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Understand Binance’s latest Launchpad project AltLayer: What to expect from a RaaS protocol with a strong investment background?

Joyce

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AltLayer is committed to becoming a key infrastructure in the Ethereum ecosystem

On January 17th, Binance launched the 45th new coin mining project, AltLayer (ALT), which can be mined using BNB and FDUSD. Users can deposit BNB and FDUSD into the AltLayer mining pool on the Launchpad website starting from 08:00 (UTC+8) on January 19th to receive ALT rewards. The mining period for ALT lasts for 6 days. Binance will list AltLayer (ALT) on January 25th at 18:00 (UTC+8) and enable trading pairs including ALT/BTC, ALT/USDT, ALT/BNB, ALT/FDUSD, and ALT/TRY.

This issue of Launchpad has many highlights. First of all, AltLayer received its first round of financing in 2022 from well-known VC and institutional founders such as Jump Crypto, Polkadot founder Gavin Wood, former Coinbase CTO, and former a16z partner Balaji Srinivasan. AltLayer has had high popularity in the three testnets it has gone through and has developed a thriving ecosystem. BlockBeats has compiled relevant information about AltLayer.

AltLayer is a decentralized and elastic Raas protocol. Its core network, Beacon Layer, builds a no-code Rollups-as-a-Service dashboard, allowing developers to quickly customize Rollups with fraud and zero-knowledge proofs. The flexibility and openness of this protocol provide strong support for the development of blockchain applications.

AltLayer also integrates the innovative concept of Restaked Rollups. By adopting Rollup (which can be derived from any Rollup stack, such as OP Stack, Arbitrum Orbit, Polygon CDK, ZK Stack, etc.), AltLayer provides enhanced security, decentralization, and interoperability for these Rollups. Through the EigenLayer's re-staking mechanism, AltLayer not only improves economic security but also lays the foundation for network stability and sustainability.

AltLayer is a Rollups solution based on re-collateralization, which includes three key products:

VITAL: An Active Verification Service (AVS) that allows operators to verify blocks and corresponding states submitted by aggregator sorters, and to raise fraud proof challenges when necessary.

MACH: A protocol that provides faster finality for rollups by allowing operators to re-stake assets based on Ethereum to support any claim of aggregated state.

SQUAD: provides decentralized sequencing with economic support. Decentralized sequencing eliminates short-term activity issues, bad MEV, rent extraction, and other issues associated with aggregating the use of a single sequencer.

AltLayer Ecosystem Partners

As a modular and pluggable extension solution, AltLayer can provide developers with more flexible application space. Currently, it has cooperated with many protocols.

Research Collaboration:

EigenLayer: AltLayer has partnered with EigenLayer to build a heavy renormalization aggregator and support EigenDA.

RISC Zero: RISC Zero is building zkVM - a universal ZK computation framework. AltLayer has collaborated with RISC Zero to develop a new type of fault proof called ZK fault proof.

Client using AltLayer:

Cometh: Cometh is a game studio based in France. They have previously worked with well-known clients such as La Française des Jeux (FDJ), Lacoste, FanLive Rugby, and Life Beyond Studios to meet their web3 needs. Cometh is currently developing a new game called Cosmik Battle, which includes a user-friendly biometric wallet and a customizable NFT marketplace provided by AltLayer.

Double Jump Tokyo: Double Jump.tokyo is a blockchain game development studio located in Japan. They provide Web3 game and NFT development services for large enterprises in the gaming and entertainment industry. They have collaborated with well-known partners such as SEGA, Bandai, and Ubisoft, and own game IPs such as Sangokushi Taisen. Double Jump is also a member of Japan's blockchain organization and has received support from companies such as Jump and Circle. AltLayer's exclusive partnership with Double Jump will allow developers to launch game-specific Rollups based on Oasys - Double Jump Tokyo's platform.

Injective: Injective is a blockchain where developers can utilize a decentralized order book to build applications. Injective collaborates with AltLayer to use a modular Restaked rollup framework.

Avive: Avive is a geographic social protocol with network consensus proof. It introduces the concept of "sovereign footprint" and emphasizes individual ownership and control over personal data and digital identity.

Deri: The Deri Protocol allows users to trade derivatives, including hedging, speculation, and arbitrage, all on-chain. With the Deri Protocol, trades are executed under the AMM paradigm, with positions marked as NFTs and highly composable with other DeFi projects. Deri Protocol has partnered with AltLayer to launch a Rollup release dedicated to applications.

Automata: Automata is a blockchain middleware service provider supported by Binance Labs, Jump Crypto, and others. They recently launched a modular proof layer that performs proofs entirely on-chain for off-chain computation. The project achieves on-chain verification of heavyweight computation through machine-proven proofs and uses AltLayer's aggregation for scalability. Automata has partnered with AltLayer to launch the application-specific aggregation for Automata 2.0.

ALLO: The Allo protocol is building applications across programmable funds to tokenize real-world assets, transactions, and staking. The product is built as an extension of Allocations, a fund management platform that currently manages over $1 billion in assets and is supported by companies such as Flex Capital, Genesis Accel, Digital Horizon, Whatif Ventures, Garage Syndicate, and W5 Group. Allo has partnered with AltLayer to build the RWA rollup.

Token Economics

ALT is the native utility token of AltLayer, which functions as an economic bond, participates in governance, serves as a protocol incentive for operators, and covers user service fees.

Economic bonds: The ALT token will be used together with re-mortgaged assets to provide economic collateral. If malicious behavior is detected, this equity may be reduced.

Governance: ALT token holders can vote on governance decisions.

Protocol Incentives: Operators in the AltLayer ecosystem can receive ALT tokens as rewards for their services.

Protocol fee: Network participants need to use ALT tokens to pay for network service fees.

As of January 17, 2024, the total supply of ALT is 10 billion, with a circulating supply of 1.1 billion (11% of the total token supply) after listing. AltLayer has raised $22.8 million through two rounds of private token sales, with 18.50% of the total ALT token supply sold at $0.008/ALT and $0.018/ALT respectively.

The token distribution is shown in the following figure. Binance Launchpool accounts for 5% of the total token supply, while the team, investors, and advisors own 15%, 18.5%, and 5%, respectively. 20% is allocated for the future development of the protocol, 15% is distributed to the ecosystem and community, and the treasury receives 21.5%.