What is AltLayer?

What is AltLayer?

AltLayer is an open protocol focused on improving blockchain scalability and security through rollups. It uses Restaked rollups to build on frameworks like OP Stack, Arbitrum Orbit, and ZKStack. These rollups enhance security, decentralization, and interoperability using EigenLayer's restaking system, ensuring rapid crypto-economic finality. AltLayer merges simple rollup stack usage with strong network security.

AltLayer's architecture includes three key Actively Validated Services (AVSes): VITAL, MACH, and SQUAD. These services are crucial for app-specific rollups:

• VITAL: Provides decentralized verification of the rollup state.
• MACH: Ensures rapid finality.
• SQUAD: Manages decentralized sequencing.

AltLayer also features a no-code Rollups-as-a-Service (RaaS) platform. This platform allows users to create custom rollups easily. It supports EVM, WASM, and multiple rollup SDKs, and integrates with data availability layers and sequencing services. These include ephemeral rollups, which can be set up quickly for temporary needs and retired later, optimizing resource use.

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How Do Restaked Rollups Work?

Restaked Rollups, developed by AltLayer, enhance blockchain rollups using EigenLayer’s restaking system. This boosts decentralization, security, interoperability, and efficiency. These rollups use three Actively Validated Services (AVS):

• VITAL (Decentralized Verification): Ensures the rollup's state is correct with community verification, handling both fraud and Zero-Knowledge (ZK) proofs to provide robust, L1-level security.
• MACH (Fast Finality): Cuts transaction finality time from about 13 minutes on L1 networks to under 10 seconds. It improves cross-rollup interoperability and adds extra layers of verification and security.
• SQUAD (Decentralized Sequencing): Involves the community in sequencing, reducing single points of failure. This increases rollup token utility and reduces censorship risks.

These services together create a more secure, efficient, and community-driven rollup system, aligning with AltLayer's vision of a decentralized and collaborative blockchain ecosystem.

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AltLayer Tokenomics

AltLayer's tokenomics, centered around its native token $ALT, is structured to support the ecosystem's growth and user participation. The details of AltLayer's tokenomics are as follows:

• Total Supply: The $ALT token has a total supply of 10 billion.
• Circulating Supply at Listing: At the initial listing, the circulating supply was 1.1 billion ALT, 11% of the total supply.
• Private Sale Pricing: The private sale of $ALT tokens was conducted in two rounds. The first round was priced at $0.008 USD per ALT, and the second at $0.018 USD per ALT.
• Token Allocation: The distribution of $ALT tokens is as follows: 21.5% to the treasury, 20% for protocol development, 18.5% to investors, 15% to the team, 15% for ecosystem and community development, 5% to advisors, and 5% to the Binance Startup Team.
• Use Cases of ALT Token: The ALT token is used for several purposes within the AltLayer ecosystem, including staking to become Aggregate Verifier Services (AVSs), participating in governance through voting, paying operational fees, and accessing exclusive features and services.
• Token Launch and Distribution: The ALT token was officially launched on January 25, 2024, through the Binance Launchpool, where users could stake BNB and FDUSD to farm ALT tokens.
• Community Engagement and Airdrop: AltLayer conducted an airdrop for its early supporters, with eligibility criteria based on holding specific NFTs and campaign participation. The snapshot for this airdrop was taken on January 17, 2024.

This tokenomics structure is designed to promote active participation in the AltLayer ecosystem, align the interests of various stakeholders with the platform's growth, and ensure a balanced and sustainable token distribution.

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AltLayer Airdrop

The AltLayer airdrop is a strategic initiative designed to reward early supporters and community members. Key aspects of the AltLayer airdrop include:

• Eligibility Criteria: To qualify for the airdrop, participants need to meet specific criteria. This includes holding certain NFTs like the AltLayer OG Badge or Oh Ottie! NFTs, participating in Altitude campaigns, or being qualified EigenLayer restakers and Celestia stakers.
• Snapshot Date: The eligibility for the airdrop was determined based on a snapshot of qualified addresses taken on January 17, 2024, at Ethereum block number 19022890.
• Exclusions: The airdrop has geographical restrictions, excluding residents and citizens of certain sanctioned regions, including the USA, Canada, China, Iran, Cuba, North Korea, Syria, Myanmar, and regions under sanctions by the US, EU, and the UK.
• Distribution Process: Following the snapshot date, details regarding the distribution mechanics and the exact amount of tokens to be airdropped were to be announced.
• Future Plans: The airdrop represents the first phase of AltLayer's plan to reward its community. Further airdrops are anticipated, extending rewards to a wider range of ecosystem partners and supporters in subsequent months.

This airdrop is a significant part of AltLayer's efforts to incentivize and strengthen its community, ensuring active participation and long-term engagement within the AltLayer ecosystem.

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Bottom Line

AltLayer is revolutionizing blockchain scalability and security with its rollup technology and the innovative use of EigenLayer's restaking system. Its architecture, featuring VITAL for decentralized verification, MACH for rapid finality, and SQUAD for decentralized sequencing, ensures a robust and efficient ecosystem. The platform’s no-code Rollups-as-a-Service simplifies rollup creation, catering to both temporary and long-term needs.