Dear community members, we are excited to announce the official launch of the ALT token. This token is not only a core component of the AltLayer protocol, but also an important step towards our decentralized future. This article will provide an in-depth look at the functionality of the ALT token, AltLayer’s ecosystem, and the upcoming launch event.
What is the AltLayer protocol?
AltLayer is an open and decentralized rollup protocol designed to provide greater security, decentralization, interoperability, and rapid certainty in the cryptoeconomics. By introducing the new concept of restaking rollups (Restaked Rollups), AltLayer utilizes existing rollup technology stacks (such as OP Stack, Arbitrum Orbit, ZKStack, etc.) to provide users with more secure and efficient services.
Advantages of Restaked Rollups: Restaked Rollups combines the convenience of rollup technology with the powerful capabilities of EigenLayer's re-pledge mechanism, which can guide network security and build a decentralized network. Specifically, they provide the following three key services:
Verify the correctness of rollups status
Faster finality
Decentralized Sequencing
These services are provided through three modular components, namely:
VITAL: Decentralized verification of rollup status
MACH: Fast Deterministic Network
SQUAD: a decentralized sorting framework
The booming development of AltLayer ecosystem
The AltLayer ecosystem has grown to include multiple mature infrastructure providers, including EigenLayer, Espresso, Astria, Radius, and others. In addition, there are service providers such as Blockscout and Dexguru that provide support for the ecosystem. The addition of these partners has laid a solid foundation for AltLayer's future development.
Cooperation with the Ethereum field
We work closely with many infrastructure teams in the Ethereum space to improve existing systems and build new ones. Collaboration with OP Labs, the RISC Zero team, and EigenLayer allows us to solve tough problems in areas such as MEV, decentralization, security, and privacy.
Projects using AltLayer: Multiple projects have begun using AltLayer’s services, spanning games, DeFi, and other applications. For example:
Double Jump Tokyo: This is a blockchain game development studio based in Japan, working with well-known partners such as Sega and Bandai.
Cometh: A game studio based in France that has worked with several well-known clients.
Oasys: A gaming-optimized blockchain with numerous leaders in gaming and Web3 as validators.
Function and distribution of ALT tokens
The ALT token will become AltLayer’s native utility token, and its main functions include:
Economic Ties: ALT tokens are used as economic collateral along with rehypothecated assets and may be slashed if malicious behavior is detected.
Governance: ALT token holders are able to participate in voting on governance decisions.
Protocol incentives: Operators in the AltLayer ecosystem can earn ALT tokens as rewards through their services.
Protocol fees: Network participants need to use ALT tokens to pay for network internal services.
Launch event and airdrop message
Official Token Generation Event: Please mark your calendars, the ALT token will be officially launched on January 25, 2024 at 10:00 (UTC). As a celebration of this milestone, we invite you to be among the first to explore the endless possibilities of the ALT Token.
Launch process: ALT tokens will be launched through Binance Launchpool, and users can stake BNB and FDUSD to mine ALT tokens within 6 days. Mining activities will start at 00:00 (UTC) on January 19, 2024, and Binance will list ALT on January 25, 2024, opening a variety of trading pairs.
Airdrop to thank supporters: To thank the community for its support, we will conduct an airdrop for eligible community members. Eligibility criteria include holding AltLayer OG badge NFT, Oh Ottie! NFT or participating in Altitude activities, etc. The snapshot date is January 17, 2024.
Conclusion
With the release of the ALT token, AltLayer will open a new chapter. We look forward to celebrating this important moment with the community and looking forward to the endless possibilities that the ALT token will bring to AltLayer and beyond. Please stay tuned for our updates and thank you for being a part of the ALT community and letting us embark on this exciting journey together!