What is Binance’s 45th Launchpool Project AltLayer?

Binance has announced its 45th altcoin project on Launchpool – AltLayer. This announcement closely follows the introduction of the 44th altcoin project, Manta (MANTA), just a few days ago on January 15th. 

Starting from 03:00 AM (TSI) on January 19, 2024, users can stake their BNB and FDUSD in separate pools to farm ALT tokens. This farming window spans six days, concluding at 02:59 AM (TSI) on January 24, offering participants an opportunity to engage with the AltLayer ecosystem.

Following the farming period, Binance is set to list ALT on January 25, 2024, at 01:00 PM (TSI). Traders can explore various trading pairs, including ALT/BTC, ALT/USDT, ALT/BNB, ALT/FDUSD, and ALT/TRY. The Seed Project Label will be applied to ALT, signifying its potential as a groundbreaking initiative.

But what is AltLayer. Let's learn:

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AltLayer (ALT): A Platform for Native and Reorganized Rollups

AltLayer (ALT) emerges as a platform designed for application developers, providing a launchpad for both native and reorganized Rollups. 

It offers a unique "Rollup-as-a-Service" (RaaS) solution, enabling developers to deploy Layer 2 applications effortlessly on popular blockchains such as Ethereum, Avalanche, Polygon, and more.

AltLayer employs the rollup optimism model, operating independently with a dedicated sequencer network – the Beacon chain. This network provides sequencing services for synthetically generated batches initiated by AltLayer, ensuring efficient transaction processing.

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Core Components and Ecosystem Support

The foundation of AltLayer is Substrate, which supports both WASM and EVM, making it scalable for a wide variety of EVM and WASM chains. This flexibility makes AltLayer a modular and connectable scaling solution, emphasizing its commitment to supporting various blockchain ecosystems.

Rollup-as-a-Service (RaaS) is a pivotal feature of AltLayer, offering several advantages:

• Public Nodes as Sequencers: AltLayer utilizes a network of public nodes that act as sequencers for rollups, eliminating the need for users to manage nodes themselves.
• SDK for Rollup: For those who prefer a more hands-on approach, AltLayer offers a Software Development Kit (SDK) as an alternative to the user-friendly dashboard.

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Alt Token Details

AltLayer native token ALT will be used for the following activities: 

Economic Bond:

Users can utilize ALT tokens alongside restaked assets, creating an economic stake that serves as a mechanism to reinforce the security and integrity of the network. This economic stake can be subjected to slashing in the event of detecting malicious behavior, ensuring the security of AltLayer users.

Governance:

The governance functionality empowers ALT holders to actively participate in voting on important decisions that shape the future of the platform. 

Protocol Incentivization:

Operators contributing to the AltLayer network by providing valuable services are rewarded with ALT tokens. 

Protocol Fees:

Network participants, including developers and users, will need to utilize ALT tokens to pay for intra-network services. Whether it's deploying Layer 2 applications or accessing various features, ALT becomes the medium of exchange.

The token distribution is as follows:

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Alt Layer Team and Funding

AltLayer is led by Dr. Yaoqi Jia, former director of Parity Asia and co-founder/CTO of Zilliqa. With experience at Parity, Zilliqa, and Synthetix, the team brings a wealth of knowledge to drive AltLayer's vision forward.

AltLayer has successfully raised $7.2 million in a seed round, with Polygon Capital, Breyer Capital, and Jump Crypto leading the investment.