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In a significant boost to the blockchain technology landscape, AltLayer, a pioneering rollups platform, has successfully raised $14.4 million in a strategic funding round. The round was co-led by Polychain Capital and Hack VC, marking a notable collaboration between leading venture capital firms in the crypto space.
The funding round, which concluded in September 2023, also saw participation from a diverse group of investors including OKX Ventures, HashKey Capital, Bankless Ventures, Primitive Ventures, SevenX, Mask Network, IOSG, and TRGC. This collective support underscores the growing interest and belief in the potential of decentralized protocols and the rollup technology that AltLayer represents.
AltLayer Plans on Expanding Its Operations
The project’s team has announced plans to utilize the fresh capital to expand its team and further develop its innovative rollup infrastructure. This development comes on the heels of the launch of AltLayer’s native token last month, a strategic move that rewarded users involved in staking on Celestia and EigenLayer, holders of AltLayer’s NFTs, and active participants in its community campaigns. The first airdrop involved 300 million ALT tokens, valued at $141 million, representing 3% of the total supply, with an impressive 83% of the tokens claimed by the community.
Landmark Update: AltLayer has secured an impressive $14.4M from top VCs in a strategic fundraising round. We soar to new heights and will be unstoppable in our mission to bring restaked rollups & other novel Web3 infra to the forefront.https://t.co/45VrQWsKl7 https://t.co/fhqNSUTwL0 — AltLayer (@alt_layer) February 19, 2024
AltLayer stands out in the blockchain ecosystem as a decentralized protocol that enables developers to effortlessly create rollups from various software stacks, including OP Stack, Arbitrum, and Polygon CDK. This rollup-as-a-service approach not only simplifies the development process but also enhances the scalability and efficiency of blockchain applications.
Looking ahead, the project is set to introduce “restaked rollups” — a novel concept in Layer 2 projects that leverages EigenLayer’s restaking mechanism to enhance network security. This innovative approach has garnered attention and praise from industry leaders, with Luke Pearson, General Partner at Polychain Capital, highlighting AltLayer’s research and development efforts as a catalyst for scaling blockchain technology.
Furthermore, AltLayer aims to extend the application of the restaked rollups framework beyond Ethereum, exploring collaborations with Babylon to leverage Bitcoin in securing external networks. This expansion signifies AltLayer’s ambition to redefine the blockchain security landscape.
Community-Driven Governance
Governance of the AltLayer project is in the hands of ALT token holders, ensuring a decentralized and community-driven approach to decision-making. Additionally, network participants are required to use ALT tokens to pay protocol fees, integrating the token’s utility within the ecosystem.
Prior to this funding round, the project had raised $7.2 million in a seed funding round co-led by Polychain Capital, Jump Crypto, and Breyer Capital, setting the stage for its continued growth and innovation in the blockchain sector. With this latest injection of capital and strategic support from prominent investors, AltLayer is poised to further its mission of enhancing the scalability, security, and accessibility of blockchain technology.
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