AltLayer Announces New Vesting Schedule Ahead of $109 Million Token Unlock

Bittime - AltLayer, a decentralized rollup protocol, announced changes to its token vesting schedule ahead of its $109 million token unlock. On Tuesday, the AltLayer team revealed the new vesting schedule, which will go into effect after the unlock event on July 25. This change was approved by all stakeholders and includes a six-month delay in the project's token unlock schedule.

Impact of Token Unlock on ALT Token Supply

On July 25, 2024, the AltLayer community will experience the first unlock of ALT tokens since the Token Generation Event which took place on January 25. A total of 684.21 million ALT, equivalent to more than $109 million, will enter the market on that day. According to data from TokenUnlocks, this unlock will account for 42.08% of the total circulating supply, having a significant impact on market liquidity.

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New Vesting Schedule and ALT Token Unlock Delay

After this initial unlock, AltLayer will implement a new vesting schedule. These changes include a six-month unlock delay from July 26 to January 24, 2025, with the next unlock scheduled for January 25, 2025. During this period, there will be no unlocks for investors, teams, treasury, and advisors. Starting January 2025, a vesting schedule will be implemented with monthly periods for investors and partners of two years, and three years for teams and treasury.

AltLayer Long Term Stability Goal

AltLayer stated that the primary goal of this change is to support the long-term stability and growth of their ecosystem. The platform appreciates support from the community as they continue to strive to become a significant force in the rollup and staking ecosystem. This step is expected to strengthen investor confidence and ensure sustainable development.

Market Reaction to the Announcement of the ALT Token Vesting Schedule

Following the announcement regarding changes to the vesting schedule, the price of the ALT token increased by 5%, with the token value currently around $0.16. This change is expected to affect price stability and give the AltLayer ecosystem more time to develop before the next token is unlocked.

With this new vesting schedule, AltLayer seeks to manage the market impact of large token unlocks and support the continued growth of their ecosystem.

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