A $14.4 million strategic investment round headed by Polychain Capital and Hack VC has been raised by rollups platform AltLayer.
According to a statement released today, the round also included participation from OKX Ventures, HashKey Capital, Bankless Ventures, Primitive Ventures, SevenX, Mask Network, IOSG, and TRGC. It closed in September 2023.
The announcement states that the additional funding would be utilized to grow AltLayer’s workforce and enhance its rollup infrastructure. The valuation was not disclosed by AltLayer.
The increase follows AltLayer’s native token debut last month, which rewarded users for their contributions to community campaigns, holdings of AltLayer’s NFTs, and staking on Celestia and EigenLayer. The first airdrop consisted of about 300 million ALT tokens ($141 million), or 3% of the entire supply, of which 83% were claimed.
What is the AltLayer?
Rollup-as-a-service, or rollup-from-software stacks like OP Stack, Arbitrum, and Polygon CDK, is made possible by the decentralized protocol AltLayer.
Additionally, the project intends to create “restaked rollups,” which are Layer 2 projects that use EigenLayer’s restaking method to bootstrap network security.
According to Luke Pearson, General Partner at Polychain Capital, “AltLayer is undertaking novel research and development that inspires us to think about how much we can scale with the right tools.” Polychain Capital has invested in AltLayer.
Together with employing Bitcoin to secure external networks, the team hopes to replicate the restaked rollups framework outside of Ethereum through cooperation with Babylon.
Network users will have to use ALT tokens to pay protocol fees, and holders of ALT tokens will be involved in the project’s governance. According to CoinGecko data, the coin is presently trading at $0.47 with a fully diluted valuation of $4.7 billion.
In a previous seed funding round, Polychain Capital, Jump Crypto, and Breyer Capital jointly spearheaded AltLayer’s $7.2 million fundraising.
