[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  andrew [@0xandrewxyz](/creator/twitter/0xandrewxyz) on x 1421 followers Created: 2025-07-18 10:08:08 UTC there’s been a wave of new protocols on @aptos lately. but one name still feels overlooked and undervalued: @ThalaLabs, the OG of aptos defi. thala is a battle-tested veteran, building since the depths of the 2022–23 bear market. what started as a bet on aptos before most cared, has become core infrastructure for the ecosystem: a dex (thalaswap), a stablecoin (move dollar/mod), liquid staking, a launchpad, governance, and even an incubator. if you’re looking for the real engine under aptos defi, it's thala. the story is about grit and compounding execution. thala didn’t just show up with the new L1 hype. it built through storms, delivering live cash flow and weaving together products that feed into each other. at its 2024 peak, thala’s tvl hit ~$250m. as of july 2025, $156m is still locked across its stack. since launch, thala has driven $8.8b in cumulative dex volume and now clears about XX% of all spot dex trades on aptos, even with only $85-90m sitting in amm pools. this isn’t a small footprint, it’s more like a protocol with gravity. its “defi hyperapp” approach is unique. thala’s horizontal expansion means all its products work in synergy. for users, that’s seamless: for example, you can mint mod stablecoins, swap them on thalaswap, stake apt for yield, and even join new launches, all in one place. no surprise thala became the center of aptos defi, leading the network in tvl through most of 2024. liquid staking was also a game-changer for thala. when thala launched its liquid staking (thapt/sthapt) in late 2023, it offered something novel on aptos: zero-commission staking. unlike other staking services that take a cut, thala lets you stake apt and earn rewards without fees, which was a huge win for users. the uptake was massive. millions of apt flowed in, boosting thala’s tvl and cementing its position as the go-to place to stake apt. as of today, thala’s lsd tvl stands at about $64m. essentially, thala is built on three tightly coupled primitives: move dollar (mod), thalaswap, and liquid staking (thapt/sthapt). these reinforce each other in a powerful loop. thala's move dollar, or mod, is an overcollateralized stablecoin that streams the income from its collateral basket back to holders. that basket already includes live tokenized treasury notes like usdY and wrapped usdm, so the yield is anchored in short-dated united states bills rather than token emissions. the design keeps risk transparent. liquidations run on on-chain oracles and the peg relies on healthy vault ratios, not on any reflexive algorithm. thalaswap v2 proved that careful fee tiers and xLPT dispatchable tokens can pull real volume. xLPT embeds farming rewards inside the lp token itself, so lenders can accept it as collateral without messy reward accounting. thapt and sthapt flow into mod vaults and swap pairs, creating a circuit where validator rewards feed stablecoin depth, which in turn feeds swap fees and veTHL farming returns. the thala engine keeps revving, with no single gear carrying the entire load. but thala isn’t just sitting on tvl and volume, it’s actually earning. defillama shows $4.7m in lifetime fees and roughly $1.6m already captured by the treasury. at today’s pace of $7k–$9k a day, the protocol is printing more than $2.5m a year in real revenue, good enough to keep it at the top of aptos’ earnings board. that’s a XXX% jump year-over-year, fuelled mainly by thalaswap v2, and steady interest income from the mod cdp. in a chain that collectively grossed $1.12m in june, thala’s slice of >20% is impossible to ignore. what also sets thala apart is how it has made real world assets native to aptos. thala was one of the first on aptos to integrate rwa tokens. usdY from @OndoFinance is already live in pools against usdc and mod, earning treasury yields and accepted as collateral for minting mod. wrapped usdm, bridged to aptos via layer zero by @MountainUSDM, sits in stable pools after its oracle integration. this means for the first time, ordinary wallets on aptos can access yield-bearing stablecoins actually linked to u.s. treasury rates, without the need to leave the chain or chase speculative rewards. aptos’s wider growth only strengthens the case. total tokenized assets on aptos crossed ~$530m (up XX% in XX days). each new treasury or fund landing on aptos broadens mod’s collateral base and spins up new organic trading pairs for thalaswap. despite all this, the market hasn’t caught up to thala’s value yet. as of today, thala’s market cap is about $6.7m, while its tvl is about $156m, a protocol supporting assets several times its own market value. by comparison, aptos’s native token is valued dozens of times higher than thala, even as thala drives a huge chunk of aptos’s defi activity. this kind of fundamental mispricing is why i call thala “undervalued.” it’s as if the market hasn’t woken up to what thala has built. to put it in perspective, thala has contributed enormously to aptos’s growth. it led aptos’s tvl charts in early 2024 and remains near the top, currently ranked 5th. and remember, aries doesn’t have a token yet. besides $rion, $ami, and $echo, thala is one of the few ways to invest in aptos defi’s core infrastructure. from my view, the disconnect between thala’s usage and its valuation is hard to ignore. regardless, the next few upgrades look promising and are already on the public roadmap: a concentrated liquidity market maker inspired by the uniswap v3 model. this clmm will let liquidity sit precisely where trades happen and should lift depth without demanding larger pools. the launchpad is also being retooled for easy token launches, memecoins or otherwise, making aptos fertile ground for the next wave. thala’s partnership with aptos foundation has seeded a $1m+ incubator (thala foundry), and the first incubated project, @EchelonMarket, launched this year and quickly amassed $50m tvl (and now sits above $200m), using thala’s mod stablecoin and sthapt as collateral. this not only proves thala’s incubator model works, but it feeds value back into thala’s ecosystem (echelon drives demand for thala’s assets). the second project is @MoarMarket a credit protocol that brings trustless credit accounts and undercollateralized loans to the chain. moar market received a grant from thala foundry and is live with composable lending pools that span liquid staking tokens, amm lp positions, rwa assets, and more. with several more projects in the pipeline, thala is effectively building an empire of synergistic dapps. as those grow, so should thala’s own network effect. i believe that as aptos gains traction (and it has, with tvl and user activity climbing fast), thala will be a prime beneficiary. and eventually, the wider market will wake up to this “sleeping giant.” when they do, i suspect today’s undervaluation won’t last. with the pending clmm, the growing roster of treasury-backed tokens, and the compounding flywheel of xLPT, the disconnect between delivered cash flow and headline valuation becomes even harder to ignore. for users, mod offers a path to real yield in a single click. for institutions, thala’s pitch is simple: dollars that earn treasury yields, pools with transparent risk, and products that fit into existing financial logic. the pieces are in place. the market has not fully priced them in. that is what overlooked looks like.  XXXXX engagements  **Related Topics** [staking](/topic/staking) [liquid](/topic/liquid) [coins stablecoin](/topic/coins-stablecoin) [thalaswap](/topic/thalaswap) [thala](/topic/thala) [og](/topic/og) [Post Link](https://x.com/0xandrewxyz/status/1946149983142523265)
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andrew @0xandrewxyz on x 1421 followers
Created: 2025-07-18 10:08:08 UTC
there’s been a wave of new protocols on @aptos lately. but one name still feels overlooked and undervalued: @ThalaLabs, the OG of aptos defi. thala is a battle-tested veteran, building since the depths of the 2022–23 bear market. what started as a bet on aptos before most cared, has become core infrastructure for the ecosystem: a dex (thalaswap), a stablecoin (move dollar/mod), liquid staking, a launchpad, governance, and even an incubator. if you’re looking for the real engine under aptos defi, it's thala.
the story is about grit and compounding execution. thala didn’t just show up with the new L1 hype. it built through storms, delivering live cash flow and weaving together products that feed into each other. at its 2024 peak, thala’s tvl hit ~$250m. as of july 2025, $156m is still locked across its stack. since launch, thala has driven $8.8b in cumulative dex volume and now clears about XX% of all spot dex trades on aptos, even with only $85-90m sitting in amm pools. this isn’t a small footprint, it’s more like a protocol with gravity.
its “defi hyperapp” approach is unique. thala’s horizontal expansion means all its products work in synergy. for users, that’s seamless: for example, you can mint mod stablecoins, swap them on thalaswap, stake apt for yield, and even join new launches, all in one place. no surprise thala became the center of aptos defi, leading the network in tvl through most of 2024. liquid staking was also a game-changer for thala. when thala launched its liquid staking (thapt/sthapt) in late 2023, it offered something novel on aptos: zero-commission staking. unlike other staking services that take a cut, thala lets you stake apt and earn rewards without fees, which was a huge win for users. the uptake was massive. millions of apt flowed in, boosting thala’s tvl and cementing its position as the go-to place to stake apt. as of today, thala’s lsd tvl stands at about $64m.
essentially, thala is built on three tightly coupled primitives: move dollar (mod), thalaswap, and liquid staking (thapt/sthapt). these reinforce each other in a powerful loop. thala's move dollar, or mod, is an overcollateralized stablecoin that streams the income from its collateral basket back to holders. that basket already includes live tokenized treasury notes like usdY and wrapped usdm, so the yield is anchored in short-dated united states bills rather than token emissions. the design keeps risk transparent. liquidations run on on-chain oracles and the peg relies on healthy vault ratios, not on any reflexive algorithm.
thalaswap v2 proved that careful fee tiers and xLPT dispatchable tokens can pull real volume. xLPT embeds farming rewards inside the lp token itself, so lenders can accept it as collateral without messy reward accounting.
thapt and sthapt flow into mod vaults and swap pairs, creating a circuit where validator rewards feed stablecoin depth, which in turn feeds swap fees and veTHL farming returns. the thala engine keeps revving, with no single gear carrying the entire load.
but thala isn’t just sitting on tvl and volume, it’s actually earning. defillama shows $4.7m in lifetime fees and roughly $1.6m already captured by the treasury. at today’s pace of $7k–$9k a day, the protocol is printing more than $2.5m a year in real revenue, good enough to keep it at the top of aptos’ earnings board. that’s a XXX% jump year-over-year, fuelled mainly by thalaswap v2, and steady interest income from the mod cdp. in a chain that collectively grossed $1.12m in june, thala’s slice of >20% is impossible to ignore.
what also sets thala apart is how it has made real world assets native to aptos. thala was one of the first on aptos to integrate rwa tokens. usdY from @OndoFinance is already live in pools against usdc and mod, earning treasury yields and accepted as collateral for minting mod. wrapped usdm, bridged to aptos via layer zero by @MountainUSDM, sits in stable pools after its oracle integration. this means for the first time, ordinary wallets on aptos can access yield-bearing stablecoins actually linked to u.s. treasury rates, without the need to leave the chain or chase speculative rewards.
aptos’s wider growth only strengthens the case. total tokenized assets on aptos crossed ~$530m (up XX% in XX days). each new treasury or fund landing on aptos broadens mod’s collateral base and spins up new organic trading pairs for thalaswap.
despite all this, the market hasn’t caught up to thala’s value yet. as of today, thala’s market cap is about $6.7m, while its tvl is about $156m, a protocol supporting assets several times its own market value. by comparison, aptos’s native token is valued dozens of times higher than thala, even as thala drives a huge chunk of aptos’s defi activity. this kind of fundamental mispricing is why i call thala “undervalued.” it’s as if the market hasn’t woken up to what thala has built.
to put it in perspective, thala has contributed enormously to aptos’s growth. it led aptos’s tvl charts in early 2024 and remains near the top, currently ranked 5th. and remember, aries doesn’t have a token yet. besides $rion, $ami, and $echo, thala is one of the few ways to invest in aptos defi’s core infrastructure. from my view, the disconnect between thala’s usage and its valuation is hard to ignore.
regardless, the next few upgrades look promising and are already on the public roadmap: a concentrated liquidity market maker inspired by the uniswap v3 model. this clmm will let liquidity sit precisely where trades happen and should lift depth without demanding larger pools. the launchpad is also being retooled for easy token launches, memecoins or otherwise, making aptos fertile ground for the next wave. thala’s partnership with aptos foundation has seeded a $1m+ incubator (thala foundry), and the first incubated project, @EchelonMarket, launched this year and quickly amassed $50m tvl (and now sits above $200m), using thala’s mod stablecoin and sthapt as collateral. this not only proves thala’s incubator model works, but it feeds value back into thala’s ecosystem (echelon drives demand for thala’s assets). the second project is @MoarMarket a credit protocol that brings trustless credit accounts and undercollateralized loans to the chain. moar market received a grant from thala foundry and is live with composable lending pools that span liquid staking tokens, amm lp positions, rwa assets, and more. with several more projects in the pipeline, thala is effectively building an empire of synergistic dapps. as those grow, so should thala’s own network effect.
i believe that as aptos gains traction (and it has, with tvl and user activity climbing fast), thala will be a prime beneficiary. and eventually, the wider market will wake up to this “sleeping giant.” when they do, i suspect today’s undervaluation won’t last. with the pending clmm, the growing roster of treasury-backed tokens, and the compounding flywheel of xLPT, the disconnect between delivered cash flow and headline valuation becomes even harder to ignore. for users, mod offers a path to real yield in a single click. for institutions, thala’s pitch is simple: dollars that earn treasury yields, pools with transparent risk, and products that fit into existing financial logic.
the pieces are in place. the market has not fully priced them in. that is what overlooked looks like.
XXXXX engagements
Related Topics staking liquid coins stablecoin thalaswap thala og