Rollup platform AltLayer has raised $14.4 million in a strategic funding round co-led by Polychain Capital and Hack VC.
OKX Ventures, HashKey Capital, Bankless Ventures, Primitive Ventures, SevenX, Mask Network, IOSG and TRGC also participated in the round, which closed in September 2023, according to a statement released today.
According to the statement, the new capital will be used to expand the AltLayer team and further develop its rollup infrastructure. AltLayer did not disclose its valuation.
The raise comes after AltLayer launched its native token last month and rewarded users who staked Celestia and EigenLayer, AltLayer’s NFT holders and community campaign participants. Approximately 300 million ALT tokens ($141 million), or 3% of the total supply, comprised the first airdrop, with 83% of the tokens claimed.
What is AltLayer?
AltLayer is a decentralized protocol that allows developers to create rollups-as-a-service across software stacks such as OP Stack, Arbitrum, and Polygon CDK.
The project also plans to introduce “Restaken Rollup,” a layer 2 project that leverages EigenLayer’s restaking mechanism to bootstrap network security.
“AltLayer is conducting new research and development that inspires us to think about how much we can scale with the right tools,” Luke Pearson, general partner at Polychain Capital, said of the company’s investment in AltLayer.
Additionally, in collaboration with Babylon, the team aims to reinvent the re-stake rollup framework beyond Ethereum by leveraging Bitcoin to secure external networks.
ALT token holders participate in project governance, and network participants must use their tokens to pay protocol fees. According to CoinGecko data, the token is currently trading at $0.47 with a fully diluted value of $4.7 billion.
ALT/USD price chart. Image: CoinGecko.
AltLayer previously raised $7.2 million in a seed funding round co-led by Polychain Capital, Jump Crypto, and Breyer Capital.
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