AltLayer Raises $14.4 Million in Funding Round
Rollups platform AltLayer has secured $14.4 million in a strategic funding round co-led by Polychain Capital and Hack VC. Other participants include OKX Ventures, HashKey Capital, Bankless Ventures, Primitive Ventures, SevenX, Mask Network, IOSG, and TRGC. The funding will be used to expand AltLayer’s team and further develop its rollup infrastructure.
AltLayer Launches Native Token and Rewards Users
AltLayer recently launched its native token and rewarded 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 ($141 million), with 83% of the tokens already claimed.
What is AltLayer?
AltLayer is a decentralized protocol that allows developers to create rollups from software stacks like OP Stack, Arbitrum, and Polygon CDK. The project also plans to introduce “restaked rollups” that leverage EigenLayer’s restaking mechanism for network security.
Expanding Beyond Ethereum
The AltLayer team aims to extend the restaked rollups framework beyond Ethereum by collaborating with Babylon to secure external networks using Bitcoin. ALT token holders participate in the project’s governance, and network participants will pay protocol fees using the tokens.
Past Funding Rounds
In a previous seed funding round, AltLayer raised $7.2 million with contributions from Polychain Capital, Jump Crypto, and Breyer Capital.
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