The airdrop season is still in full swing, and the most recent substantial token giveaway hails from the Ethereum ecosystem, courtesy of AltLayer. This scaling protocol kicked off its ALT airdrop last Thursday, and the total value of tokens extended to qualifying community members exceeds $100 million. At the time of writing this, the market cap of ALT token is almost $400M. Let’s take a look at this AltLayer Airdrop news in more detail.
AltLayer stands out as an open and decentralized protocol for rollups, introducing an innovative concept of Restaked Rollups. These rollups, derived from various stacks like OP Stack, Arbitrum Orbit, Polygon CDK, ZK Stack, and more, undergo a transformation with AltLayer, gaining improved security, decentralization, interoperability, and swift crypto-economic finality through a restaking mechanism.
ALT, the native utility token of AltLayer, plays a crucial role in several aspects:
1. Economic Bond: The ALT token, alongside restaked assets, acts as an economic stake, subject to slashing in case of malicious behavior detection.
2. Governance: ALT token holders wield the power to vote on key governance decisions.
3. Protocol Incentivization: Participants in the AltLayer ecosystem, namely operators, can earn ALT tokens as rewards for their valuable services.
4. Protocol Fees: Network participants must utilize ALT tokens for paying intra-network services.
AltLayer’s primary offering of restaked rollups encompasses three core products:
1. VITAL: An Actively Validated Service (AVS), where operators verify blocks and states committed by the rollup sequencer, intervening with fraud proof challenges if needed.
2. MACH: A protocol designed to hasten the finality of rollups by enabling operators to restake Ethereum-based assets to support claims on the rollup state.
3. SQUAD: Providing decentralized sequencing with economic backing, SQUAD eliminates short-term liveness concerns, mitigates issues like bad MEV, rent extractions, and other challenges associated with rollups using a single sequencer.
AltLayer secured a funding of 22.8 million USD through two rounds of private token sales. During these sales, 18.50% of the total ALT token supply was sold at 0.008 USD/ALT and 0.018 USD/ALT, respectively.
Notable investors in AltLayer include Polychain Capital, Binance Labs, Jump Crypto, Breyer Capital, DAO5, Balaji Srinivasan (former CTO of Coinbase and former GP of a16z), Gavin Wood (Co-Founder of Ethereum and Parity), Sean Neville (Circle Co-Founder and USDC architect), and Ryan Selkis (Founder of Messari), among others.
AltLayer Airdrop: How to claim Altlayer ALT Token?
ALT is now up for grabs, open for early AltLayer users, and a select group of ecosystem participants. The token has already experienced a 14% surge in the last 24 hours, reaching a current price of approximately $0.3584, as reported by CoinMarketCap.
With the initial drop making 300 million ALT tokens accessible, the total value of the ongoing AltLayer airdrop stands just shy of $100 million. Airdrops serve as a dual-purpose mechanism in the crypto realm, rewarding early users and contributors, while simultaneously fostering decentralization in the governance process by distributing tokens across a diverse range of holders.
AltLayer represents a decentralized protocol tailored for Ethereum developers, providing them with the flexibility to deploy rollups and other scaling solutions. It seamlessly integrates with existing scaling networks such as Arbitrum, Optimism, and Polygon. Beyond its open protocol, AltLayer goes a step further by offering a unique “rollups-as-a-service” feature, allowing for the bespoke creation of scaling integrations.
Presently, nearly 500,000 wallets qualify for the airdrop, encompassing owners of AltLayer NFTs and participants engaged in the protocol’s pre-launch testing and promotional activities. Those utilizing EigenLayer’s restaking features are also eligible to claim ALT. This inclusive approach ensures that a diverse community of users can partake in and benefit from the airdrop.
Moreover, individuals holding Celestia (TIA) tokens and staking them will qualify for the airdrop, although this option is not available just yet. In a recent blog post, AltLayer attributed the delay in the airdrop claim process for Celestia users to “technical differences in the claiming mechanism.” However, AltLayer reassured the community that the airdrop for Celestia holders is on the horizon and will be available in due course.
Getting Involved in AltLayer’s Airdrop:
1. Head to the Official Website: Kick off your journey by checking out AltLayer’s official website for in-depth information on the ongoing airdrop.
2. Verify Eligibility: Make sure you meet the outlined eligibility criteria as specified on the website. It’s crucial to confirm your eligibility before moving forward.
3. Grab Your Tokens: Simply follow the user-friendly instructions on the website to snag your $ALT tokens. It’s like claiming your piece of the airdrop pie, so enjoy the process and secure your share of the rewards.
Engaging in Staking with AltLayer:
1. Set Up Your Account: Begin by establishing an account on AltLayer’s platform. It’s your entry point to the exciting world of staking.
2. Pick a Staking Plan: Explore the array of staking options offered by AltLayer and choose the plan that aligns with your preferences and goals.
3. Stake Your Tokens: Take the next step by staking your $ALT tokens according to the selected plan. This is where you put your tokens to work and let them start earning rewards.
4. Keep an Eye on Your Investments: Make use of AltLayer’s tools to stay informed about the performance of your investment. Monitoring allows you to stay in the loop and ensures you make informed decisions along the way.