Crypto payments provider Alchemy Pay has announced plans to launch its own layer 1 blockchain, which the company says will target large-scale commercial applications.
Alchemy Pay (ACH) notes that the layer 1 blockchain will be named Alchemy Chain and built on the Solana (SOL) virtual machine architecture. According to a December 11 announcement, the new L1 will offer a payment system allowing users to transact with fiat and crypto.
The platform will also offer a user-friendly ecosystem connecting on-chain and off-chain processes, on-chain abstraction, stable revenue mechanism and yield generation. Additionally, the blockchain network will integrate a layer 2 solution, as noted in the company’s blog.
Alchemy Chain is set to launch with a meme launchpad and a Telegram meme bot, aiming to tap into the growing popularity of meme-based projects.
The company revealed its initial plans for the L1 blockchain in late October 2024, news that saw the price of ACH rise by double digits.
The latest details on the previously disclosed target also saw the price of ACH record a significant rise, with the token up 14%. However, apart from the news related to the project, its price was trading higher as Bitcoin (BTC) soared to $100,000 amid further bull recovery.
In recent months, several platforms have sought to launch their own Layer 1 and Layer 2 chains.
Coinbase unveiled the Base mainnet in August 2023, while Chiliz unveiled its own blockchain in February. World, formerly Worldcoin, has partnered with Alchemy Pay to launch World Chain. Recently, crypto exchange Kraken revealed plans to launch its L1 blockchain in 2025.
