AltLayer, a decentralized protocol for restaked rollups, has announced that it will launch its native ALT token next week via Binance Launchpool.
Binance users will be able to stake BNB and the FDUSD stablecoin to farm ALT tokens over six days starting at 00:00 UTC on Friday, with the cryptocurrency exchange listing the utility token on January 25 at 10am :00 UTC, offering ALT/BTC, ALT/USDT and ALT/BNB, ALT/FDUSD and ALT/TRY. Binance Launchpool’s allocation amounts to 500,000,000 ALT, or 5.00% of the total supply of 10 billion tokens.
AltLayer will also conduct an airdrop to early backers of the project upon listing, including NFT holders and community campaign participants. The project says a snapshot of all qualified addresses was taken on January 17, with more details to be shared in the coming days.
“Keep in mind that this is the first wave of airdrops in our community. More airdrops will follow in the coming months for our partners and supporters in our broader ecosystem,” AltLayer added, and airdrops for qualified EigenLayer restakers and Celestia stakers will also be announced.
US residents are not eligible to airdrop or farm ALT tokens.
What are AltLayer and ALT?
AltLayer’s protocol enables reworked rollups, merging existing rollups from stacks like OP Stack, Arbitrum Stack, ZKStack, and Polygon CDK with EigenLayer’s restaking mechanism to “boot network security and build a decentralized network,” according to the team .
AltLayer’s native utility token will act as an economic constraint, where, together with the reorganized assets, it provides a quota that can be reduced in the event of malicious behavior. Additionally, ALT token holders will have the ability to participate in governance decisions, operators within the AltLayer ecosystem will be rewarded with ALT tokens, and network participants will be required to pay protocol fees using ALT.
AltLayer had previously raised $22.8 million from two rounds of private token sales, accounting for 18.5% of the total ALT token supply.
