upgradable blockchain system for Web3, enabling developers to easily build applications that meet consumer needs and create An infrastructure network that can reach billions of people, providing a user experience that combines decentralization, speed, and affordability.

So, in Aptos World’s view, it’s not just reinventing the wheel to create a new Layer 1, like we think, Solana is not the next Ethereum, nor is it an Ethereum killer, it creates a whole new market. The same is true for any public chain killer today – Aptos and Sui, they will not kill any public chain, but they will serve a market that other public chains do not have.

Of course, for most people, they probably don’t care whether Aptos and Sui can really succeed and make WEB3 realize large-scale application. In their eyes, the Move public chain is just a new narrative, which will bring new investment and speculative opportunities that cannot be missed.

“It doesn’t matter whether Aptos and Sui are in a bubble or not, it doesn’t matter if they continue to fire. He only needs to be on fire for a while and not cool too quickly,” said an investor who is incubating the Move project.

Posted by:CoinYuppie,Reprinted with attribution to:
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