1 Project introduction
AltLayer is a decentralized protocol that facilitates the launch of native and re-staking rollups, supporting optimistic and zero-knowledge proof (zk) rollup stacks.
AltLayer is an open and decentralized protocol focusing on rollup technology. By introducing the concept of Restked rollup, AltLayer aims to combine existing rollups (such as OP Stack, Arbitrum Orbit, ZKStack, Polygon CDK, etc.) with EigenLayer's restaking mechanism to enhance the security, decentralization, and interoperability of the network The rapid finality of sex and cryptoeconomics. AltLayer provides critical services for application-specific rollups by providing state correctness verification, faster finality, and decentralized ordering for specific rollups through three vertically integrated Active Validation Services (AVSes).
Main features and highlights of the project
Restaked Rollups: Combines the convenience of easily launching a rollup using a rollup stack with the power of the EigenLayer restaking mechanism to bootstrap network security and build decentralized networks.
Decentralized verification, fast finality and sorting: Through the three modular components of VITAL, MACH and SQUAD, rollup is provided with decentralized state verification, fast finality and decentralized sorting.
Rollups-as-a-Service (RaaS) Launchpad: Provides a codeless RaaS launch platform with multi-chain and multi-VM support, allowing developers and non-technical users to create customized rollups in minutes with a few clicks.
Instantaneous Rollups: AltLayer introduces the concept of instantaneous rollups, allowing developers to quickly start and destroy rollups according to application needs, optimizing resource usage.
Restaked Rollups
Restaked Rollups takes advantage of the convenience of existing rollup technologies (such as OP Stack, Arbitrum Orbit, ZKStack, Polygon CDK, etc.) and guides network security and builds a decentralized network through EigenLayer's restaking mechanism. This approach allows rollups to be created on top of any underlying rollup stack and provides them with three key services: correctness verification of rollup states, faster finality, and decentralized ordering.
Restaked Rollup utilizes existing rollup technology stacks (such as OP Stack, Arbitrum Orbit, ZKStack, Polygon CDK, etc.) combined with EigenLayer's re-staking mechanism to provide enhanced network security for rollups and establish a decentralized network. This mechanism involves three key services, namely:
Verify the correctness of rollup status
VITAL: This is a decentralized service focused on verifying the correctness of rollup states. Through VITAL, AltLayer can ensure that the state transition on the rollup is correct, thus improving the security of the system.
Provide faster finality (via MACH, a service that accelerates the achievement of finality);
MACH: MACH is a service specifically designed to provide fast finality. It improves the efficiency of the entire system by accelerating the transaction confirmation process and reducing the time waiting for finality confirmation.
Decentralized serialization (via SQUAD, a service for decentralized serialization).
SQUAD, AltLayer ensures that the order of transactions is fair and random, avoiding potential manipulation and bias.
Rollup-as-a-Service (RaaS)
AltLayer's Rollup-as-a-Service (RaaS) is an innovative product designed to simplify and accelerate the rollup creation and deployment process, allowing both developers and non-technical users to quickly launch customized rollups. The core features and functions of RaaS products are as follows:
Core features
No-code platform: AltLayer provides a user-friendly no-code launch pad, allowing users to create and deploy rollups through a simple graphical interface without having to delve into the underlying technical details. This makes it easy for even users with no programming experience to get started.
Multi-chain and multi-VM support: AltLayer’s RaaS product is designed to support multi-chain environments and a variety of virtual machines (VMs), including Ethereum Virtual Machine (EVM) and WebAssembly (WASM). This design enables AltLayer to meet the needs of different developers and support a wider range of application scenarios.
Compatible with multiple technology stacks: RaaS supports multiple rollup technology stacks, including OP Stack, Arbitrum Orbit, Polygon zkEVM, ZKSync's ZKStack and Starkware, etc., as well as different shared serialization services and data availability (DA) layers, such as Celestia EigenLayer and Avail. This modularity and compatibility allows developers to choose the most appropriate combination of technologies based on project needs.
Temporary and persistent rollups: AltLayer provides two types of rollups: temporary and persistent. Temporary rollups allow developers to quickly spin up a custom, efficient, and scalable rollup as application needs grow and dispose of it when it is no longer needed. Durable rollup provides a long-running solution for applications that require continuous service.
Functional advantages
Rapid deployment: Using AltLayer’s RaaS, users can launch customized rollups in minutes with a few clicks, greatly reducing the time from development to deployment.
Enhanced security and decentralization: Through the re-staking mechanism, AltLayer’s RaaS product enhances the security and decentralization of the network, providing users with a more reliable and transparent environment.
Interoperability and fast finality of the crypto-economy: AltLayer’s technical framework provides interoperability across rollups and fast finality of the crypto-economy, allowing the created rollups to interact with other blockchain systems more efficiently and provide more Good user experience.
2 Current situation
Altlayer currently has more than 20 customers, including some well-known projects, including
Injective
Business areas: Injective is the only blockchain that provides developers with powerful modules such as a fully decentralized order book that can be used to build diverse and complex applications. Injective is an open, interoperable smart contract platform. Its ecosystem consists of a series of decentralized applications focused on providing the best user experience, aiming to provide unlimited access to decentralized financial markets, products, and services. and access to tools, thereby empowering individuals to allocate capital more efficiently.
Until Protocol
Business areas: Deri Protocol is a DeFi protocol for trading derivatives, used for hedging, speculation and arbitrage, all executed on the chain. Through Deri Protocol, transactions are executed under the AMM paradigm, and positions are tokenized in the form of NFTs, which are highly composable with other DeFi projects. Deri Protocol provides an on-chain mechanism for the precise and capital-efficient exchange of risk exposure, becoming an essential component of DeFi infrastructure.
Automata
Business areas: Automata is a blockchain middleware service provider backed by Binance Labs, Jump Crypto, and others. They recently launched a modular proof layer where proofs are performed entirely on-chain for off-chain computation. The project enables on-chain verification of heavy computation through machine proofs and uses AltLayer’s rollup technology for scalability.
3 Financing institutions
AltLayer raised $22.8 million through two rounds of private token sales, in which 18.50% of the total ALT token supply was sold at prices of $0.008/ALT and $0.018/ALT.
In July 2022, AltLayer completed a US$7.2 million seed round of financing, led by Polychain Capital, Jump Crypto and Breyer Capital, with Polkadot founder Gavin Wood, former Coinbase CTO and former a16z partner Balaji Srinivasan, and Circle co-founder Sean Neville also participated, as did Synthetix and Bodhi Ventures co-founders Kain Warwick and Jordan Momtazi.
4 Token Economics
The total amount of ALT is 1 billion, and the initial circulation is 11%.
https://www.binance.com/zh-CN/research/projects/altlayer
The initial circulation is 11%, including launchpool 5%, protocol development 3%, ecosystem and community 3%. According to the unlocking rules announced by Binance Research Report, the monthly unlocking is 0.35% for protocol development, 0.25% for ecosystem and development, and 0.45% for the Ministry of Finance.
Six months later, in July 2024, the team, investors, and consultants began to unlock, with the first batch of unlocks being 1.88%, 3.08%, and 0.83%. After that, monthly unlocking rates are 0.3%, 0.52%, and 0.14%.
ALT is AltLayer’s native utility token
Economic Bonds: ALT tokens are used together with restake’s assets to provide economic collateral. This stake can be reduced if malicious behavior is detected.
Governance: ALT token holders can vote on governance issues.
Protocol incentives: Operators in the AltLayer ecosystem can receive ALT tokens as rewards for their services.
Protocol fees: Network participants need to use ALT tokens to pay for services within the network.
5 On-chain data analysis 0208
Position address 1: Locked alt
Position address 2: Binance wallet
Holding Address 3: Distribution from genesis address, speculated to be Binance’s new wallet
Position address 4: The unlocked part is held by the project party
Position address 5: Part of the remaining airdrop
The 1 billion ALT generated in Genesis were transferred to three wallets in total, 1) 8.9 billion, and for the unlocked share, it is now the largest holding 2) 300 million was transferred, and it has not been moved so far 3) 800 million ALT was transferred , 5% for Launchpool and 3% for the ecosystem and community. Therefore, we focus on investigating where the 800 million ALT went.
1) 200 million, deposit into Binance as part of launchpool
2) 40 million market makers GSR, also holding 23 ALT
3) Deposit 40 million into Binance
4) 300 million ALT, in the airdrop wallet, now only has 58 million
5) 214 million, moved to a new wallet, untouched.
6) 5 million, transferred to Binance wallet
7) 500,000, celer’s cross-chain bridge
Since Binance launchpool owns 5%, which is 500 million ALT, but unlike other launchpools, the project team did not recharge 500 million ALT into the wallet of Binance exchange at one time. This requires reasoning about the composition of 500 million.
Therefore, it is speculated that the 300 million coins transferred to the second address at Genesis may be Binance's new wallet (although some data platforms label it as Altlayer's project multi-signature wallet)
Judging from the ALt changes in the addresses of Binance wallet and airdrop wallet, airdrops can be received starting from the 24th, and a total of about 240 million has been received so far. However, the Binance exchange only added 90 million coins to its wallet. Therefore, more than half of the airdropped alt was not recharged and entered the exchange for sale. It must be explained here that transactions can also be done on other exchanges and uniswap, but the total amount of alt is relatively small.
The increase in alt on the Binance exchange basically came from the 24th, which was also the first day of airdrop collection. Although there was an increase in the next few days, the amount was very small. It is explained that the proportion of users who receive airdrops after recharging and entering the exchange will become smaller.
