Aptos blockchain launches its accelerator for Web 3.0 projects with a $1 million fund

What’s new? The team of the Aptos blockchain has launched the Movementum accelerator for Web 3.0 project developers. Selected startups will be able to receive mentorship from 20 industry experts, access to more than 200 VCs, and $1 million in grants from the general fund over a five-week period.

Source: X.com

What else is known? The accelerator is jointly launched by the teams at Aptos and liquid staking protocol Amnis Finance. It is focused on projects in Asia-Pacific region and Vietnam.

Participants will be able to receive up to $150 000 to develop their projects, as well as access to activity incentive tools.

Aptos is a Layer 1 (L1) blockchain with a Proof of Stake (PoS) consensus algorithm written in Move. It was created by former Meta employees who worked on the never released Diem cryptocurrency for Facebook. It uses Block-STM technology to efficiently process smart contracts, as well as parallel transaction processing to increase throughput.

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The Aptos (APT) native token ranks 31st overall in the cryptocurrency rankings and tenth on the list of PoS tokens by market capitalization at $3,3 billion. It is trading at $6,73, having lost 1% overnight. The asset added 5,9% for the week, but has fallen 28,3% since the beginning of the year.

The Aptos ecosystem now includes more than 250 projects, and the total value locked (TVL) of decentralized applications (dApps) based on blockchain grew by 333% in Q1, surpassing $600 million. To date, the figure has dropped to $416,55 million, according to DeFiLlama.

Participating in the organization of the accelerator, Amnis Finance is the second-largest project on Aptos. It allows users to generate revenue from staking APT by providing amAPT and stAPT coins in return, which can be used in other applications. The project’s TVL is $134,75 million.

The Movementum accelerator is an initiative of the Aptos Foundation, a non-profit organization aimed at encouraging mass adoption of Web 3.0 technologies. Blockchain developer Aptos Labs has identified APAC and Vietnam as important regions with the highest growth potential.

The program will consider applications from infrastructure and gaming projects, as well as centralized and decentralized platforms (CeFi/DeFi). Applications were opened on August 28, and an award ceremony will be held in December, where leaders will have the opportunity to pitch projects to venture capital firms.

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On August 21, Aptos-based NFT marketplace Topaz announced its closure. The reason was a certain security incident on the platform’s website that occurred a month ago. At the same time, users complained about the impossibility of withdrawing assets, which the Topaz team did not comment on.