5 Projects on Aptos Worth Watching
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5 Projects on Aptos Worth Watching
Thala leads Aptos' TVL with a DeFi suite featuring stablecoins, DEX, and liquid staking.
Navigating Web3 tides with focused insightsAuthor: David C, Bankless
Translation: Deng Tong, Jinse Finance
Aptos' native APT token has just broken its all-time high today, following an impressive recovery from last week's slump.
As increasing capital flows into its DeFi ecosystem, several promising projects are heating up. Many of them also offer their own opportunities such as yield, points programs, or potential airdrops.
Today, let’s take a look at five top-tier projects, explore what sets these protocols apart, and highlight how users can take advantage of the opportunities they offer. Let’s dive in!
Thala Finance
Thala leads Aptos’ TVL with a DeFi suite featuring stablecoins, a DEX, and liquid staking.
The yield-bearing Move Dollar (MOD) can be minted by swapping USDC via LayerZero or Wormhole, then used on Thala Swap or across the ecosystem to generate yield. Thala’s liquid staking and MOD pairs offer high-yield opportunities in its stability pool. Locking THL for veTHL further boosts rewards, powering a classic DeFi flywheel. Beyond these core offerings, Thala also operates a launchpad, although it has only launched its native token so far.
Additionally, Thala and the Aptos Foundation have launched a $1 million fund (expandable to $5 million) for Aptos DeFi development. A member of Thala’s team recently revealed that the Thala Foundry program is preparing to launch AI and DeFi projects, expected in Q2–Q3.
He also pointed to inspiration drawn from Celestia airdrops—a mention that’s sure to spark imaginations.
Where Are the Opportunities?
Thala’s broad product suite offers diverse opportunities:
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APT: Deposit APT to receive Thala’s LST, thAPT, then stake it to earn around 10% APY. Alternatively, deposit a combination of both into their stability pool for approximately 18% APY with minimal risk.
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MOD: Bridge some zUSDC using LayerZero, deposit zUSDC into MOD, and then deposit both into the stability pool to earn around 60% APY!
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Stability Pool: Depositing into Thala’s stability pool earns about 65% APY while supporting its lending vault. This strategy carries the highest risk.
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THL: You can lock THL (Thala’s governance token) for veTHL to boost rewards and potentially receive airdrops from projects launched through the Thala Foundry program. Given their admiration for TIA, this isn’t far-fetched.
Overall, Thala positions itself as the centerpiece of DeFi on Aptos, thanks to its comprehensive suite, strong TVL dominance, and backing from the Foundry initiative.
Aptin Finance
Aptos lending market Aptin Finance saw significant TVL growth last month.
Aptin’s user-friendly dashboard enables earning and borrowing stablecoins, APT, and ETH with yields boosted by roughly 25%. Additionally, participating in their markets earns you points toward their upcoming token launch, expected in Q1. Aptin’s roadmap shows they’re tuned into the current cycle’s headwinds, focusing on integration and products targeting the Bitcoin/BRC20 ecosystem in Q2 and Q3. Moreover, their aim for omnichain lending could unlock access to massive new liquidity.
Where Are the Opportunities?
As mentioned, Aptin’s best opportunities currently come from two paths:
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Lending: Earn ~25% APY by supplying zUSDC and ~20% APY with ETH, or borrow against these assets at rates of ~8% and ~1%, respectively.
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Points Program: You can also earn points toward their token distribution by lending or borrowing. Refer others to their platform and earn even more!
Aptin’s lending market, ambitious roadmap, and recent growth may help it become a key player within the Aptos ecosystem. Focusing on a specific niche rather than trying to do everything, especially targeting the BTC ecosystem, could work wonders for its liquidity growth. However, execution will be critical—and before that, maintaining interest even after the token drops.
Amnis Finance
Amnis introduces liquid staking to Aptos, offering high yields while preserving liquidity.
It innovates by tokenizing yield through YT tokens, splitting interest-bearing assets (stAPT) into principal tokens (PT) and yield tokens (YT). YT tokens allow holders to claim all accrued interest freely and redeem the full initial investment upon maturity.
Where Are the Opportunities?
Opportunities at Amnis stem from several areas:
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Stake APT: The most direct opportunity Amnis offers is staking your APT with them to earn 11%.
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LST in DeFi: For those wanting to go further, there’s a range of yield opportunities using its LST across other DeFi protocols in the ecosystem, some offering up to 45% APY!
Amnis’ liquid staking offers higher base yields compared to other providers, with further upside available through yield-generating protocols within its ecosystem. That said, Amnis faces competition, as liquid staking has become a standard protocol feature.
Aries Market
Aries leads leveraged trading on Aptos with derivatives and an integrated trading platform.
It also features AMM swaps, a bridging platform, and a lending market where users can earn yield on assets like USDC, USDT, and ETH. In terms of trading, they currently support ETH and APT, with plans to expand their offerings soon.
Where Are the Opportunities?
Beyond trading, Aries offers opportunities through its incentive programs and lending market yields.
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Yield: Driven by current incentive programs, lending yields for stablecoins are currently around 20%, while borrowing rates for USDC hover around 1–2%. This spread creates room for attractive strategies.
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Points Program: Additionally, Aries announced a points program in January, rewarding users for lending, borrowing, and referring others.
As the current leader in Aptos’ derivatives market, Aries has gotten off to a strong start. With ongoing incentives and low borrowing fees, the protocol may continue to stand out and grow. However, given the early stage of the Aptos ecosystem, this might not be enough to maintain Aries’ lead—especially with projects tied to the Thala Foundry launch entering the scene.
Ondo Finance
Beyond showing incredible resilience during recent market downturns, Ondo Finance offers investment opportunities within the Aptos ecosystem.
The Blackrock-affiliated RWA platform will launch its Treasury-backed tokenized product USDY on Aptos in the U.S. Thala is the deepest integrator here—USDY will be added to AMM pools and whitelisted as collateral for the MOD stablecoin. Furthermore, given Ondo’s announcement of its global market for tokenized securities, we can expect increased volume on chains it supports. Additionally, after meetings between the Aptos team and the world’s three largest asset managers, a major RWA-focused announcement is expected in April—widely anticipated to be a significant catalyst.
Where Are the Opportunities?
Ondo presents multiple opportunities—holding ONDO, participating in its points program, and utilizing USDY in yield strategies. Here’s how to engage:
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ONDO: ONDO is available on exchanges like Coinbase and Bybit, giving direct access to the Aptos ecosystem, and is also deployed on Sui, Solana, and Ethereum—where Ondo has also launched USDY.
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Points Program: Providing liquidity for USDY on-chain, holding ONDO on Ethereum, or even missing past stable yield opportunities can earn you points for future redemption. However, ONDO tokens won’t unlock until January 2025, so you’ll need to wait quite a while.
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USDY in DeFi: Yield opportunities with USDY on-chain are abundant, and since the token is pegged to U.S. Treasuries, it proves more stable than most crypto assets.
At the intersection of DeFi and RWAs, Ondo Finance offers arguably the safest way to gain exposure to the Aptos ecosystem backed by giants like Founder’s Fund, DCG, LAO, and Tiger Global.
As Aptos evolves, Thala, Aptin, Amnis, Aries, and Ondo stand out as promising players shaping how DeFi takes form on-chain, each offering opportunities in staking, yield, and real-world asset integration.
These initiatives make Aptos’ ecosystem one of the most exciting places in the Alt-L1 landscape. As the network breaks new all-time highs, more attention may flow into its DeFi ecosystem—and in crypto, where there’s attention, there are opportunities.
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