Strategic Investment Round Led by Polychain Capital and Hack VC, Joined by OKX Ventures, HashKey, and Other Prominent Funds
On February 19, 2024, AltLayer (ALT), a decentralized protocol specializing in Rollup-as-a-Service (RaaS) infrastructure, announced the successful completion of a $14.4 million strategic funding round. The round was co-led by Polychain Capital and Hack VC, with participation from OKX Ventures, HashKey Capital, Bankless Ventures, Primitive Ventures, SevenX, Mask Network, IOSG Ventures, and TRGC.
The newly secured capital will be allocated toward global team expansion, partnership development, and advancements in core infrastructure and technologies.
👉 Explore AltLayer's latest developments
Key Features of AltLayer
AltLayer is a decentralized protocol designed to assist developers in creating rollups compatible with multiple SDK toolkits, including:
- OP Stack
- Arbitrum Orbit
- Polygon zkEVM
- ZK Stack (zkSync)
- StarkWare
Additionally, AltLayer supports shared sequencing services like Espresso and Radius.
Restaked Rollup Initiative
In late 2023, AltLayer partnered with EigenLayer to introduce the Restaked Rollup model, aiming to:
- Decentralize Sequencer networks
- Accelerate finality confirmation
- Optimize profit-cost dynamics for proof submitters and Data Availability (DA) providers (e.g., Celestia, Avail)
Utility of the ALT Token
ALT token holders will enjoy governance participation rights and opportunities to operate within the ecosystem. The token will also be used for:
- Rewarding validators and operators
- Covering transaction fees
Market Performance
The latest funding round follows AltLayer’s Binance listing and airdrop distributions for EigenLayer and Celestia stakers. Prior to this, the project raised $22.8 million across two private sales, with tokens allocated at 18.5% of total supply.
As of reporting, ALT trades between $0.45–$0.47, reflecting a 60% increase post-Binance listing and a fully diluted valuation (FDV) exceeding $4.5 billion.
FAQs
1. What is AltLayer’s primary function?
AltLayer provides Rollup-as-a-Service (RaaS) infrastructure, enabling developers to deploy modular rollups with ease.
2. Who were the major investors in this round?
Polychain Capital and Hack VC co-led the round, joined by OKX Ventures, HashKey Capital, and others.
3. How will the funding be utilized?
Funds will support team growth, technological advancements, and global ecosystem expansion.
👉 Stay updated on AltLayer’s progress
Sources: Coin68
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