The Altlayer (ALT) token was introduced via the Binance launchpool, which facilitated farming activities from January 19 to January 25.
ALT, the native cryptocurrency of the Altlayer blockchain, has seen a robust rally following its recent launch. With an 8% increase in the last 24 hours, the Altlayer (ALT) price now stands at $0.3452, boasting a market cap of $380 million. Weekly charts indicate a substantial uptrend, with ALT price surging by almost 28%.
AltLayer Initiates ALT Airdrop Valued at Over $100 Million
AltLayer, a decentralized protocol facilitating rollups and scaling solutions for Ethereum developers, has launched its ALT airdrop, distributing tokens with a total value exceeding $100 million to qualifying community members.
The protocol, compatible with scaling networks like Arbitrum, Optimism, and Polygon, provides a unique “rollups-as-a-service” feature for personalized scaling integrations. The initial drop encompasses 300 million ALT tokens, valued just below $100 million.
📢Update: $ALT Airdrop Claims have now opened as of 9:00 AM UTC. https://t.co/LpfHsHu4Gk
Those eligible for AltLayer Airdrop Season One – please visit the official airdrop website to claim your $ALT!
Rest assured you will have one month to claim your $ALT tokens. https://t.co/zSYJw8gGt4
— AltLayer (@alt_layer) January 25, 2024
Approximately 500,000 wallets qualify for the airdrop, including AltLayer OG Badge NFT holders, Oh Ottie! NFT holders, AltLayer’s Altitude campaign participants, EigenLayer restakers, and Celestia stakers. The ALT airdrop claim period extends until February 25, with unclaimed tokens allocated to the AltLayer treasury thereafter.
Additionally, the Binance Launchpool introduced the ALT token, initiating farming activities from January 19 to January 25. ALT entered trading on Thursday, experiencing an 11.7% increase, and is currently valued at $0.3126. Notably, it has generated substantial trading volumes exceeding $652 million.
#Binance lists @alt_layer $ALT!
Trading is now live ➡️ https://t.co/dnv1O6EX8C pic.twitter.com/wswq5TUBAB
— Binance (@binance) January 25, 2024
AltLayer: Decentralized Protocol and ALT Token Utility
AltLayer stands out as an open and decentralized protocol specifically designed for rollups, introducing the innovative concept of Restaked Rollups. This approach aims to enhance the security, decentralization, interoperability, and crypto-economic fast finality of rollups across various stacks, including OP Stack, ZK Stack, Arbitrum Orbit, and Polygon CDK, through a restaking mechanism.
The native utility token of AltLayer, ALT, serves several crucial functions within the ecosystem. Firstly, ALT tokens, alongside restaked assets, contribute to providing economic stake, with potential slashing in cases of detected malicious behavior.
Secondly, holders of ALT tokens enjoy governance privileges, enabling them to participate in voting on critical decisions. Additionally, operators contributing to the AltLayer ecosystem can earn ALT tokens as rewards for their services. Moreover, participants in the network are required to pay for intra-network services using ALT tokens.
AltLayer has successfully raised $22.8 million through two rounds of private token sales, with 18.50% of the total ALT token supply sold at prices of $0.008 USD/ALT and $0.018 USD/ALT, respectively. Notable investors in AltLayer include Polychain Capital, Breyer Capital, Binance Labs, DAO5, Jump Crypto, Balaji Srinivasan, Sean Neville, Gavin Wood, and Ryan Selkis, among others.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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