Wednesday, July 24, 2024
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AltLayer Secures $14.4M Strategic Funding

AltLayer, an open and decentralized protocol to launch native and restaked rollups with optimistic and zk stacks, has raised $14.4M in a strategic fundraising round co-led by Polychain Capital and Hack VC.

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Since then, AltLayer has evolved with its product offerings — setting its sights on becoming the top rollup infrastructure provider for Ethereum and beyond. AltLayer’s native token ‘ALT’ was launched in early 2024 and will be used to further power its ecosystem via staking, transaction fees, protocol incentivization, and governance.

Founder Dr. Yaoqi Jia said: “AltLayer accelerates scaling to make dApps deployed on Ethereum truly limitless! Restaked rollups are now at the core of this vision. With the creation of hundreds of thousands of rollups, we must create business models where rollups can sustain themselves while delivering clear value to the bottom-line of builders and end-users: be it security, customizability, or massive scale and speed. By leveraging EigenLayer’s restaking mechanism, we will be able to do this successfully in a more secure and decentralized manner. We’re elated that visionaries in the industry see our potential and have chosen to back us once more as we take on a new chapter in our journey.”

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Luke Pearson, General Partner, Polychain Capital said: “AltLayer is undertaking novel research and development that inspires us to think about how much we can scale with the right tools. Be it rollups-as-a-service (RaaS) launcher, or restaked rollups — devs now have access to modular and powerful tools and frameworks that they can wield as per their needs without having to take on a tedious building journey. We have been a backer of AltLayer from the early days and co-leading the latest round shows our conviction in the project. I cannot wait to see how AltLayer shapes the broader rollup landscape with their offerings.”

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The team has undertaken another challenge: to recreate the restaked rollups framework outside Ethereum. They are building a decentralized verification layer that leverages Bitcoin staking for security in partnership with Babylon, which will enable users to stake BTC on Bitcoin to secure external networks. AltLayer is additionally collaborating with RISC Zero to bring “on-demand” ZK fraud proofs to optimistic rollups.

About AltLayer

Since its inception, AltLayer has had a consistent track-record with pioneering research on rollup infrastructure. Today, its flagship product — restaked rollups — provides a tangible, clear-cut way forward in scaling up Ethereum, accelerating the growth and performance of dApps. Its key AVS products namely MACH, VITAL, and SQUAD — powered by EigenLayer — will bring greater decentralization, interoperability, fast finality, and security to thousands of rollups.

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