AltLayer Raises $14.4M Led by Polychain and Hack VC

Altlayer ALT Alt layer

AltLayer raised $14.4 million to grow its rollup infrastructure. Polychain Capital and Hack VC led the funding round, joined by OKX Ventures, HashKey, and others.

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OKX Ventures, HashKey Capital, Bankless Ventures, Primitive Ventures, SevenX, Mask Network, IOSG, and TRGC were also part of the funding round, which concluded in September 2023, as per a statement released today. Previously, in 2022, AltLayer had secured $7.2 million in a seed funding round.


Expansion Plans and Funding Utilization

AltLayer plans to utilize the newly raised capital to expand its team and enhance its rollup infrastructure, as stated in the announcement. However, the company did not disclose the valuation associated with the funding round.

Following the launch of its native token last month, AltLayer initiated an airdrop program, rewarding users who staked on Celestia and EigenLayer, as well as holders of AltLayer’s NFTs and participants in its community campaigns. The first airdrop consisted of 300 million ALT tokens, equivalent to $141 million, which represents 3% of the total token supply. Notably, 83% of the tokens were claimed by participants.

AltLayer: Revolutionizing Rollups and Layer 2 Solutions

AltLayer, a decentralized protocol, helps developers create rollups using different software stacks like OP Stack, Arbitrum, and Polygon CDK. This makes blockchain development easier and more scalable.

They’re planning to introduce “restaked rollups,” which are Layer 2 projects using EigenLayer’s restaking to boost network security. This will make Layer 2 solutions even better.

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Luke Pearson from Polychain Capital is excited about AltLayer’s innovative work and has invested in it. Other investors are also supporting AltLayer’s efforts to scale blockchain solutions.

ALT token holders have a say in AltLayer’s decisions, and they’re used to pay fees within the network. This makes ALT tokens more valuable.

Right now, ALT tokens are trading at $0.47, with a total value of $4.7 billion. AltLayer previously got $7.2 million in funding, with help from investors like Polychain Capital, Jump Crypto, and Breyer Capital.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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