In a strategic move to strengthen its rollup platform, AltLayer has successfully garnered $14.4 million from a group of leading investors, including Polychain Capital and Hack VC. The funding round, which closed in September 2023, also saw contributions from other prominent firms such as OKX Ventures, HashKey Capital, and Bankless Ventures, to name a few. With a focus on team and infrastructure expansion, AltLayer is making significant strides in the decentralized finance sector.
Expansion and Token Airdrop
The newly acquired funds will fuel the growth of AltLayer’s team and further enhance its rollup infrastructure. The company has maintained discretion regarding its post-funding valuation. This financial boost closely follows the launch of AltLayer’s native token and the company’s inaugural airdrop. The airdrop distributed 300 million ALT tokens—3% of the total supply—to early supporters and community members, with a staggering 83% of the tokens claimed shortly after the event.
Decentralization and Governance Innovations
AltLayer stands as a decentralized protocol that empowers developers to create their own rollups utilizing software stacks such as OP Stack, Arbitrum, and Polygon CDK, effectively offering “rollup as a service.” The project is also venturing into restaked rollups, a new Layer-2 initiative that aims to enhance network security using EigenLayer’s reconstruction mechanism. Luke Pearson of Polychain Capital has praised AltLayer’s forward-thinking research and development efforts in scaling blockchain infrastructure.
Beyond its core Ethereum-based offerings, AltLayer plans to extend its restaked rollups framework to leverage Bitcoin‘s robust network. This will be achieved in partnership with Babylon to fortify external decentralized networks. ALT token holders will not only govern the project’s direction but also utilize tokens for incurring protocol fees. Market data reflects a current trading price of $0.47 for ALT tokens, with a fully diluted market valuation of $4.7 billion.
Prior to this round, AltLayer had secured $7.2 million in seed funding led by Polychain Capital, Jump Crypto, and Breyer Capital, setting a precedent for their current success in the investment landscape.