A comprehensive analysis of AltLayer: a modular narrative killer in the Rollup era
Original author: Jake Pahor
Original compilation: Frank, Foresight News
As a Rollup-as-a-service platform that provides low-threshold Rollup startup solutions to DApp teams, AltLayer has been continuously conquering the ecological territory recently. The token ALT also touched 0.66997 USDT (Binance spot data) today, reaching a record high.
This article is a brief report on ALT by encryption researcher Jake Pahor. It conducts a detailed study of AltLayer and conducts an in-depth exploration of AltLayer from multiple perspectives such as use cases, large-scale adoption, project revenue, and token economics. Foresight News The full text was compiled.
1 Overview
AltLayer is a decentralized protocol for launching native and restaking rollups using Optimistic and ZK rollup stacks. Its main products are:
Restaked Rollups;
Rollups-as-a-Service;
The goal of both products is to help projects save time and money while promoting innovation.
2.Use cases
Restaked Rollups combines existing Rollup solutions (OP Stack, Arbitrum Orbit, ZK Stack, etc.) with enhanced security, decentralization, interoperability and fast determinism, and integrates existing Rollup stacks with EigenLayers The re-staking mechanism is combined to take advantage of it.
AltLayer envisions a world of thousands of Rollups, both universal and application-specific, making creating them as easy as using Lego bricks.
For example it could be:
AltLayer = Sorter;
OP = Stack；
Celestia = DA；
Ethereum = settlement;
3. Mass adoption
The AltLayer ecosystem is growing rapidly and already includes some noteworthy partners: Arbitrum, Optimism, Polygon, EigenLayer, Celestia, Espresso, Hyperlane, Injective, Rabby.
To date, they have also launched 4 public testnets and worked with over 20 well-known customers.
4.Income
ALT requirements are driven by 3 main mechanisms:
Collateral: ALT tokens are used as collateral along with Restaked assets;
Incentives: Operators in the AltLayer ecosystem can receive ALT tokens as rewards for their services;
Transaction fees: Pay for in-network services in ALT;
5. Token Economics
ALT is AltLayers original utility token, which can be used in scenarios such as collateral, governance, protocol incentives, and protocol fees.
Initially, AltLayer airdropped 3% of the token supply (300 million ALT) to NFT holders, Altitude event participants, EigenLayer re-stakers, and Celestia stakers.
The airdrop application window for Celestia stakers has now closed. Generally speaking, this is not a large airdrop for most people. Generally, you only need to pledge 35 TIA to be eligible to apply.
Current token supply statistics:
Circulating supply: 1.1 billion;
Maximum supply: 10 billion pieces;
Market cap: $545 million;
FDV: $5 billion;
Market cap/FDV: 11%;
6. Treasury
Based on current valuations, AltLayer Vault holds:
61 million ALT = 40 million USD
These tokens have been unlocked, and the remaining allocation will be unlocked linearly over the next 4 years. Once fully vested, its value will exceed $1 billion based on current token prices.
7.Governance
ALT token holders will have the opportunity to vote on governance decisions, but no formal governance structure has been established yet.
According to CertiK, AltLayer excels in the governance category, exhibiting a relatively high level of decentralization.
8. Team and investors
AltLayer was founded in 2021 by Jia Yaoqi and has raised over $21.6 million in funding over the past few years from investors including Polychain Capital, Jump Crypto, Breyer Capital, Binance Labs, Hack VC, Balaji, Ryan Selkis, and Gavin Wood .
9. Competitors
AltLayer is at the forefront of a new wave of modular blockchain applications, a category some are calling “Rollups-as-a-Service.”
Its main competitor Dymension (DYM) also completed an airdrop and token issuance not long ago.
10.Risk and Audit
CertiK security score: 83.17, ranking among the top 10% of projects, ranking 21st among newly released projects.
AltLayer stands out for its market performance, governance practices, and community involvement, but no public code audit has been found so far.
11. Summary
Overall, I am very bullish on the modular blockchain theory, and I think AltLayer is well positioned to take advantage of this narrative as it develops.
Upcoming Catalysts:
Modular narrative growth;
further airdrops;
New integrations are constantly being added;
Total weighted score = 7.73
