Thala Labs Raises $6 Million to Promote DeFi On Aptos

Thala Labs, a startup focusing on decentralized finance (DeFi), has raised $6 money to develop on the trendsetting Layer 1 blockchain Aptos. Investment firms ParaFi Capital, White Star Capital, and Shima Capital spearheaded the seed round. Beco Capital, LedgerPrime, Saison Capital, and Infinity Ventures Crypto were among the other investors. With this funding, the company can concentrate on creating DeFi apps for the Aptos blockchain.

Thala Labs and how it fits into the Aptos Blockchain mission

Thala Labs is a startup by two of Meta’s Diem project’s core developers. Its key purpose is implementing DeFi products on Aptos, the new blockchain. In addition, Thala Labs is hard at work developing its own stablecoin. The name of the stablecoin is “Move Dolla,” a fully-collated, decentralized stablecoin. Since there is more collateral on the ecosystem than there are assets being issued, the ecosystem is designed to always have a positive collateral balance.

As a more advanced level of the Move programming language, Aptos is an important project for its creators and supporters. Therefore, this financing will help them maintain their vision and excitement around it. Thala Labs is on a mission to find long-term solutions to problems with peg stability, security, and capital efficiency. The Zellic audit unit at Aptos Labs has completed its audit of the business. Furthermore, some of the funds from the recent funding round will help the company hire additional employees and beef up its audit standing.

Move, the programming language utilized by the Aptos chain is an extension of Rust, the language employed by the Solana blockchain. Aptos has publicly proclaimed its intention to become Web3’s primary hub. Targets include other blockchains in the Rust language family, such as Solana, which is quicker and cheaper than Ethereum. Its native token, APT, was only released onto the public market and the network’s mainnet last week. However, the first week of trading was reportedly turbulent due to poor transaction speeds.