The native token of the rollup platform AltLayer went live and began trading on centralized exchanges.
The token has seen a total of $300 million in trading volume across different exchanges within four hours of going live, according to CoinGecko data. It currently trades at $0.29, giving it a fully diluted valuation of $2.9 billion with 10 billion total tokens.
The ALT token was rolled out for trading on Binance at 5 a.m. ET 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 Jan. 17, including those who had staked on Celestia, EigenLayer, holders of AltLayer’s NFTs and participants in its community campaigns.
The airdrop includes 300 million ALT tokens ($87 million), constituting the first round, which amounts to 3% of the total supply.
What is AltLayer?
AltLayer is a decentralized protocol that enables developers to create rollups from software stacks such as OP Stack, Arbitrum Stack, ZKStack, and Polygon CDK, described as rollup-as-a-service.
The project also plans to introduce what are known as “restaked rollups” — Layer 2 projects that leverage EigenLayer’s restaking mechanism to bootstrap network security.
ALT token holders will have the ability to participate in the project’s governance. Furthermore, network participants will be required to pay protocol fees using the tokens.
So far, 100.7 million tokens have been claimed by over 29,000 wallets, accounting for 33% of the total airdrop amount. Among these, the top ten addresses received roughly about 4.8 million tokens.
AltLayer has previously raised $22.8 million from two rounds of private token sales, accounting for 18.5% of the total ALT token supply.
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