AltLayer recently announced changes to its token vesting schedule as it prepares for its first unlock this week. The AltLayer team introduced a new vesting schedule that will come into effect following the July 25 event. This change was made after all stakeholders agreed to a six-month pause in the project’s token unlock schedule.
The first ALT token unlock is set for July 25, 2024, and as this date approaches, AltLayer wanted to inform the community about the adjustments made to the vesting schedule for all stakeholders. The protocol shared the details of the new vesting schedule on its X account, indicating that the crypto platform will experience its first unlock of ALT since the Token Generation Event on January 25.
Following the initial unlock, AltLayer will implement a new schedule with a six-month pause from July 26 to January 24, 2025. This means that the next unlock is scheduled for January 25, 2025. During this period, unlocks for investors, teams, treasury, and advisors will be halted. Additionally, there will be a monthly vesting period for the next two years for investors and partners, and three years for the team, treasury, and others, starting from January 25, 2025.
The community should be prepared for a significant amount of new supply hitting the market on July 25, totaling 684.21 million ALT, equivalent to over $109 million. The cliff unlock represents 42.08% of the circulating supply, according to TokenUnlocks.
AltLayer emphasized that their main goal is to support the long-term stability and growth of the ecosystem. The platform expressed gratitude for the community’s support as they strive to establish a unique presence in the rollup and staking ecosystem.
Following the announcement, the price of ALT experienced a 5% increase, with the token trading at approximately $0.16. This positive response reflects the confidence and optimism surrounding the changes in the token vesting schedule implemented by AltLayer.