AltLayer, a decentralized protocol for restaked rollups, introduced it’s going to launch its native ALT token subsequent week through Binance Launchpool.
Binance customers will be capable to stake BNB and the FDUSD stablecoin to farm ALT tokens over six days from 00:00 UTC on Friday, with the crypto trade then itemizing the utility token on Jan. 25 at 10:00 UTC, providing ALT/BTC, ALT/USDT and ALT/BNB, ALT/FDUSD and ALT/TRY buying and selling pairs. Binance Launchpool’s allocation accounts for 500,000,000 ALT — 5.00% of the full 10 billion token provide.
AltLayer may also be conducting an airdrop to early supporters of the undertaking upon itemizing, together with its NFT holders and individuals in group campaigns. The undertaking stated a snapshot of all certified addresses was taken on Jan. 17, with extra particulars to be shared within the coming days.
“Do observe that that is the primary wave of airdrop to our group. Extra airdrops to our wider ecosystem companions and supporters will comply with within the coming months,” AltLayer added, with airdrops for certified EigenLayer restakers and Celestia stakers additionally to be introduced.
Residents of the USA should not eligible to take part within the airdrop or the farming of ALT tokens.
What’s AltLayer and ALT?
AltLayer’s protocol allows restaked rollups, merging present rollups from stacks corresponding to OP Stack, Arbitrum Stack, ZKStack and Polygon CDK with EigenLayer’s restaking mechanism to “bootstrap community safety and construct a decentralized community,” in response to the staff.
AltLayer’s native utility token will function an financial bond, the place it, alongside restaked belongings, supplies a stake that may be lowered within the case of malicious conduct. Moreover, ALT token holders may have the flexibility to take part in governance choices, operators throughout the AltLayer ecosystem might be rewarded with ALT tokens and community individuals might be required to pay protocol charges utilizing ALT.
AltLayer beforehand raised $22.8 million from two rounds of personal token gross sales, accounting for 18.5% of the full ALT token provide.