Mo Shaikh, a co-creator of the Aptos blockchain and co-founder and CEO of the Aptos Labs firm that helps support it, announced Thursday that he's leaving the company to focus on a "new chapter."
"Today, I am stepping away from Aptos Labs to start a new chapter," Shaikh wrote on X. "One of my true passions lies in building companies from the ground up, and we have done that at Aptos Labs by building a world-class team."
"I leave Aptos Labs with the utmost confidence in the team," he continued, "and strongly believe the talent and drive of Aptos Labs will bring our collective vision to life in the near future."
For as long as I can remember, I’ve been passionate about building systems that empower people—fairer, more open systems. Since 2016, I have been deeply involved in the blockchain world, both exploring and contributing to its transformative social and economic potential.
Aptos Labs co-founder and CTO Avery Ching will take over the CEO role, Shaikh wrote.
"Supporting and growing the ambitious Aptos builders and community, pushing the boundaries of innovation in Web3 technology, and high-velocity pioneering products are my immediate priorities for this next chapter," Ching wrote in a post shared to X. "I’m going to hit the ground running."
Shaikh did not immediately respond to Decrypt's request for comment.
The layer-1 network, an offshoot of Meta's failed Libra (later Diem) stablecoin project, launched in October 2022 to much fanfare. But its debut was marked by both technical snags and criticism over its tokenomics, which some crypto holders alleged heavily favored the Aptos Foundation and investors.
How do you build a blockchain that is decentralized, secure, and fast? Is it possible? Inevitably, the successful implementation of one of these variables comes at the expense of another.
Nevertheless, the developers behind Aptos think they have the answer in an experimental transaction-ordering algorithm that is the successor to the Diem experiment. But it's not without some hiccups.
What is Aptos?
Aptos is very new on the scene. The recipient of a $150 million funding round led by FTX and inve...
The VC sweetheart secured $350 million from two funding rounds led by VC heavyweights Andreessen Horowitz and Jump Crypto, respectively, prior to its rollout. It clinched a whopping $2 billion valuation in that latter round—or roughly four times the value it had raised at six months earlier.
Although Shaikh is no longer helming the project, he said he would remain an advisor and further continue to consider how to help push Aptos in the future.
“I will always remain a champion of Aptos and its mission,” Shaikh wrote.
Editor's note: This story was updated after publication with additional context and detail.
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