Eligible Binance users have been farming free tokens by staking any of the supported assets or pools, thanks to the successive release of different projects on the Launchpool. I am beginning to like the shortened farming periods as opposed to the month-long ones previously.
The 46th project, AltLayer is still available for farming (2 days left as it started on the 19th of January). I had been meaning to share it earlier but had not been able to. Anyway, below are some information about it.
Farming Details
- Eligibility: KYC, not resident of restricted countries
- Farming Period: 19th January 00:00 UTC to 24th January 23:59 UTC
- Total Rewards: 500 million ALT which is 5% of the maximum token supply
Supported Pools
1️⃣ BNB Pool
- 400 million ALT is available to reward users who stake BNB which accounts for 80% of the total launchpad rewards.
- 66,666,666.66 ALT are allotted as daily rewards for this pool.
- The hourly hard cap per user is 277,777.77 ALT.
- Users holding BNB on the BNB Vault and other Locked products are eligible to receive ALT rewards.
- At the time of this writing, more than 15 million BNB is staked in this pool.
2️⃣ FDUSD Pool
- Users who stake FDUSD will get a share of the 100 million ALT allocated on this pool.
- The hourly hard cap per user is 69,444.44 ALT
- 16,666,666.66 ALT is allotted as daily rewards to users who stake FDUSD.
- There are over 2 billion FDUSD staked in this pool at the time of this writing.
ALT Listing
The token will be listed under the Seed Tag classification (volatile assets) on Binance on the 25th of January (10:00 UTC) with the following trading pairs:
- ALT/BTC
- ALT/USDT
- ALT/BNB
- ALT/FDUSD
- ALT/TRY
Brief Overview: What is AltLayer
According to its Whitepaper, it is an open and decentralized protocol for rollups. It "offers a versatile, no-code Rollups-as-a-Service (RaaS) launchpad that allows not only developers but also those with little to no coding experience to spin up a customized rollup within 2 minutes with only a few simple clicks."¹
It facilitates the launch of native and restaked rollups with both optimistic and zk rollup stacks.²
The protocol aims to provide highly scalable application-dedicated execution layers while deriving security from the Ethereum mainnet. It can be seen as a system of individual optimistic rollups that is tailored to a specific application.
It is designed for a multi-chain and a multi-VM world and therefore will have native support for EVM as well as WASM.³
The project has been under active development since Dec 2021 and has received funding from Polychain Capital, Breyer Capital, and Jump Crypto. Other known supporters include former Coinbase CTO Balaji Srinivasan, Gavin Wood, and Ryan Selkis just to name a few.
Here's a preview of the protocol's growing ecosystem.
Several projects that are using AltLayer's services include the following:
- Double Jump Tokyo, a blockchain game studio in Japan
- Cometh, game studio in France
- Oasys, game-optimized blockchain
- Avive, one of the world’s largest geosocial protocols
- Deri Protocol, a DeFi way to trade derivatives: to hedge, to speculate, to arbitrage, all on chain.
- Automata, a blockchain middleware service provider.
- Allo, a protocol that is building novel applications across programmable funds, tokenizing real-world assets, trading, and staking. Source
ALT Tokenomics
ALT is the native utility token of AltLayer.
- Ticker: $ALT
- Token Type: ERC-20, BEP-20
- Total Maximum Supply: 10 billion ALT
- Initial Circulating Supply: 500 million ALT (5%)
Token Allocation⁴
- Binance Launchpool: 500 million ALT
- Team: 1.5 billion ALT
- Investors: 1.85 billion ALT
- Strategic Advisors: 500 million ALT
- Protocol Development: 2 billion ALT
- Ecosystem & Community: 1.5 billion ALT
- Treasury: 2.15 billion ALT
Vesting Schedule⁵
Launchpool: 100% unlocked
Team: 6-month cliff, followed by 12.5% vesting, and then 42 months of vesting.
Advisors: 6-month cliff, followed by 16.6% vesting, and then 30 months of vesting.
Development: 15% at TGE, followed by 1.77% monthly vesting.
The treasury: 2.08% monthly vesting schedule.
Community: 20% at TGE, 1.67% monthly
Here's an overview of the token unlocks in Feb and March this year.
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Token Utility⁶
Governance
Token holders can participate and vote on governance decisions.
Protocol Incentivization
ALT tokens will be used to reward operators in the AltLayer ecosystem for their services.
Protocol Fees
ALT will be used to pay for intra-network services.
Economic bond
The token will be used together with the restaked assets to provide an economic stake. This stake can be slashed if malicious behavior is detected.
Summary (TL;DR)
The AltLayer Protocol, a decentralized interlayer for rollups has launched its token, ALT on Binance Launchpool and is in its final 2 days of farming. The token will be listed on the exchange on January 25, 10:00 UTC.
AltLayer is designed to accelerate scaling for Web3. The project has been in the works since 2021 and received two rounds of funding from its early backers.
It is to be noted that there is a confirmed ALT airdrop to eligible early adopters and the snapshot has been taken on the 17th of January.⁷
DISCLAIMER: For infotainment only. NFA. Please DYOR.
[Info Sources: AltLayer / Binance / Chainbroker / AltLayer Blog / Medium / Whitepaper / Binance Research] Lead image edited on Canva. Logo from AltLayer. Screenshots linked directly to their sources. No copyright infringement intended./19:00ph