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The collection platform AltLayer, in the strategic funding round led by Polychain Capital and Hack VC jointly, has raised $14.4 million.
OKX Ventures, HashKey Capital, Bankless Ventures, Primitive Ventures, SevenX, Mask Network, IOSG, and TRGC participated in the round in 2023.
According to the announcement, the new capital will be used to expand the AltLayer team and further develop the fundraising infrastructure. However, the team did not announce what valuation was reached.
This rise came after AltLayer launched its token last month and rewarded those who staked on Celestia and EigenLayer, the owners of AltLayer’s NFTs, and those who participated in community campaigns.
The first airdrop constituted approximately 300 million ALT token ($141 million) or 3% of the total supply, and 83% of the tokens were claimed.
What is AltLayer?
AltLayer is a fully open and decentralized protocol developed for many Roll-ups. AltLayer offers innovations such as high security, interoperability, and decentralization.
The project has developed this opportunities through a system called Restaked Roll-up. Thanks to Restaked, Roll-ups can be produced in the fastest and safest way by using Roll-up stacks such as OP Stack, Arbitrum Orbit, ZKStack, Polygon CDK. In addition, the EigenLayer restaking mechanism is used in this system to create a decentralized network.
What Does It Do?
The Restaked Roll-ups in the project use the system of Actively Verified Services (AVS). They are divided into 3: VITAL (AVS for Decentralized Verification), MACH (AVS for Fast Results), SQUAD (AVS for Decentralized Ranking).
It is exactly such a protocol that offers many opportunities to its users. There is an opportunity for non-developers and users who do not know how to code to produce customized Roll-ups in a very short time like 2 minutes.