AltLayer opens airdrop claims, token trades at $2.9 billion fully diluted valuation

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 team said that claims for Celestia stakers would start later.

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.

273.5 million tokens have been claimed — accounting for 91% of the total airdrop amount, according to a Dune dashboard by Traevon from TK Research.