AltLayer Blockchain’s native asset ALT has taken its place in the market after this month’s highly publicized launch, with its price increasing strongly. The price of ALT has risen by 8 percent in the last 24 hours, currently trading at $0.3452 with a market value of $380 million. On the weekly chart, it is observed that the price of ALT has increased by approximately 28 percent.
AltLayer’s Price Rises with Binance Listing and Airdrop Excitement
AltLayer, a decentralized protocol that facilitates the deployment of rollup and scaling solutions for Ethereum developers, has announced the ALT Airdrop, starting to distribute over $100 million worth of ALT tokens to community members who meet the conditions. In the first Airdrop, a total of 300 million ALT tokens worth just under $100 million will be distributed.
Eligible participants for the Airdrop include AltLayer OG Badge NFT holders, Oh Ottie! NFT holders, participants of AltLayer’s Altitude campaign, EigenLayer restakers, and Celestia stakers, covering a total of approximately 500,000 wallet addresses. Claims for the ALT Airdrop will continue until February 25th, after which unclaimed ALTs will be transferred to the AltLayer treasury.
As known, Binance Launchpool introduced the ALT token through farming from January 19th to January 25th. ALT was listed on Binance on January 25th and reached the current price level of $0.3126 with an 11.7% increase after the listing. During this surge, the trading volume was seen to exceed $650 million. AltLayer, compatible with existing scaling solutions such as Arbitrum, Optimism, and Polygon, offers a unique “service rollup” feature for custom scaling integrations.
What is AltLayer?
AltLayer stands out as a fully public and decentralized protocol designed for rollups, offering the innovative restaked rollup concept. This approach also enhances the security, decentralization, interoperability, and crypto-economic rapid transaction finalization of various rollup derivatives such as OP Stack, ZK Stack, Arbitrum Orbit, and Polygon CDK through a reconstruction mechanism.
ALT, the native asset of AltLayer, serves various purposes within the ecosystem. These can be listed as follows:
- Economic Bond: ALT coin is used alongside restructured assets to provide an economic bond. This bond can be severed if malicious behavior is detected.
- Governance: ALT coin holders can vote in governance decisions.
- Protocol Incentives: Operators in the AltLayer ecosystem can earn ALT coin as a reward for their services.
- Protocol Fees: Network participants pay for in-network services with ALT coin.
AltLayer successfully raised $22.8 million through two rounds of private token sales, selling 18.50% of the total ALT token supply at prices of $0.008/ALT and $0.018/ALT respectively. Among the significant investors in AltLayer are Polychain Capital, Breyer Capital, Binance Labs, DAO5, Jump Crypto, Balaji Srinivasan (former CTO of Coinbase and former GP of a16z), Sean Neville (Co-Founder of Circle and architect of USDC), Gavin Wood (Co-Founder of Ethereum and Parity), and Ryan Selkis (Founder of Messari).
