The Altlayer Price Rally
The native cryptocurrency of the Altlayer blockchain, ALT, has experienced a strong rally since its recent launch. The ALT price has increased by 8% in the past 24 hours and is currently trading at $0.3452 with a market cap of $380 million. Over the course of the week, the ALT price has risen by nearly 28%.
Why Is The Altlayer Price Rallying?
AltLayer has initiated its ALT airdrop, distributing tokens valued at over $100 million to qualifying community members. The protocol is compatible with existing scaling networks like Arbitrum, Optimism, and Polygon, and offers a unique “rollups-as-a-service” feature for tailored scaling integrations. The initial drop includes 300 million ALT tokens, reaching a total value just below $100 million.
Eligible Participants for the Airdrop
Around 500,000 wallets are eligible to participate in the ALT airdrop. This includes AltLayer OG Badge NFT holders, Oh Ottie! NFT holders, AltLayer’s Altitude campaign participants, EigenLayer restakers, and Celestia stakers. The claim period for the airdrop extends until February 25, after which any unclaimed tokens will be directed to the AltLayer treasury.
Binance Launchpool and Trading
Binance Launchpool introduced the ALT token and initiated farming from January 19 to January 25. ALT commenced trading on Thursday and experienced an 11.7% increase in value, currently trading at $0.3126. It has garnered significant trading volumes exceeding $652 million.
What Is AltLayer?
AltLayer is an open and decentralized protocol designed for rollups, introducing the concept of Restaked Rollups. It enhances the security, decentralization, interoperability, and crypto-economic fast finality of rollups derived from various stacks. The native utility token of AltLayer is ALT, which serves various functions within the ecosystem including economic bonding, governance participation, protocol incentivization, and payment for protocol fees.
AltLayer’s Fundraising and Investors
AltLayer has raised $22.8 million through private token sales, with notable investors including Polychain Capital, Breyer Capital, Binance Labs, DAO5, Jump Crypto, Balaji Srinivasan, Sean Neville, Gavin Wood, and Ryan Selkis.
Hot Take: The Altlayer Rally Continues
The ALT token’s rally continues as AltLayer’s airdrop and compatibility with popular scaling networks generate excitement in the crypto community. With a strong increase in value and significant trading volumes on platforms like Binance, ALT is gaining attention as a promising cryptocurrency. As AltLayer continues to develop its rollup solutions and expand its ecosystem, the future looks bright for the ALT token.
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