AltLayer’s native asset ALT has made a strong market entry, with a significant price increase following its recent high-profile launch. Currently trading at $0.3452, ALT has seen an 8% rise in the last 24 hours, reaching a market cap of $380 million. Over the week, the price has surged by approximately 28%.
The decentralized protocol AltLayer, which simplifies the deployment of rollup and scaling solutions for Ethereum developers, has commenced distribution of its ALT tokens through an AirDrop, targeting community members who meet certain criteria. The first AirDrop will distribute 300 million ALT tokens, valued just under $100 million.
Eligible participants for the AirDrop include AltLayer OG Badge NFT holders, Oh Ottie! NFT owners, participants of AltLayer’s Altitude campaign, EigenLayer restakers, and Celestia stakers, covering nearly 500,000 wallet addresses. Token claims for the ALT AirDrop will continue until February 25, after which unclaimed ALTs will revert to the AltLayer treasury.
Binance Launchpool introduced the ALT token through farming from January 19 to January 25. Following its listing on Binance on January 25, ALT experienced an 11.7% increase, reaching the current price level of $0.3126, with trading volume surpassing $650 million. AltLayer is compatible with existing scaling solutions like Arbitrum, Optimism, and Polygon and offers a unique “service rollup” feature for specialized scaling integrations.
AltLayer stands out as a fully public and decentralized protocol designed for rollups, introducing an innovative restaked rollup concept. This approach enhances the security, decentralization, interoperability, and crypto-economic efficiency of various rollup derivatives through a reconstruction mechanism. ALT, the native asset of AltLayer, serves various purposes within the ecosystem, including economic bonding, governance, protocol incentives, and protocol fees. With two rounds of private token sales, AltLayer raised a total of $22.8 million, selling 18.50% of the total ALT token supply at $0.008/ALT and $0.018/ALT. Notable investors in AltLayer include Polychain Capital, Breyer Capital, and Binance Labs, among others.