The native token of the rollup platform AltLayer went live and started trading on centralized exchanges.
According to CoinGecko, the token has seen a total trading volume of $300 million across exchanges within four hours of going live. facts. It currently trades at $0.29, giving it a fully diluted valuation of $2.9 billion with a total of 10 billion tokens.
The ALT token was rolled out for trading on Binance at 5 a.m. ET on Thursday, the exchange notified.
AltLayer also opened claims for an airdrop, a token reward for certain eligible users. These users were selected based on a snapshot taken on January 17, including those who had bet on Celestia, EigenLayer, holders of AltLayer’s NFTs, and participants in its community campaigns. The team said claims for Celestia strikers would begin later.
The airdrop includes 300 million ALT tokens ($87 million), which constitute the first round, representing 3% of the total supply.
What is AltLayer?
AltLayer is a decentralized protocol that allows developers to create rollups of software stacks such as OP Stack, Arbitrum Stack, ZKStack, and Polygon CDK, described as rollup-as-a-service.
The project also plans to create so-called “re-drafted rollups” — Layer 2 projects that use EigenLayer’s recovery mechanism to strengthen network security.
Holders of ALT tokens will have the opportunity to participate in the governance of the project. Additionally, network participants will have to pay protocol fees using the tokens.
More than 100.7 million tokens have been claimed so far 29,000 wallets, accounting for 33% of the total number of airdrops. Of these, the top ten addresses received approximately 4.8 million tokens.
AltLayer previously raised $22.8 million from two rounds of private token sales, accounting for 18.5% of the total ALT token supply.
