Last week, cryptocurrency exchange platform Binance launched the 45th new coin mining project, AltLayer (ALT), which promptly commenced trading as scheduled.

Upon opening, the price of ALT experienced a staggering surge, skyrocketing from $0.006 per token to over 5000%. In the late hours, it reached its peak at $0.349. As of now, ALT continues to oscillate at its elevated levels, quoting at $0.312. This remarkable increase has taken many by surprise.

What is AltLayer (ALT)?

According to Binance's research report, AltLayer is an open decentralized protocol designed specifically for rollups. Its core network establishes a Rollups-as-a-Service (Raas) dashboard, utilizing both Optimistic and ZK Rollup technology stacks, allowing developers to rapidly customize Rollups with fraud proofs and zero-knowledge proofs.

Additionally, AltLayer employs a "Restaked Rollups" re-staking mechanism to reinforce its security, decentralization, interoperability, and convenience. The application of this mechanism enhances security while better realizing decentralized characteristics, improving interoperability with other platforms, and making operations easier for users.

Its core products consist of three key components:

• VITAL: An Active Verification Service (AVS), where operators validate blocks and corresponding states submitted by rollup sequencers and present fraud-proof challenges when necessary.
• MACH: A protocol enabling operators to restake Ethereum-based assets to support any claims on rollup states, providing faster rollup finality.
• SQUAD: This component offers decentralized ordering with economic backing, facilitating the elimination of short-lived issues, poor MEV (Miner Extractable Value), rent extraction, and other problems associated with single sequencer operation of rollups.

Formal Launch of AltLayer Airdrop Claim

AltLayer officially launched the airdrop claim for early supporters on the 25th at 5:00 PM. Users only need to provide their addresses within the specified timeframe, with no wallet signing required. The claiming period will last for one month, concluding on February 25.

Airdrop recipients include AltLayer OG Badge NFT holders, Oh Ottie! NFT holders, Altitude event qualified participants, eligible EigenLayer re-stakers, and Celestia pledgers. This initiative aims to reward early supporters, encouraging their active participation in the development of the AltLayer ecosystem.

AltLayer Tokenomics

As per official information:

• Total supply: 10 billion tokens, with an initial circulating supply of 1.1 billion.
• Investor allocation: 18.5% of the total supply.
• Binance Launchpool allocation: 5%.
• Development team allocation: 15%.
• Strategic advisor allocation: 5%.
• Protocol development allocation: 20%.
• Treasury allocation: 21.5%.
• Ecosystem and community allocation: 15%.

Development Contacts