AltLayer has announced changes to its token vesting schedule as the decentralized rollups protocol gears for its first unlock this week.
On Tuesday, the AltLayer (ALT) team unveiled a new vesting schedule that will see the next token unlock following the July 25 event. The protocol revealed that all stakeholders had agreed to a six-month pause in the project’s token unlock schedule.
“As you may be aware, the first ALT token unlock is scheduled for July 25, 2024. As this significant date approaches, we would like to inform the AltLayer community of a change we have introduced to the vesting schedule for all stakeholders,” AltLayer announced.
The protocol also posted the changes on its X account, providing details of the new vesting schedule. As earlier indicated, the crypto platform will see its first unlock of ALT since the Token Generation Event on Jan. 25.
📢 ALT Token Vesting Change– First unlock: July 25, 2024– Vesting paused between July 26, 2024 – Jan 24, 2025– Next unlock: Jan 25, 2025– Monthly vesting: Over 2 yrs for investors & partners. 3 yrs for team, treasury, & others from Jan 25, 2025https://t.co/yyr8WCyvtY
— AltLayer (@alt_layer) July 23, 2024
This means that the community should still be braced for a 684.21 million ALT, or over $109 million in new supply, hitting the market on July 25. According to TokenUnlocks, the cliff unlock will represent 42.08% of the circulating supply.
You might also like: Binance launches AltLayer on Launchpool, expands crypto investment options
No unlocks till January 2025
After this initial token unlock, AltLayer will follow a new schedule with a six-month period from July 26 to January 24, 2025, meaning the next unlock will be on January 25, 2025.
In addition to pausing unlocks for investors, teams, treasury, and advisors for six months, AltLayer has also said that there will be a monthly vesting period for the next two years for investors and partners and the next three years for the team, treasury, and others. This new timeline also begins on January 25, 2025.
“Our only goal is to support the long-term stability and growth of our ecosystem. We deeply appreciate your support as we push forward to becoming a unique force in the rollup and staking ecosystem,” the platform said.
The price of ALT was up 5% after the news, with the token trading at around $0.16.
You might also like: Winter is coming: Why altcoin market declines after token unlocks
