AltLayer’s ALT token, the 45th altcoin project on Binance’s Launchpool, is set to begin trading on the cryptocurrency exchange today. Following Binance’s listing, market maker GSR, a key player in crypto innovation since 2013, is preparing for ALT’s potential listings on other exchanges.
Spot On Chain, an on-chain data platform, reported that GSR transferred ALT to multiple crypto exchanges prior to the Binance listing. This move indicates GSR’s role in facilitating liquidity rather than selling the tokens.
According to on-chain data, 40 million ALT tokens were transferred to GSR from a multi-signature wallet six days ago. GSR then deposited 15 million ALT tokens across Binance, MEXC, and Gate exchanges in preparation for the listing.
As a market maker, GSR’s function is to enhance liquidity and ease trading by offering buy and sell prices. Market makers play a crucial role in establishing trading prices and continuously providing bid and ask offers.
Market makers also work to stabilize prices by managing fluctuations and narrowing the spread—the difference between buy and sell prices. They facilitate better trading conditions for investors and are incentivized to boost liquidity and trading volume, although this role comes with certain risks, especially in volatile markets.