ALT Token Skyrockets with $300M Trading Volume

AltLayer distributed 300 million ALT tokens, 3% of the total supply, through an airdrop for eligible users.

The roll-up platform AltLayer’s native token went live and commenced trading on centralized exchanges.

Within four hours of going live, the token generated a total trading volume of $300 million across multiple exchanges, according to CoinGecko data. At its price of $0.29, it is valued at a fully diluted $2.9 billion, based on a total of 10 billion tokens in circulation.

On Thursday, at 5:00 a.m. ET, the ALT token became available for purchase on Binance, the exchange announced.

AltLayer also opened claims for an airdrop, a token reward for certain eligible users. Based on a survey taken on January 17, these users were chosen, which included those who had placed bets on EigenLayer, Celestia, and AltLayer NFTs and participated in their community campaigns.

As part of the initial round, 300 million ALT tokens are distributed via airdrop, representing 3% of the total supply.

What is AltLayer and ALT Token?

AltLayer is a decentralized protocol that facilitates the creation of rollups as a service by developers using software stacks, including OP Stack, Arbitrum Stack, ZKStack, and Polygon CDK.

The project additionally intends to implement “restaked rollups,” which are Layer 2 initiatives that establish network security by utilizing EigenLayer’s restaking mechanism.

Holders of ALT tokens will be granted the opportunity to engage in the initiative’s governance. Using the tokens, network participants will additionally be compelled to pay protocol fees.

Over 29,000 wallets have claimed 100.7 million tokens thus far, representing 33 percent of the total airdrop amount.

Before this, AltLayer generated $22.8 million through two rounds of private token sales, representing 18.5% of the total ALT token supply.