AltLayer announces new vesting schedule ahead of $109m ALT unlock

AltLayer has announced changes to its token vesting program as its decentralized collection protocol prepares for its first unlock this week.

On Tuesday, the AltLayer (ALT) team announced a new vesting schedule that will see the next token unlock following the July 25 event. The protocol revealed that all stakeholders have agreed to a six-month pause in the project’s token unlock schedule.

“As you know, the first ALT token unlock date is scheduled for July 25, 2024. As this important date approaches, we would like to inform the AltLayer community of a change we have made to the vesting schedule for all stakeholders,” AltLayer announced.

The protocol also published the changes to the X account, detailing the new vesting schedule. As previously noted, the crypto platform will be unlocking ALT for the first time since the Token Creation Event on January 25.

📢 ALT Token Vesting Change

– First unlock: July 25, 2024
– Vesting is paused from July 26, 2024 to January 24, 2025
– Next unlock date: January 25, 2025
– Monthly vesting: Over 2 years for investors and partners. 3 years for team, treasury and others starting January 25, 2025 https://t.co/yyr8WCyvtY

— SubLayer (@sub_layer) July 23, 2024

This means the community should be ready for 684.21 million ALT, or over $109 million worth of new supply, to hit the market on July 25. According to TokenUnlocks, the cliff unlock will represent 42.08% of the circulating supply.

Unlocked until January 2025

Following this initial token unlock, AltLayer will follow a new schedule spanning a six-month period from July 26 to January 24, 2025, meaning the next unlock will occur on January 25, 2025.

In addition to pausing unlocks for investors, teams, treasury, and advisors for six months, AltLayer also said there will be a monthly vesting period for investors and partners for the next two years, and for teams, treasury, and others for the next three years. That new timeline also begins on January 25, 2025.

“Our sole goal is to support the long-term stability and growth of our ecosystem. We deeply appreciate your support as we move towards becoming a unique force in the rollup and staking ecosystem,” the platform said.

Following the news, the price of ALT rose by 5% and the token traded at around $0.16.