AltLayer Moves Up ALT Token Unlock Schedule, Mimicking Worldcoin

The AltLayer (ALT) restaking solution has announced that they will move up the token unlock schedule to the present time.

Altlayer Moves Up Alt Token Unlock Schedule, Mimicking Worldcoin

According to the initial plan, AltLayer was set to carry out its first token unlock for investors, the team, advisors, and the treasury on July 25, 2024. This unlock was expected to allocate 684 million ALT tokens, representing 42% of the circulating supply, valued at approximately $99.8 million at the time of writing.

However, to ensure the project’s stability and long-term growth, all relevant parties have agreed to postpone the unlock to January 24, 2025. This means that no new ALT tokens will be introduced into circulation during this period.

The unlock schedule from January 25, 2025, will be as follows:

  • Unlock over 2 years for investors and strategic partners.
  • Unlock over 3 years for the team, advisors, the reserve fund, and other individuals and organizations.

Vesting

AltLayer is a decentralized protocol that supports developers in creating rollups, compatible with various SDKs like OP Stack, Arbitrum Orbit, Polygon zkEVM, zkSync’s ZK Stack, and StarkWare, along with shared sequencing services such as Espresso and Radius.

This news has been compared to Worldcoin by many in the cryptocurrency community, noting that Worldcoin recently adjusted its tokenomics. This information led to a 70% increase in Worldcoin (WLD) prices. However, for AltLayer (ALT), some believe this move is an attempt to retain holders as AltLayer’s position in the restaking segment has diminished.

Related: WLD Surges Over 70% After Worldcoin Revises Tokenomics

AltLayer (ALT) Price Movement

Following this announcement, ALT’s trading volume surged by 118% compared to the previous day. However, the price remained relatively stable, trading around the $0.14 mark.

Alt

5.0/5

(1 vote)

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

Azcnews Recovered The Us Sec Continues To File Appeals In The Ripple Lawsuit

News | Altcoin | Editor Choice | Policy & Regulations

The US SEC Continues to File Appeals in the Ripple Lawsuit

The U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple is moving forward as the agency formally files a pre-hearing Civil Appeal (Form C).

Azcnews Recovered Bitcoin Trading At $67,600, Facing Significant Selling Pressure From Whales

News | Analytics | Bitcoin | Editor Choice

Bitcoin Trading at $67,600, Facing Significant Selling Pressure from Whales

Bitcoin has surged in price over the past few days and is currently trading at $67,600. However, the price may see a short-term correction as it faces significant selling pressure from whales.

Worldcoin Rebrands As World And Upgrades Retina Scanning Technology

News | Altcoin | Editor Choice

Worldcoin Rebrands as World and Upgrades Retina Scanning Technology

Worldcoin announced its rebranding to World, along with a series of upgrades to make the verification process faster and more efficient.

Azcnews Trader Loses $2.53 Million In Reef Token Trade

News | Altcoin | Editor Choice

Trader Loses $2.53 Million in REEF Token Trade

As the REEF token price plunged 71% within hours, a crypto trader lost $2.53 million.

El Salvador The Bitcoin Country, Yet Its People Remain Indifferent

News | Bitcoin | Editor Choice

El Salvador: The Bitcoin Country, Yet Its People Remain Indifferent

According to a survey, 92% of the population in El Salvador have not yet used Bitcoin as a payment method, despite Bitcoin being accepted in the country since 2021.