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AltLayer has announced changes to its token vesting schedule as the decentralized rollups protocol prepares for its first unlock this week.
On Tuesday, the AltLayer team unveiled a new vesting schedule that will see the next token unlock following the July 25 event. The protocol stated 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 detailed these changes on its social media account, outlining the new vesting schedule. 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 years for investors & partners, 3 years for team, treasury, & others starting Jan 25, 2025
This means the community should still be prepared for 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.
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 announced a monthly vesting period for the next two years for investors and partners, and the next three years for the team, treasury, and other stakeholders. This new timeline 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 stated.
The price of ALT increased by 5% following the news, with the token trading at around $0.16.
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