What is AltLayer (ALT)? All information about ALT token
AltLayer – the latest project brought by Binance to the Launchpool platform. Today, let's explore AltLayer to see what's outstanding about this project.
AltLayer is an open and decentralized protocol for rollups. AltLayer brings together a new idea of Retaked Rollups, which takes rollups (split from any rollup stack like OP Stack, Arbitrum Orbit, Polygon CDK, ZK Stack, etc.) and gives them enhanced security capabilities. Highly decentralized, interoperable and fast crypto-economic finality by leveraging staking mechanism.
AltLayer's core offerings of Retaked Rollups include three main products:
VITAL
MACH
SQUAD
Highlights of the products
AltLayer is a decentralized protocol that facilitates the launch of original and retaken rollups with both optimistic rollups and ZK rollups.
AltLayer provides a rollup framework called Retaked Rollups.
Retaked Rollups combine the power of:
rollups stacks to unauthorizedly launch application-specific versions of all major rollups.
EigenLayer's staking mechanism into the bootstrap network with security borrowed economically from Ethereum.
Highlights:
Retaked Rollups: A common framework for application-specific rollups that leverage EigenLayer's restaking mechanism to provide them with enhanced security, decentralization, interoperability, and fast finality. Cryptoeconomics.
VITAL: Actively Validated Service (AVS), in which operators verify the blocks and corresponding states committed by the rollup sequencer and issue fraud proofs if necessary.
VITAL
MACH: A protocol intended to provide faster finality to the rollup process by allowing operators to retake Ethereum-based assets to support any rollup state claims.
MACH
SQUAD: Provides decentralized sequencing with economic backing. Decentralized sequencers eliminate concerns about short-term persistence, bad MEVs, rent extraction, and other issues associated with rollups working with a single sequencer.
SQUAD
Ephemeral Rollups: With temporary rollups, dApp developers who expect increased demand for their applications can:
quickly create a rollup suitable for a fast and scalable application secured by Layer 1
Ephemeral Rollup
Products available
Ephemeral Rollups is currently live while other products such as VITAL, MACH and SQUAD are on private testnet.
Ephemeral Rollups have been used in a variety of use cases, such as mini games, gaming tournaments, mint NFT events, and others. Some relevant statistics are given below:
ephemeral rollup
2048 games
Loot Royale: 134k game room
Cellula: 1.4 million Cellula NFTs minted with 1.9 million transactions across 612k wallets.
Information about ALT tokens
Token name: AltLayer
Code: ALT
Supply when listed on Binance: 1,100,000,000 ALT (11% of total supply)
Maximum supply: 10,000,000,000 ALT
Allocation on Binance Launchpool: 500,000,000 ALT (5% of total supply)
Token type: ERC-20, BEP-20
ALT is the utility token of AltLayer and is used in the following cases:
Governance: ALT token holders can vote on governance decisions within the project
Protocol Incentives: Operators in the AltLayer ecosystem can earn ALT tokens as rewards for their services
Protocol fees: Network participants will need to pay for in-network services with ALT tokens
Allocation of ALT
ALT allocation
The amount of ALT will be allocated as follows:
Binance Launchpool: 5%
Team: 15%
Investors: 18.5%
Advisor: 5%
Protocol developers: 20%
Ecosystem/community: 15%
Treasury: 21.5%
ALT token release schedule
ALT release schedule
Development roadmap
Launched Testnet on integrating Arbitrum Orbit with Celestia, Espresso, EigenDA
Launched Testnet of Op Stack integration with EigenDA and Avail
Support ZK stack
VITAL, MACH : Launch Testnet with OP Stack support
TGE
Airdrop season 1
Q2 2024:
Launched Testnet for Polygon CDK integration
VITAL, MACH: Mainnet Launch with OP Stack Support along with EigenLayer AVS Mainnet
Alt staking for retaken rollups
VITAL, MACH : Launch Testnet with support from Arbitrum Orbit
Q3 2024:
Supports non-EVM rollups
VITAL, MACH : Mainnet launch with Arbitrum Orbit support along with EigenLayer AVS mainnet
AltLayer ecosystem
Collaboration and customers using AltLayer products
Collaboration: AltLayer is partnering with EigenLayer to build retaken rollups and EigenDA support. AltLayer also partnered with RISC Zero to develop a new type of fault proofs called ZK Fault Proofs.
Customers using AltLayer include “Cometh, Double Jump Tokyo, Injective, Avive, Deri, Automata, ALLO…”
Mobilization and investors
AltLayer has raised 22.8 million USD from two token sale rounds, in which 18.5% of the total ALT supply was sold at prices of 0.008 USD/ALT and 0.018 USD/ALT respectively.
AltLayer investors include Polychain Capital, Binance Labs, Jump Crypto, Breyer Capital, DAO5, Balaji Srinivasan (former CTO of Coinbase and former GP of a16z), Gavin Wood (Co-founder of Ethereum and Parity), Sean Neville ( Circle Co-Founder) and Ryan Selkis (Founder of Messari), among others…
summary
So I have introduced you to AltLayer. Hope you have grasped the basic information about the project. Because investing in the cryptocurrency market is always risky, please research carefully before making an investment decision.
