Groundbreaking Changes: Arbitrum to be introduced as an additional hub, USDC and USDT to be included as new assets, and adding network support Linea & Mantle

To Our Community

We want to take this opportunity to thank you for your support as we have worked through some challenges surrounding our token launch. There are a few discussion points about our product that have come to the forefront, as we’ve evaluated our launch successes and failures, as well as prepared for the next phase of the project, which is growing Altitude’s user base, driving adoption of the bridge and partnering with the best ecosystems in the industry.

ALTD Liquidity

As discussed in recent discord posts and tweets, we made the decision to bolster liquidity on Uniswap in a v2 pool, incentivized by ALTD. We seeded the pool with $200k in liquidity comprising of $100k of USDC and 1,230,176 ALTD. Since this was completed, the pool has created some stability and a floor for the token. To facilitate growth of the project, we must build community liquidity through incentives, which will help drive token utility. This is a top priority for us at this time as we enter our growth stage.

50% Reduction in Bridging Fees

We’ve also taken this opportunity to analyze our fee structure. In an effort to drive our user base and increase platform adoption to utilize the Altitude bridge, we have made the decision to reduce our fees to 2.5 basis points, or 0.025% of bridged funds. This is a 50% reduction from our fee of 0.05%, which is likely to be reinstituted at a future point, once adoption is higher. We are confident that the bridging experience with Altitude is as good as it gets when factoring in cost, security and timeliness.

Arbitrum to be included in Bridging Infrastructure

One thing that has come to light from our community since launch is the cost associated with bridging transactions, which ultimately depends on the method of bridging as well as the chains involved. The Altitude bridge is a cross-chain asset relayer bridge, which currently relies on Ethereum as the base layer hub. There are tradeoffs with this approach. On one hand, the protocol benefits from the security of Ethereum as a base layer and leverages liquidity of the largest chain. On the other hand, gas fees are high, as all transactions are routed through Ethereum. We are making changes, and listening to our community members.

Our tech team is currently building out the infrastructure to incorporate Arbitrum as an additional hub, which will first support new pools and farms for USDC and USDT. Leveraging Arbitrum as the hub significantly increases scalability and reduces gas fees for bridging (assuming you aren’t going to or from Ethereum) by roughly 95%. Combined with the reduction in bridging fees, this amounts to a significant cost savings for the end user. Since Arbitrum leverages the security of Ethereum, users will not sacrifice security while benefiting from this cost savings and increase in throughput.

Introducing Support for Stablecoin Assets

As mentioned above, over the next week we will be introducing stablecoin assets to the Altitude bridging ecosystem — USDC and USDT. For these 2 assets, we will utilize Arbitrum as the base layer hub. Stablecoins continue to play a critical role in expanding the reach of DeFi and improving interoperability between networks in DeFi and traditional finance.

Mantle and Linea Chain Integrations

Finally, over the coming week, we are excited to be adding Mantle and Linea as supported chains on Altitude.

Airdrop Distributions

There will be 10 airdrop distributions making up a total of 1.5% of total supply for eligible airdrop participants. These distributions will be broken up on a monthly basis starting September 8, claimable on Arbitrum, and each distributions will be in the amount of 150,000 ALTD. The team has decided to elongate the distribution period to mitigate token inflation and reduce ALTD pricing volatility.

We are rewarding ALTD to the following credential holders. If you hold multiple credentials, then you’ll receive more ALTD tokens.

• Testnet Bronze Credential: 25.79
• Testnet Silver Credential: 58.62
• Testnet Gold Credential: 227.27
• Alty Egg Credential: 337.84 (If you hold multiple eggs, then they’ll be counted)
• Climber NFT: 364.47
• Horizon NFT: 750

We will release instructions on how to claim your airdrop on September 8th. Please stay tuned for updates in our community.

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Altitude is a composable, Blue-chip asset bridge, and one of the first dApp’s built on LayerZero, a cross-chain communication infrastructure designed to ease the current constraints of omnichain activity. DeFi users can transfer assets via Altitude with Secured Guaranteed Finality, leveraging enhanced security features, inexpensive bridging fees, and lightning fast transactions.

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