Article Summary, Automatically Generated By AI
Summary of AltLayer
Key Points
- AltLayer is an open and decentralized protocol for rollups.
- ALT is the native utility token used for economic bonding, governance, protocol incentivization, and protocol fees.
- AltLayer’s core offering consists of three key products: VITAL, MACH, and SQUAD.
Numbers and Figures
- $22.8MM: Amount raised from two rounds of private token sales.
- 18.50%: Percentage of ALT total token supply sold.
- $0.008/ALT and $0.018/ALT: Prices of ALT tokens in private token sales.
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About Altlayer
At the forefront of innovation, Altlayer is a pioneering force in the realm of cryptocurrency and blockchain technology, dedicated to fostering a seamless and secure environment for users to explore the vast expanse of digital assets.
AltLayer is an open and decentralized protocol for rollups, introducing a groundbreaking concept: Restaked Rollups. This innovative approach takes rollups from any stack (such as OP Stack, Arbitrum Orbit, Polygon CDK, ZK Stack, and others) and elevates them with enhanced security, decentralization, interoperability, and crypto-economic fast finality, all made possible by harnessing the power of restaking mechanisms.
ALT, the native utility token of AltLayer, serves multiple purposes, including:
Economic Bond: The ALT token will be utilized in conjunction with restaked assets to furnish an economic stake, which can be subject to slashing in the event of malicious behavior detection.
Governance: ALT token holders are empowered to exercise their voting rights, thereby influencing key governance decisions.
Protocol Incentivization: Within the AltLayer ecosystem, operators are incentivized to participate, earning ALT tokens as a reward for their valuable contributions.
Protocol Fees: To facilitate seamless interactions within the network, participants will be required to settle intra-network service fees using ALT tokens.
At the heart of AltLayer’s innovative approach lies a trifecta of core offerings, collectively referred to as restaked rollups, comprising three distinct yet interconnected products:
VITAL: An Actively Validated Service (AVS), wherein operators meticulously verify blocks and their corresponding committed states, as dictated by the rollup sequencer, and initiate fraud proof challenges whenever deemed necessary.
MACH: A pioneering protocol designed to accelerate finality in rollups, empowering operators to restake Ethereum-based assets, thereby securing claims on the rollup state.
SQUAD: Introduces decentralized sequencing, bolstered by economic incentives. By decentralizing sequencing, we effectively mitigate short-term liveness concerns, malicious MEV, rent extractions, and other pitfalls inherent to rollups reliant on a single sequencer.
AltLayer has successfully secured $22.8 million in funding through two private token sale rounds, with 18.50% of the total ALT token supply being allocated at $0.008 per ALT and $0.018 per ALT, respectively.
AltLayer’s esteemed roster of investors comprises esteemed entities and visionaries, including Polychain Capital, Binance Labs, Jump Crypto, Breyer Capital, DAO5, as well as prominent individuals such as Balaji Srinivasan, former CTO of Coinbase and former GP of a16z, Gavin Wood, Co-Founder of Ethereum and Parity, Sean Neville, Co-Founder of Circle and architect of USDC, and Ryan Selkis, Founder of Messari, among others.
As of January 17th, 2024, the total supply of ALT tokens stands at 10,000,000,000, with a circulating supply of 1,100,000,000 upon listing, representing 11.00% of the total token supply.