Top Crypto Exchange Binance To Roll Out Support for New Altcoin on Launchpool Platform

Top global crypto exchange Binance has announced plans to support another new altcoin via its Launchpool platform.

Binance Launchpool, which lets users stake coins to farm new assets, says its 45th project will be AltLayer (ALT), an open and decentralized protocol for Ethereum (ETH) rollups.

Rollups are solutions that execute transactions outside of Ethereums blockchain but record the transactional data. They’re designed to help with scaling by reducing transaction costs and congestion on the main Ethereum chain.

Between January 19th and the 25th, Binance users can stake BNB as well as the stablecoin First Digital USD (FDUSD) into separate pools to farm ALT tokens. Binance plans to list ALT on January 25th.

Binance says it will attach a seed tag to ALT, which the exchange applies to lower-liquidity projects that may exhibit higher volatility compared to other listed tokens. Binance requires users who own assets with seed tags to pass quizzes every 90 days to ensure theyre aware of the risks before trading the tokens.

AltLayer aims to make it easier for developers to design custom rollups.

Explains the project,

“With AltLayer, we bring together a novel idea of Restaked Rollups which takes existing rollups (spun from any rollup stack such as OP Stack, Arbitrum Orbit, ZKStack, Polygon CDK, etc.) and provides them with enhanced security, decentralization, interoperability, and crypto-economic fast finality. Restaked rollups combine the ease of spinning up rollups using rollup stacks and others with the power of EigenLayers restaking mechanism to bootstrap network security and build a decentralized network.”

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This article was originally reported on The Daily Hodl.