An Overview of Binance's New Launchpool AltLayer

OdailyNews
2024-01-18 10:16:54
Collection
AltLayer will conduct an airdrop, and holders of the AltLayer OG Badge NFT, Oh Ottie! NFT holders, qualified participants of the Altitude event, eligible EigenLayer re-stakers, and Celestia stakers are all eligible for the airdrop.

Author: Nan Zhi
Today, Binance's 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, to earn ALT rewards, with a total of 6 days available for mining ALT.

AltLayer subsequently announced an airdrop, targeting holders of the AltLayer OG Badge NFT, Oh Ottie! NFT holders, qualified participants of the Altitude event, eligible EigenLayer re-stakers, and Celestia stakers, with the snapshot time set for January 17, 2024, at 08:00:11 (Ethereum block number 19022890).

In fact, last August, Binance Labs invested in four outstanding MVB VI projects, including AltLayer. What magic does AltLayer possess to gain Binance's favor?

Project Details

Project Business

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

Restaked Rollups combine the usability of Rollup stacks like OP Stack and Arbitrum Orbit with the re-staking mechanism of EigenLayer to enhance network security and build a decentralized network.

Based on this protocol, AltLayer offers a multifunctional, no-code Rollups launch service platform, allowing those without programming experience to easily create custom Rollups in just 2 minutes with a few clicks. It supports different Rollup SDKs such as OP Stack, Arbitrum Orbit, Starkware, etc.; various shared ordering services like Espresso and Radius; and different DA layers such as Celestia, EigenLayer, and Avail.

Additionally, AltLayer introduced a new concept called "ephemeral rollups." Through ephemeral rollups, developers can:

- Quickly create a fast and scalable application-specific Rollup protected by Layer 1 when anticipating a surge in traffic for their DApp;

- Use the Rollup for the required duration;

- Settle on Layer 1 to handle the Rollup upon expiration.

Ephemeral rollups are highly resource-optimized Rollups, providing developers with the best features of custom Rollups and general Layer 1. With the support of RaaS, AltLayer offers both temporary and permanent products.

In short, AltLayer's main business is to provide developers with rapid creation tools for Rollups, with customizable Rollup components that can be used for both long-term and short-term traffic surge services.

Project Financing

In July 2022, AltLayer completed a $7.2 million seed round financing, led by Polychain Capital, Jump Crypto, and Breyer Capital, with participation from Polkadot founder Gavin Wood, Balaji Srinivasan, former Coinbase CTO Balaji Srinivasan, Circle co-founder Sean Neville, Synthetix co-founder Kain Warwick, and Jordan Momtazi.
In August 2023, Binance Labs tweeted that it had invested in four outstanding MVB VI projects, including the Ethereum scaling project AltLayer.

Major Milestones of the Project

In October 2022, the Ethereum scaling project AltLayer launched its Alpha developer network, allowing developers to try deploying Solidity contracts and testing cross-chain solutions; in April 2023, AltLayer's Rollups-as-a-Service announced support for L3 blockchain Arbitrum Orbit. Users can launch any L3 application bound to Arbitrum in minutes using no-code tools; in May 2023, AltLayer announced the launch of a multi-sequencer testnet Rollup, promising to alleviate censorship and enhance the security and usability of Rollups; in July 2023, the Ethereum scaling project AltLayer announced that it had deployed over 100,000 Flash Layers as part of the third phase of Altitude.

Binance New Coin Mining

Start Time: January 19, 2024, 08:00 (UTC+8), lasting for 6 days
Maximum Token Supply: 10,000,000,000 ALT
Initial Circulation: 1,100,000,000 ALT (11% of the maximum token supply)
Total Mining Amount: 500,000,000 ALT (5% of the maximum token supply), with the BNB pool having 400,000,000 ALT (80%) and the FDUSD pool having 100,000,000 ALT (20%)
Token Economics: Total of 10 billion tokens, with 18.5% allocated to investors, 5% to Binance Launchpool, 15% to the team, 5% to strategic advisors, 20% to protocol development, 21.5% to the treasury, and 15% to the ecosystem and community.
Additionally, Binance's research report states that AltLayer raised $22.8 million through two rounds of private token sales, with 18.50% of the total ALT sold at prices of 0.008 USDT and 0.018 USDT.

Token Utility

ALT is the native utility token of AltLayer, serving functions including economic binding, governance, operator protocol incentives, and user service fees.
Economic Binding: ALT tokens will be used alongside re-staked assets to provide economic shares. If malicious behavior is detected, this share may be reduced;
Governance: ALT token holders can vote on governance decisions;
Protocol Incentives: Operators within the AltLayer ecosystem can earn ALT tokens as rewards for providing services;
Protocol Fees: Network participants will need to use ALT tokens to pay for services within the network.

Token Airdrop

Additionally, AltLayer announced an airdrop targeting holders of the AltLayer OG Badge NFT, Oh Ottie! NFT holders, qualified participants of the Altitude event, eligible EigenLayer re-stakers, and Celestia stakers. The snapshot time is set for January 17, 2024, at 08:00:11 (Ethereum block number 19022890).

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