$6 million raised by Thala Labs to develop the DeFi stack on Aptos

07/12/2022
08/12/2022

MetaVentures Bangkok 2022

Bangkok, Thailand
14/12/2022
27/02/2023

ICBM Expo

Dubai, UAE
03/03/2023
$6 million raised by Thala Labs to develop the DeFi stack on Aptos

Shima Capital, White Star Capital, and Parafi Capital co-led a $6 million seed spherical for Thala Labs, with participation from further strategic buyers like as BECO Capital, LedgerPrime, Infinity Ventures Crypto, Qredo, Kenetic, Big Brain Holdings, Karatage, Saison Capital, and Serafund.

Thala Labs began out with the easy aim of being the core factor of the Aptos DeFi ecosystem.

What is Aptos?

Avery Ching and Mo Shaikh, who both previously worked on Meta’s Diem project, co-founded Thala Labs, a new company dedicated to implementing DeFi products on Aptos, a new blockchain.

FTX, a16z, and Multicoin Capital were among the investors who contributed $350 million to the Aptos blockchain this year. It only just started public trading of its native token, APT, last week, coinciding with the launch of its mainnet. APT had a difficult first week of trade.

The blockchain is programmed in Move, a language that is based on Rust, which is the language used by the Solana blockchain. Some developers have already left the Solana network for Aptos.

Adam Cader, the company’s creator, stated in a statement: “At Thala, we are focusing on delivering scalable, decentralized, and novel DeFi primitives first for Aptos.” This fundraising effort confirms our own internal vision and, more generally, the enthusiasm for Aptos and the ground-breaking Move programming language.

An improved decentralized stablecoin

Move Dollar, a decentralized stablecoin presently being developed by Thala Labs, intends to address the trilemma facing decentralized stablecoins in terms of peg stability, security, and capital efficiency.

When market volatility caused a depegging event in May, TerraUSD, one of the most well-known attempts to construct a decentralized algorithmic stablecoin, imploded, wiping away over $40 billion in market value.

According to Carl Hua, chief technology officer and investment partner at Shima Capital, “Thala’s unique vertical integration between its stablecoin subsystem and the AMM will simplify liquidity throughout Aptos’ ecosystem.”

With the additional funding, Thala Labs’ 12-person team will be able to hire more quickly and obtain more security audits overall. The startup has already finished an audit by auditor Zellic of Aptos Labs.

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