Business News Report
February 19, 2024

AltLayer Raises $14.4M in Funding to Innovate Restaked Rollups Infrastructure

In Brief

AltLayer raised $14.4M funding to expand global team and expedite key projects, including innovating its restaked rollups infrastructure.

AltLayer Raises $14.4M in Strategic Funding Round Co-Led by Polychain Capital to Innovate Infrastructure for Restaked Rollups

Open and decentralized protocol focused on launching native and restaked rollups using optimistic and Zero-Knowledge stacks, AltLayer (ALT) raised $14.4 million in a strategic fundraising round co-led by Polychain Capital and Hack VC.

The project plans to allocate the capital towards expanding its global team in response to the increasing number of strategic partnerships and accelerating key projects in development, including innovating the infrastructure for restaked rollups.

Combining existing rollups derived from various rollup stacks such as OP Stack, Arbitrum Orbit, ZKStack and Polygon CDK among others, AltLayer focuses on developing restaked rollups that enhance security, decentralization, interoperability, and crypto-economic fast finality. 

Thus, the restaked rollups merge the simplicity of spinning up rollups of OP Stack, Arbitrum Orbit, ZKStack by ZKSync, and Polygon CDK rollup stacks with the power of EigenLayer’s restaking mechanism to bootstrap network security and establish a decentralized network.

Additionally, AltLayer offers a versatile no-code Rollups-as-a-Service (RaaS) launchpad, enabling developers to swiftly and effortlessly deploy a customized rollup. The RaaS product is tailored for a multi-chain and multi-VM environment, providing factory support for EVM and WASM. 

Among other contributors to the funding round, which concluded in September 2023, were OKX Ventures, HashKey Capital, Bankless Ventures, Primitive Ventures, SevenX, Mask Network, IOSG and TRGC, according to a written statement.

Polychain Capital along with Jump Crypto and Breyer Capital, also took part in a previous investment round that raised $7.2 million.

AltLayer Redefines Staking Infrastructure

Founded in 2021 in Singapore, AltLayer builds the infrastructure that enables developers to launch highly modular application-tailored rollups. The AltLayer protocol consists of a core network–the ‘Beacon Layer,’ a unified sequencing, execution, and verification network for all rollups.  

Recently, AltLayer launched its native token ALT and rewarded users who staked on Celestia and EigenLayer, holders of AltLayer’s NFTs, and participants in its community campaigns. About 300 million ALT tokens, equivalent to $141 million or 3% of the total supply, were distributed in the initial airdrop, and 83% of these tokens have already been claimed.

With the recent funding, AltLayer remains committed to revolutionizing decentralized innovation through rollup technology, advancing security and interoperability in the cryptocurrency landscape.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Hot Stories

Big Bets: The Biggest Gambling Cryptocurrencies of 2024

by Viktoriia Palchik
April 22, 2024
Join Our Newsletter.
Latest News

Big Bets: The Biggest Gambling Cryptocurrencies of 2024

by Viktoriia Palchik
April 22, 2024

The DOGE Frenzy: Analysing Dogecoin’s (DOGE) Recent Surge in Value

The cryptocurrency industry is rapidly expanding, and meme coins are preparing for a significant upswing. Dogecoin (DOGE), ...

Know More

The Evolution of AI-Generated Content in the Metaverse

The emergence of generative AI content is one of the most fascinating developments inside the virtual environment ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Unibot Unveils Three Growth Initiatives, Outlines Plans For Referral System, Token Buyback, And Rewards
Markets News Report Technology
Unibot Unveils Three Growth Initiatives, Outlines Plans For Referral System, Token Buyback, And Rewards
April 22, 2024
Galxe Community Initiates Vote On Proposal For Token Symbol Change And Contract Migration
Markets News Report Technology
Galxe Community Initiates Vote On Proposal For Token Symbol Change And Contract Migration
April 22, 2024
SatoshiVM Plans Runes Bridge Testnet Launch Next Week, Alpha Mainnet to Follow
Markets News Report Technology
SatoshiVM Plans Runes Bridge Testnet Launch Next Week, Alpha Mainnet to Follow
April 22, 2024
Modular Blockchain Sophon Announces Node Sale And Allocates 20% SOPH Token Supply To Node Operators
Business News Report Technology
Modular Blockchain Sophon Announces Node Sale And Allocates 20% SOPH Token Supply To Node Operators
April 19, 2024