Ethereum scaling project AltLayer raises $7.2 million in seed funding

The funding was secured via a SAFT sale, AltLayer founder Yaoqi Jia told The Block.

AltLayer is being built by Yaoqi Jia, who previously co-founded the Zilliqa blockchain and served its CTO. AltLayer's unique selling point is application-specific chains, Jia told The Block. Application-specific chains have increased in popularity in recent months. Earlier this year, Binanceits blockchain BNB Chain plans to introduce such sidechains to cut costs and increase the speed of transactions for resource-intense applications such as gaming.

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