Binance’s new coin mining AltLayer: raises US$7.2 million to provide Rollup rapid creation tool

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南枳
3 months ago
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Investment institutions include Binance Labs, Polychain Capital, Jump Crypto and Breyer Capital, etc.

Original - Odaily

Author - Nan Zhi

Binance’s new coin mining AltLayer: raises US.2 million to provide Rollup rapid creation tool

Today, Binance New Coin Mining announced the launch of the 45th project AltLayer (ALT); users can invest BNB and FDUSD into the AltLayer mining pool on the Launchpad website after 08:00 (UTC+ 8) on January 19, 2024 Obtain ALT rewards, and ALT can be mined for a total of 6 days.

AltLayer later announced that it would conduct an airdrop, and the airdrop targets include AltLayer OG Badge NFT holders, Oh Ottie! NFT holders, Altitude event qualified participants, qualified EigenLayer re-hypothecaters and Celestia stakers, snapshot time is January 17, 2024 at 8:00:11 (Ethereum block number 19022890).

In fact, Binance Labs invested in four outstanding MVB VI projects in August last year, including AltLayer. What is the magic of AltLayer that can win the favor of Binance?

Project details

Project business

AltLayer is an open, decentralized Rollups protocol. AltLayer proposed a new concept Restaked Rollup, which is based on existing rollups, such as OP Stack, Arbitrum Orbit, ZKStack, Polygon CDK, etc., providing them with enhanced security, decentralization, and interoperability and fast finality of cryptoeconomics.

Restaked Rollups combine the ease of use of Rollup stacks such as OP Stack, Arbitrum Orbit, and the re-staking mechanism of EigenLayer to enhance network security and build a decentralized network.

Based on this agreement, AltLayer provides a versatile, code-free Rollups startup service platform that allows those with no programming experience to easily create custom Rollups in 2 minutes with just a few clicks. Supports different Rollup SDKs, such as OP Stack, Arbitrum Orbit, Starkware, etc.; different shared ordering services, such as Espresso and Radius; and different DA layers, such as Celestia EigenLayer and Avail, etc.

In addition, AltLayer proposes a new concept of ephemeral rollups. Through temporary rollups, when developers anticipate that DApp will face a surge in traffic, they can:

  • Quickly create a fast and scalable application-customized Rollup protected by Layer 1;

  • Use Rollup when needed;

  • Rollups are handled with maturity settlement on Layer 1.

Temporary rollups are highly resource-optimized rollups that provide developers with the best features of personalized rollups and general-purpose Layer 1. Powered by RaaS, AltLayer offers both temporary and permanent products.

in short,AltLayers main business is to provide developers with rapid creation tools for Rollups. Rollup components can be customized and the Rollup can be used for both long-term use and short-term traffic surge services.

project financing

In July 2022, AltLayer completed a $7.2 million seed round of financing, led by Polychain Capital, Jump Crypto and Breyer Capital. Polkadot founders Gavin Wood and Balaji Srinivasan, former Coinbase CTO Balaji Srinivasan, Circle co-founder Sean Neville, Synthetix co-founders Kain Warwick and Jordan Momtazi also participated in the investment.

In August 2023, Binance Labs tweeted that it had invested in four outstanding MVB VI projects, including the Ethereum expansion project AltLayer.

Main project history

In October 2022, the Ethereum expansion project AltLayer launched the Alpha developer network, where developers can try to deploy Solidity contracts and test cross-chain solutions.

In April 2023, AltLayer’s Rollups-as-a-Service announced support for the L3 blockchain Arbitrum Orbit. Code-free tools allow users to launch any L3 application tied to Arbitrum in minutes.

In May 2023, AltLayer announced the launch of the multi-orderer testnet Rollup, promising to alleviate censorship and enhance the security and usability of Rollup.

In July 2023, the Ethereum expansion project AltLayer announced that as part of the third phase of Altitude, more than 100,000 Flash Layers have been deployed.

Binance new coin mining

  • Start time: 08:00 on January 19, 2024 (UTC+ 8), lasting for 6 days

  • Maximum supply of tokens: 10, 000, 000, 000 ALT

  • Initial circulation: 1, 100, 000, 000 ALT (11% of the maximum supply of tokens)

  • Total mining amount: 500, 000, 000 ALT (5% of the maximum supply of tokens), including 400, 000, 000 ALT in the BNB mining pool (accounting for 80%), and 100, 000, 000 ALT in the FDUSD mining pool (accounting for 20%)

  • Token Economics: The total amount is 10 billion, 18.5% of the total amount is allocated to investors, 5% is allocated to Binance Launchpool, 15% is allocated to the team, 5% is allocated to strategic advisors, 20% is allocated to protocol development, and 21.5% is allocated to the treasury. Ecosystem and community allocation 15%.

In addition, Binance Research reported that AltLayer raised US$22.8 million through two rounds of token private placements, of which 18.50% of the total ALT volume was sold at prices of 0.008 USDT and 0.018 USDT respectively.

Binance’s new coin mining AltLayer: raises US.2 million to provide Rollup rapid creation tool

Token usage

ALT is AltLayers native utility token, and its functions include serving as economic binding, governance, operator agreement incentives and user service fees.

Economic Bonding: ALT tokens will be used alongside heavily collateralized assets to provide economic share. This share may be slashed if malicious behavior is detected;

Governance: ALT token holders can vote on governance decisions;

Protocol incentives: Operators in the AltLayer ecosystem can receive ALT tokens as rewards for providing services;

Protocol Fees: Network participants will be required to pay for services within the network using ALT tokens.

Token airdrop

In addition, AltLayer announced that it will conduct an airdrop. The airdrop targets include AltLayer OG Badge NFT holders, Oh Ottie! NFT holders, Altitude event qualified participants, qualified EigenLayer restakers and Celestia stakers. The snapshot time is 8:00:11 on January 17, 2024 (Ethereum block number 19022890).

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