Successful $14.4 Million Fundraising by AltLayer

On February 19, 2024, AltLayer (ALT), a protocol specializing in providing rollup infrastructure for projects under the Rollup-as-a-Service (RaaS) model, announced the successful completion of a $14.4 million strategic fundraising round led by Polychain Capital and Hack VC.

Additionally, AltLayer’s latest fundraising round saw participation from OKX Ventures, HashKey Capital, Bankless Ventures, Primitive Ventures, SevenX, Mask Network, IOSG Ventures, and TRGC.

The new capital will be utilized by the project to expand its team and global partnerships, while further developing its infrastructure and core technologies.

AltLayer is a decentralized protocol supporting developers in creating rollups, compatible with various SDK rollup toolkits such as OP Stack, Arbitrum Orbit, Polygon zkEVM, zkSync’s ZK Stack, and StarkWare; as well as shared sequencing services like Espresso and Radius.

Last year, the project collaborated with EigenLayer to introduce the Restaked Rollup model, aiming to decentralize the Sequencer network (by reallocating MEV activities), accelerate transaction finality, and restructure the profit-cost equation for various proof posting units and Data Availability (DA) layers of Celestia and Avail.

In the future, ALT holders will have governance rights or become operators within the ecosystem. ALT will also be used to reward contributors to the network such as operators or validators, as well as to pay transaction fees on the network.

The latest fundraising round occurred just one month after AltLayer’s listing on Binance and airdrop for stakers on EigenLayer, Celestia. Previously, the project successfully raised $22.8 million from two private sale rounds, with the tokens sold representing 18.5% of the total supply.

Chart ALT/USDT post this announcement

At the time of writing, ALT is currently trading around $0.45 – $0.47 USD, with a fully diluted valuation (FDV) of over $4.5 billion, marking an approximate 60% increase since its listing on Binance.

Chart of ALT/USDT on TradingView at 1:35 AM on February 20, 2024