[NEWS] Aptos acquires HashPalette, Palette Chain to be integrated into Aptos

HashPalette, the developer of the Palette Chain, announced on the 3rd that it has agreed to acquire Matonee Inc., also known as Aptos Labs, the developer of the Aptos Network.

In the future, Palette Chain will be integrated into the Aptos Network. The aim is to expand the Aptos Network into the Japanese market.

HashPalette was a subsidiary of HashPort. With Aptos' acquisition of all shares of HashPalette, it will become a wholly owned subsidiary of the company.

Palette Chain is one of Japan's leading entertainment-specialized chains, and has been used as an NFT platform for genres such as games, anime, and sports.

Supported by various partners, it will reach its halving on August 23, 2024, and has just entered its fourth year since launch.

Over the past three years, 3.98 million NFTs have been issued on the Palette Chain, 25.82 million transactions have been made, and more than 340,000 wallet addresses have sent and received transactions.

Palette Chain is also being used for the EXPO2025 Digital Wallet at the 2025 Japan International Expo (Osaka-Kansai Expo) which will begin in April 2025. JR West has already implemented a stamp rally on the Osaka Loop Line using NFTs.

Despite these achievements, the development team is aware that many issues remain and has been discussing how to fundamentally resolve them.

In order to further accelerate the social implementation of Web 3.0, the team has repeatedly considered how to make services built on Palette Chain more scalable and usable and to enable smooth access to the global Web 3.0 market, and has concluded that the transition to the Aptos Network is the optimal solution.

The Aptos Network is a Layer 1 blockchain that originated from the stalled stable coin project Diem, which was being worked on by Meta (formerly Facebook), and is being developed by Diem developers.

In terms of TVL (Total Value Locked), which is one of the indicators of the economic sphere size of the chain, the Aptos network has exceeded 550 billion dollars (approximately 80 billion yen).

Hashpalette says that through the migration of Palette Chain to the Aptos network, the Japanese Web 3.0 market and the global Web 3.0 market will organically link together and further accelerate efforts toward the social implementation of Web 3.0.

Palette Token (PLT), the governance token of Palette Chain, will be exchanged for Aptos (APT), the native token of the Aptos network, from late November, with a set exchange period.

The exchange rate is scheduled to be 0.00339139 APT per PLT. In addition, APT acquired through exchange will be subject to a one-year sales prohibition period.

In addition, PLT was listed on the domestic cryptocurrency (virtual currency) exchange Coincheck in July 2021 as the first IEO in Japan, and raised 930 million yen.

bitFlyer expresses concerns about handling

Following this acquisition, bitFlyer has stated that there is a risk that it will no longer be able to continue handling PLT and Elf Token (ELF).

As a result of a risk assessment of PLT and ELF, it has been determined that there is a risk that user protection may not be achieved.

Reference: HashPalette Announcement,bitFlyer Announcement
Image: Announcement

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