Thala Labs Raises $6 Million with the Support of ParaFi to Build the DeFi Stack in Aptos

The $6 million seed round of Thala Labs was jointly led by ParaFi Capital, White Star Capital, and Shima Capital. The startup is already developing a decentralized stablecoin and aims to develop DeFi applications on the Aptos blockchain.

About Aptos

Avery Ching and Mo Shaikh, who previously worked on Meta’s Diem project, have founded Thala Labs, a new company dedicated to distributing 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. Aptos started the public trading of its native token APT last week, which coincided with the launch of its main network. APT’s first week of trading, however, was shaky.

However, the Aptos blockchain is programmed in Move, a language built on Rust, the language used by the Solana blockchain. Some developers have found Move so impractical that they have already stopped using the Solana network for Aptos.

According to the founder of the company Adam Cader, at Thala, they are focused on delivering scalable, decentralized, and new DeFi primitives for Aptos first. The investments received, on the other hand, confirm their own internal vision and, more generally, enthusiasm for Aptos and the groundbreaking Move programming language.

An Improved Decentralized Stablecoin

To address the decentralized stablecoin trilogy of peg stability, security, and capital efficiency, Thala Labs is currently developing an over-collateralized decentralized stablecoin called Move Dollar.

When market volatility caused a depegging event in May, TerraUSD, one of the best-known attempts to create a decentralized algorithmic stablecoin, exploded, wiping out more than $40 billion in market value.

According to Carl Hua, chief technology officer and investment partner at Shima Capital, Yhala’s unique vertical integration between the stablecoin subsystem and AMM will facilitate liquidity in Aptos’ ecosystem. Thanks to the additional funding, Thala Labs’ 12-person team will be able to recruit more quickly and receive more October security audits in general. 


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