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Binance Launches AltLayer (ALT) On Its 45th Project In Binance Launchpool

Binance has announced the 45th project on its Launchpool platform – AltLayer (ALT), a decentralized protocol that enables the launch of native and restaked rollups with both optimistic and ZK rollup stacks.

AltLayer aims to provide a scalable and secure solution for decentralized applications (dApps) by leveraging the power of rollups, a layer-2 technology that bundles transactions off-chain and periodically submits them to the main Ethereum blockchain. AltLayer offers a unique rollup framework called Restaked Rollups, which combines the benefits of different rollup stacks and EigenLayer’s restaking mechanism to bootstrap the network with borrowed economic security from Ethereum.

Users will be able to stake their BNB and FDUSD tokens into separate pools to farm ALT tokens, the native utility token of AltLayer, over six days, starting from 2024-01-19 00:00 (UTC). The webpage for staking is estimated to be available in 24 hours, before the Launchpool starts.

Binance will then list ALT on its exchange at 2024-01-25 10:00 (UTC) and open trading with five trading pairs: ALT/BTC, ALT/USDT, ALT/BNB, ALT/FDUSD and ALT/TRY. The Seed Tag will be applied to ALT, indicating that it is a newly launched token with higher volatility and risk.

ALT Launchpool Details:

  • Token Name: AltLayer (ALT)
  • Max Token Supply: 10,000,000,000 ALT
  • Launchpool Token Rewards: 500,000,000 ALT (5% of max token supply)
  • Initial Circulating Supply: 1,100,000,000 ALT (11% of max token supply)
  • Smart Contract Details: BNB Chain, Ethereum
  • Staking Terms: KYC required
  • Hourly Hard Cap per User: 277,777.77 ALT in BNB pool, 69,444.44 ALT in FDUSD pool
  • Supported Pools: Stake BNB: 400,000,000 ALT in rewards (80%), Stake FDUSD: 100,000,000 ALT in rewards (20%)
  • Farming Period: 2024-01-19 00:00 (UTC) to 2024-01-24 23:59 (UTC).

ALT Farming Distribution:

  • Dates (00:00:00 – 23:59:59 UTC each day): 2024-01-19 – 2024-01-24
  • Total Daily Rewards (ALT): 83,333,333.33
  • BNB Pool Daily Rewards (ALT): 66,666,666.66
  • FDUSD Pool Daily Rewards (ALT): 16,666,666.66

What is AltLayer

AltLayer is an open and decentralized protocol for rollups that offers enhanced security, decentralization, interoperability and fast finality by leveraging restaking mechanism. AltLayer allows users to launch application-specific instances of all major rollups, such as OP Stack, Arbitrum Orbit, Polygon CDK, ZK Stack, etc.

ALT is AltLayer’s native utility token and is used for economic bond, governance, protocol incentivization and protocol fees. AltLayer’s core products include VITAL, an actively validated service, MACH, a protocol to provide faster finality to rollups, and SQUAD, a decentralized sequencing service.

AltLayer has raised 22.8MM USD from two rounds of private token sales, where 18.50% of the ALT total token supply has been sold at 0.008 USD / ALT and 0.018 USD / ALT respectively. AltLayer’s investors include Polychain Capital, Binance Labs, Jump Crypto, Breyer Capital, DAO5, Balaji Srinivasan, Gavin Wood, Sean Neville and others.

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