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.
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.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
