The Launch of AltLayer Token
The native token of the rollup platform AltLayer has been launched and is now available for trading on centralized exchanges. Within just four hours of its launch, the token has already seen a trading volume of $300 million across various exchanges, as reported by CoinGecko data. Currently trading at $0.29, the ALT token has a fully diluted valuation of $2.9 billion with a total supply of 10 billion tokens.
Trading Begins on Binance
Binance announced the opening of trading for the ALT token at 5 a.m. ET on Thursday.
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Airdrop for Eligible Users
AltLayer has also initiated an airdrop program, rewarding certain eligible users with ALT tokens. These users were selected based on a snapshot taken on Jan. 17, including stakers on Celestia and EigenLayer, holders of AltLayer’s NFTs, and participants in its community campaigns. The first round of the airdrop includes 300 million ALT tokens, which amounts to 3% of the total supply.
About AltLayer
AltLayer is a decentralized protocol that allows developers to create rollups using software stacks such as OP Stack, Arbitrum Stack, ZKStack, and Polygon CDK. It is described as a rollup-as-a-service platform. AltLayer also plans to introduce “restaked rollups,” which are Layer 2 projects leveraging EigenLayer’s restaking mechanism for network security bootstrap. ALT token holders will have governance rights and will be required to pay protocol fees using the tokens.
Claimed Tokens and Token Sales
Over 29,000 wallets have claimed 100.7 million ALT tokens so far, accounting for 33% of the total airdrop amount. AltLayer has previously raised $22.8 million from two rounds of private token sales, which represents 18.5% of the total ALT token supply.
Hot Take: AltLayer Token Goes Live with Impressive Trading Volume
The launch of the ALT token on centralized exchanges has seen significant trading volume, reaching $300 million within just four hours. With a fully diluted valuation of $2.9 billion and a total supply of 10 billion tokens, AltLayer is off to a strong start in the market. Additionally, AltLayer’s airdrop program and plans for introducing restaked rollups showcase its commitment to community participation and network security. As more users claim their tokens and engage in governance, AltLayer is poised to make a significant impact in the decentralized protocol space.
