The rollup platform AltLayer’s native token, ALT, has made a notable entry into the cryptocurrency market, commencing trading on centralized exchanges. Within just four hours of going live, the token has amassed a remarkable $300 million in trading volume across various exchanges, as per the latest data from CoinMarkteCap.
The ALT token is currently valued at $0.29, resulting in a fully diluted market valuation of approximately $2.9 billion, with a total of 10 billion tokens in circulation.
ALT’s trading debut was highlighted by its listing on the prominent cryptocurrency exchange Binance, which began at 5 a.m. ET on Thursday. In addition to its trading launch, AltLayer has initiated an airdrop, a distribution of free tokens to a select group of users.
Eligibility for the airdrop was determined based on activities such as staking on Celestia, holding AltLayer NFTs, and participation in community campaigns, with a snapshot taken on January 17 to identify qualified users. The AltLayer team noted that claims for Celestia stakers would commence at a later date.
This airdrop includes 300 million ALT tokens, valued at approximately $87 million, representing the first phase, which accounts for 3% of the total ALT token supply.
What is AltLayer?
AltLayer stands out as a decentralized protocol that facilitates the creation of rollups using various software stacks, including OP Stack, Arbitrum Stack, ZKStack, and Polygon CDK, offering a rollup-as-a-service model.
The platform is also set to introduce “restaked rollups” – Layer 2 solutions that leverage EigenLayer’s restaking mechanism for enhanced network security.
ALT token holders are granted governance rights within the AltLayer ecosystem, and protocol fees are to be paid using ALT tokens. To date, over 29,000 wallets have claimed approximately 100.7 million tokens, which represents 33% of the total airdrop amount. Notably, the top ten addresses received nearly 4.8 million tokens.
Prior to this public trading phase, AltLayer had successfully raised $22.8 million through two rounds of private token sales, which constituted 18.5% of the total ALT token supply. This launch marks a significant milestone for the platform and reflects the growing interest and activity in the decentralized finance (DeFi) sector.
