AltLayer Raises $14.4 Million in Strategic Funding Round for Rollup Solutions

AltLayer, a rollups platform focusing on blockchain scalability, has raised $14.4 million in a strategic funding round.

According to a social media post by AltLayer, the fundraising round was co-led by Polychain Capital and Hack VC, with the aim of expanding the company’s team and advancing its rollup infrastructure.

Additional participants in the funding included OKX Ventures, HashKey Capital, Bankless Ventures, Breyer Capital among others, contributing to AltLayer’s efforts to enhance blockchain scalability and interoperability.

Landmark Update: AltLayer has secured an impressive $14.4M from top VCs in a strategic fundraising round.

We soar to new heights and will be unstoppable in our mission to bring restaked rollups & other novel Web3 infra to the forefront.https://t.co/45VrQWsKl7 https://t.co/fhqNSUTwL0

— AltLayer (@alt_layer) February 19, 2024

“Excited to enrich the ecosystem, and bring the full gamut of capabilities of restaked rollups to life in 2024 & beyond,” said AltLayer. “We’re ever grateful and remain committed to building continuously – with your support!”

AltLayer Executive Responds to Community Distrust

AltLayer recently navigated through community concerns following the distribution of a $100 million airdrop, as reported by AltLayer’s Head of Growth. The distribution, which favored certain non-fungible token (NFT) holders, was described as coincidental amidst the backlash.

In response to critiques on social media platform X (formerly known as Twitter), the company’s executive outlined the circumstances surrounding the airdrop.

The controversy centered on allegations of unfair token distribution, where select users reportedly received up to $135,000, benefitting significantly from subsequent sales of NFTs.

“Both NFT collections were dropped as fair mint and announced with future token airdrop two years ago as community engagement activities.,” said Head of Growth Dorothy.

“It would be quite normal for a degen trader to take profits after unusual price actions for an illiquid nft collection,” said Dorothy. “Everything stated above is verifiable onchain and on my twitter handle.”

The airdrop’s structure reignited discussions on the equitable distribution of tokens in community airdrops.

While a user replied to the post, suggesting that only NFT holders should be eligible for the airdrop, Dorothy seconded this measure and appreciated the support from the community.

Another Airdrop for Celestia Stakers

AltLayer recently announced the commencement of their “ALT Airdrop Season One” for Celestia stakers, as detailed in a blog post by the company.

📢Update for all @CelestiaOrg stakers in ALT Season One airdrop.

To those who are eligible & have completed the registration phase, please note that the claim phase for ALT tokens will take place between:

⏰20 February, 0800 UTC – 5 March, 0800 UTChttps://t.co/MLwskCrRbv

— AltLayer (@alt_layer) February 18, 2024

The claim period for the ALT tokens is set from Feb. 20, 0800 UTC to March 5, 0800 UTC, 2024. Eligible participants who have previously registered were instructed to visit the official claim portal and navigate to the Celestia tab to initiate the claim process.