As the decentralized rollups system gets ready for its first unlock this week, AltLayer has made known improvements to its token vesting timetable.
The AltLayer team revealed a new vesting schedule on Tuesday, indicating that the event on July 25 will be followed by the next token unlock. The protocol showed that all parties involved had agreed upon a six-month break in the project’s token unlock timeline. AltLayer announced:
“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”
The protocol also disclosed the modifications and the new vesting schedule on its X account. As previously mentioned, the crypto platform will experience its first ALT unlock since the Token Generation Event on January 25.
This implies that the community must still be ready for the July 25 market entry of a 684.21 million ALT, or more than $109 million, in fresh supply. As per TokenUnlocks, 42.08% of the current supply will be represented by the cliff unlock.
No Unlocks Till January 2025
AltLayer will implement a new timetable following this first token release, which will run for six months, from July 26 to January 24, 2025.
As a result, the next unlock will occur on January 25, 2025. Apart from the six-month lockdown on unlocks for investors, teams, treasury, and advisors, AltLayer has also announced a two-year monthly vesting time for investors and partners and three years for the team, treasury, and other stakeholders. January 25, 2025, also marks the start of this new chronology. The platform said:
“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”
Following the news, the price of ALT increased by 5%, with the token trading at approximately $0.16.