DEFI

AltLayer secures $14.4 million in funding, native token ALT hits new high

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AltLayer secures $14.4 million in funding, native token ALT hits new high

The decentralized Rollup-as-a-service protocol AltLayer has raised $14.4 million in a new round of funding, led by Polychain Capital and Hack VC, with participation from OKX Ventures, HashKey, and others. The funds raised will be used to expand its Rollup infrastructure.

AltLayer Native Token ALT

According to Biteye's introduction, AltLayer is a decentralized Rollup as a Service protocol, with its entire stack designed in a modular way, allowing end users to choose Rollups according to their needs. Rollup SDKs support Arbitrum Orbit, OP Stack, and more. The data availability layer supports Eigenlayer, Celestia, Astria.

In January, AltLayer also launched its native utility token ALT as an economic link, used for governance, protocol incentives, and protocol fees. At that time, Binance conducted a new coin mining for it, issuing 500 million ALT tokens, 5% of the total supply. Additionally, AltLayer also issued around 300 million ALT tokens, 3% of the total supply, as rewards for users staking on Celestia and EigenLayer, holders of AltLayer NFTs, and participants in community activities, causing a wave of airdrop frenzy.

Polychain Capital Leads Again, Raises $14.4 Million

According to The Block's report, AltLayer raised $7.2 million in a seed round in 2022 led by Polychain Capital, Jump Crypto, and Breyer Capital.

In this new round of funding, led by Polychain Capital and Hack VC, OKX Ventures, HashKey Capital, Bankless Ventures, Primitive Ventures, SevenX, Mask Network, IOSG, and TRGC also participated. The round closed in September 2023, raising a total of $14.4 million.

The new funds will be used to expand the AltLayer team and further develop its Rollup infrastructure. However, AltLayer did not disclose its valuation.

ALT Token Price Continues to Hit New Highs, Up 6.2% in 24 Hours

According to CoinGecko data, the token's current trading price is $0.4669, up 6.2% in 24 hours, with a fully diluted valuation of $4.7 billion.