ALT, the native cryptocurrency of the Altlayer blockchain, has witnessed a strong rally since its long launch earlier this month. The Altlayer (ALT) price is up by 8% in the last 24 hours and is currently trading at $0.3452 with a market cap of $380 million. On the weekly charts, the ALT price is trading up by nearly 28%.

Why Is The Altlayer Price Rallying?

AltLayer, a decentralized protocol facilitating the deployment of rollups and scaling solutions for Ethereum developers, has initiated its ALT airdrop, distributing tokens valued at over $100 million to qualifying community members.

Compatible with existing scaling networks like Arbitrum, Optimism, and Polygon, AltLayer offers a unique “rollups-as-a-service” feature for tailored scaling integrations. The initial drop includes 300 million ALT tokens, reaching a total value just below $100 million.

Update: $ALT Airdrop Claims have now opened as of 9:00 AM UTC. https://t.co/LpfHsHu4Gk

Those eligible for AltLayer Airdrop Season One – please visit the official airdrop website to claim your $ALT!

Rest assured you will have one month to claim your $ALT tokens. https://t.co/zSYJw8gGt4

— AltLayer (@alt_layer) January 25, 2024

Eligible participants for the airdrop encompass AltLayer OG Badge NFT holders, Oh Ottie! NFT holders, AltLayer’s Altitude campaign participants, EigenLayer restakers, and Celestia stakers, totaling around 500,000 wallets. The ALT airdrop claim period extends until February 25, after which any unclaimed tokens will be directed to the AltLayer treasury.

Binance Launchpool introduced the ALT token while initiating farming from January 19 to January 25. ALT commenced trading on Thursday, experiencing an 11.7% increase, reaching its current value of $0.3126. Notably, it garnered significant trading volumes exceeding $652 million.

#Binance lists @alt_layer $ALT!

Trading is now live https://t.co/dnv1O6EX8C pic.twitter.com/wswq5TUBAB

— Binance (@binance) January 25, 2024

What Is AltLayer?

AltLayer stands as an open and decentralized protocol designed for rollups, introducing the innovative concept of Restaked Rollups. This approach also enhances the security, decentralization, interoperability, and crypto-economic fast finality of rollups derived from various stacks, such as OP Stack, ZK Stack, Arbitrum Orbit, Polygon CDK, etc., through a restaking mechanism.

The native utility token of AltLayer is ALT, serving various functions within the ecosystem:

Economic Bond: ALT tokens, alongside restaked assets, help in providing economic stake, subject to potential slashing in case of detected malicious behavior.
Governance: Holders of ALT tokens have the privilege to participate in voting on governance decisions.
Protocol Incentivization: Operators contributing to the AltLayer ecosystem can earn ALT tokens as rewards for their services.
Protocol Fees: Participants in the network are required to pay for intra-network services using ALT tokens.

AltLayer has successfully raised $22.8 million through two rounds of private token sales, with 18.50% of the total ALT token supply sold at prices of $0.008 USD/ALT and $0.018 USD/ALT, respectively.

Moreover, notable investors in AltLayer include Polychain Capital, Breyer Capital, Binance Labs, DAO5, Jump Crypto, Balaji Srinivasan (former CTO of Coinbase and former GP of a16z), Sean Neville (Circle Co-Founder and USDC architect), Gavin Wood (Co-Founder of Ethereum and Parity), and Ryan Selkis (Founder of Messari), among others.

The post Altlayer (ALT) Price Jumps 30% After Airdrop And Binance Listing appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am