AltLayer Launches Token With A Bang: What Next For the RaaS Protocol
AltLayer native token ALT started trading on centralized exchanges today. It has generated over $600 million in trading volume on the first day as the token rose 10%.
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Decentralized roll-up platform AltLayer has launched its native token ALT today with trading on Binance. This comes after a week of ALT farming on the Binance launch pool before the exchange finally listed the token with trading pairs, including BTC, BNB, USDT, FDUSD, and TRY.
The first day of trading has been a success so far, with the token recording 11% gains in the last 24 hours. Per CoinMarketCap data, it commenced trading at $0.2734 but rose as high as $0.3485. Trading volume also reached $580 million, and its current market cap now stands at $341 million.
ALT's successful debut is mostly due to launching via Binance LaunchPool. Most of its trading volume today came from Binance. However, the project had also been listed on other exchanges, including Gate.io, HTX, MEXC, Bitget, and KuCoin.
Meanwhile, several scammers have emerged on X impersonating AltLayer and posting phishing scams about airdrops. This further highlights why investors must be careful about the links they click on.
What is AltLayer
AltLayer is an Ethereum-based decentralized protocol for creating rollups from several rollup stacks. The project tags itself as the first rollup-as-a-service RaaS protocol, and users can create custom rollups without any coding skills.
Although it is built on Ethereum, AltLayer is designed to be compatible with several chains, virtual machines, and software development kits. It supports Ethereum Virtual Machines (EVM) and WebAssembly (WASM) and rollup stacks for layer-2 networks such as Optimism, Polygon, Arbitrum, StarkWare, and zkSync.
With the project offering robust use cases, its token has attracted interest from institutional investors. Some of its backers include Polychain Capital, Binance Labs, Balaji Srinivasan, and Jump Crypto. AltLayer collaborates with other projects, including Ethereum, CelestiaOrg, NEAR, and Injective.
The heavy backing is not surprising, given the involvement of blockchain experts in the project. This includes the co-founder and CTO of Ziliqa, Dr Yaoqi Jia.
ALT Airdrop
Meanwhile, AltLayer has opened claims for its first airdrop to early users. The airdrop will release 300 million ALT to eligible users based on a snapshot taken on January 17. Eligible users include those who staked on Celestia and EigenLayer, holders of AltLayer NFTs, and participants in community campaigns.
The 300 million tokens only represent 3% of its total 10 billion token supply. AltLayer has already allocated 500 million to users through the Binance launchpool. The protocol also raised $22.8 million from private sales, which accounted for 18.5% of the total supply.
So far, almost half of the airdrop has been claimed. According to Dune Analytics data, 125 million ALT tokens have been claimed by more than 47000 addresses. The ALT token is expected to serve several purposes, including staking, governance, protocol incentivization, and fees.
