ALT, the native cryptocurrency of the Altlayer blockchain, has witnessed a powerful rally since its lengthy launch earlier this month. The Altlayer (ALT) worth is up by 8% within the final 24 hours and is at present buying and selling at $0.3452 with a market cap of $380 million. On the weekly charts, the ALT worth is buying and selling up by almost 28%.
Why Is The Altlayer Price Rallying?
AltLayer, a decentralized protocol facilitating the deployment of rollups and scaling options for Ethereum builders, has initiated its ALT airdrop, distributing tokens valued at over $100 million to qualifying neighborhood members.
Compatible with present scaling networks like Arbitrum, Optimism, and Polygon, AltLayer presents a novel “rollups-as-a-service” characteristic for tailor-made scaling integrations. The preliminary drop consists of 300 million ALT tokens, reaching a complete worth slightly 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 go to the official airdrop web site to say your $ALT!
Rest assured you’ll have one month to say your $ALT tokens. https://t.co/zSYJw8gGt4
— AltLayer (@alt_layer) January 25, 2024
Eligible contributors for the airdrop embody AltLayer OG Badge NFT holders, Oh Ottie! NFT holders, AltLayer’s Altitude marketing campaign contributors, EigenLayer restakers, and Celestia stakers, totaling round 500,000 wallets. The ALT airdrop declare interval extends till February 25, after which any unclaimed tokens shall be directed to the AltLayer treasury.
Binance Launchpool introduced the ALT token whereas initiating farming from January 19 to January 25. ALT commenced buying and selling on Thursday, experiencing an 11.7% improve, reaching its present worth of $0.3126. Notably, it garnered vital buying and selling volumes exceeding $652 million.
#Binance lists @alt_layer $ALT!
Trading is now stay ➡️ 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 revolutionary idea of Restaked Rollups. This strategy additionally enhances the safety, decentralization, interoperability, and crypto-economic quick finality of rollups derived from varied stacks, corresponding to OP Stack, ZK Stack, Arbitrum Orbit, Polygon CDK, and many others., by way of a restaking mechanism.
The native utility token of AltLayer is ALT, serving varied features throughout the ecosystem:
- Economic Bond: ALT tokens, alongside restaked property, assist in offering financial stake, topic to potential slashing in case of detected malicious conduct.
- Governance: Holders of ALT tokens have the privilege to take part in voting on governance choices.
- Protocol Incentivization: Operators contributing to the AltLayer ecosystem can earn ALT tokens as rewards for his or her companies.
- Protocol Fees: Participants within the community are required to pay for intra-network companies utilizing ALT tokens.
AltLayer has efficiently raised $22.8 million by way of two rounds of personal token gross sales, with 18.50% of the overall ALT token provide bought at costs of $0.008 USD/ALT and $0.018 USD/ALT, respectively.
Moreover, notable buyers in AltLayer embody 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), amongst others.
The introduced content material could embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.
