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In the wake of increased traction of the web3 movement, there’s an influx of blockchains entering the crypto space seeking to provide DeFi products to users. Consequently, there’s a growing need for bridging solutions to help move assets between these blockchains in an efficient and cost-effective way.
However, there’s an increased risk of exploitation due to vulnerabilities and inefficiencies within the current cross-chain bridging solutions, especially the high-volume ones.
Furthermore, most of the current bridges are focused on stablecoins because of their stability and high liquidity. As such, a massive vacuum exists for an exclusive, altcoin-centric bridge focusing on blue-chip altcoins, for which demand is on the rise.
Altitude aims to fill this gap by providing a highly secure, in-demand and consumer-friendly altcoin-only bridge.
Key Takeaways:
Altitude is one of the only cross-chain bridges to fully focus on bridging altcoins only, rather than combining with stablecoins.
It’s one of the first DApps on LayerZero and uses its technology to enhance secure and safe omni-chain bridging.
Users can stake Altitude’s native token, ALTD, to earn rewards and participate in governance.
Altitude is a composable blue-chip asset bridge designed to provide altcoins with secure and seamless omni-chain bridging through a user-friendly UI and highly transparent fee structure.
Altitude is one of the first DApps to be built on LayerZero. As such, it gets to leverage LayerZero’s technology and chain path infrastructure to add an extra layer of security for cross-chain transactions.
Altitude uniquely focuses on blue-chip altcoins, which are currently in high demand and the cornerstone of DeFi. Unlike stablecoins, which are pegged to the value of a fiat currency or commodity, top-tier altcoins like Ethereum (ETH) and Polygon (MATIC) have the potential to grow in value because their blockchains support DApps, which offer more potential for innovation. Altcoins are also more decentralized than stablecoins, which are often issued by a centralized provider. This makes altcoins more inherently resilient to censorship and fraud.
Apart from altcoin bridging, Altitude also provides liquidity through single asset pools for chain paths. Altitude users can also stake their ALTD tokens to participate in platform governance (more on this below).
Security is paramount to the Altitude ecosystem. Apart from leveraging LayerZero’s security measures, Altitude also enhances security using the HUB, which acts as a central focal point as transactions have to pass through the intermediary chain, Ethereum, to bridge to an alternative chain. Instead of using a unified liquidity pool for connected chains, every chain path has its own liquidity pool. This autonomy between chains ensures a system-wide resilience against chain outages, safeguarding the entire network.
Furthermore, Altitude offers Secured Guaranteed Finality, which assures that funds from the source chain are transferred successfully to the destination chain. This provides increased security, as you’re guaranteed ownership of your digital assets at every step of the transaction.
As a DeFi protocol, Altitude offers the following products to users.
Due to the challenges facing current bridging solutions that are often undermined by malicious players, Altitude has built a secure, fast and highly interoperable cross-chain bridge for DeFi users. Rather than relying on third-party routers like other bridges, Altitude has created the HUB, an Ethereum-based router connecting chain paths to the respective destination chains, enhancing security and stability.
Once you initiate a digital assets transfer on Altitude, the platform holds an equal amount from the executing chain until the transaction has been executed on its destination chain.
Once confirmed, the amount is deposited into the liquidity pool of the executing chain. Through the use of these two-step transactions, a balanced liquidity environment exists between the executing and target chains. When transferring non-ALTD tokens, a 0.05% fee is incurred. Additionally, if there’s imbalanced liquidity on either side, a rebalancing fee will be collected from the pool with higher liquidity to add liquidity to the lower side. The greater the imbalance, the higher the rebalancing fee will be.
Supported chains and assets on Altitude include Ethereum (ETH), Bitcoin (BTC), Polygon (MATIC), Arbitrum (ARB), BNB Chain (BNB) and Fantom (FTM). Altitude also supports the Optimism chain.
To facilitate the transfer of digital assets, Altitude uses chain paths, which connect the same asset across different blockchains. Each side of the chain path has a liquidity pool that keeps track of liquidity on the respective chain. Altitude utilizes a single-asset liquidity pool for each chain, which cushions transactions against chain outages and impermanent loss.
Token holders can add liquidity to the liquidity pools where they receive LP tokens, which they can use to redeem liquidity.
When you add liquidity to any of Altitude’s supported chains you receive LP tokens, which you can use to farm through staking, earning ALTD tokens as rewards.
You can stake your earnings into the ALTD staking pool to receive gALTD tokens representing your share in the pool.
Altitude’s protocol treasury usually performs weekly ATLD buybacks, which helps increase earnings for stakers. As a gALTD holder, you’re eligible to participate in Altitude’s governance.
ALTD is the native token for Altitude. It acts as a governance token that can be farmed by providing liquidity to the staking pools. Once you lock your tokens in a liquidity pool, you’ll receive LP tokens, and as a provider, you’re rewarded using ALTD. Once you receive ALTD from providing liquidity, you can stake it to receive gALTD, making you eligible to vote on governance matters pertaining to the Altitude protocol.
There’s a finite total supply of 100 million ALTD tokens. Of these, the allocation is as follows:
Community — 62,500,000 (62.5%) with a 48-month release schedule
Foundation — 25,000,000 (25%) for core contributors and marketing
Advisors — 2,500,000 (2.5%)
IDO/CEX — 5,000,000 (5%)
Airdrops — 5,000,000 (5%)
There’s a growing need for bridging solutions as more blockchains enter the crypto space. Altitude has strategically filled a gap in the bridging niche in the web3 sphere by providing an altcoin-only cross-chain bridge.
As such, Altitude will benefit from first-mover advantage since most available bridges focus on stablecoins. With an increasing demand for blue-chip altcoins, due to their interoperability and highly decentralized nature, Altitude will likely gain traction with many DeFi users.
Furthermore, Altitude is powered by LayerZero’s chain path technology, which enhances security on the platform. Altitude has been built to solve the challenges of security and speed facing current bridges. The platform also has a user-friendly interface and transparent fee system, making it a good pick for DeFi users, including novices in the space.
All of this makes Altitude a potentially viable investment, since the demand for fast, secure, transparent and innovative bridging solutions will continue to grow as the DeFi space develops.
While we maintain a positive outlook toward Altitude, our views should not be construed as financial advice. It’s crucial to conduct thorough research, as investing in altcoins carries inherent risks due to their volatile nature.
There's an increasingly obvious need for fast and secure cross-chain crypto bridges, and Altitude has built an innovative and unique platform to meet this demand. By focusing on blue-chip assets, Altitude is positioned to help DeFi users embrace the use of altcoins in DApps.
Altitude’s innovative approach to enhancing security and speed on its platform by leveraging LayerZero’s technology makes it a favorable solution for asset transfers across chains. The platform has serious potential for growth as DeFi and web3 continue to pick up momentum.
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