AltLayer’s ALT Tokens Climb to $360M Market Cap After Launch

AltLayer, a project offering services to allow developers to quickly spin up rollups, has airdropped 300,000 ALT tokens to over 40,000 claiming addresses so far.

The token’s market capitalization is $360M, according to CoinGecko and the airdrop represented only 3% of ALT’s total supply of 10B tokens. ALT is also available by staking assets on Binance.

The top address so far claimed 1.29M tokens, worth over $420,000 at ALT’s current price of $0.32, according to a Dune dashboard. One other address received 1.19M tokens, worth roughly $388,000.

The majority of the airdrop’s claimants so far, constituting nearly 40,000 addresses, received between 10,000 and 300,000 ALT.

ALT will be used in governance decisions for AltLayer, to pay for fees, and have other use cases, according to a post from the project.

Blockchain Modularity

AltLayer is part of a burgeoning trend in Ethereum towards moduralization. This means that different functions of blockchains, like the environments that execute code, the functions that serve up data, and provide security, are handled by different projects.

Examples of projects in the modularity space include Eigenlayer, which enables staked ETH to secure other applications, and Celestia, which serves up data to other blockchains.

AltLayer operates as a bridge between Eigenlayer and other rollups, which are scaling solutions for Ethereum, through its restaked rollups offering.

Airdrop Eligibility

Users of both Eigenlayer and Celestia are eligible for the airdrop, but the largest allocations were for holders of two NFTs produced by AltLayer and for participants in a campaign which involved trailing different solutions adjacent to AltLayer. Each subgroup was eligible for just over 37% of the ALT tokens.

The first NFT, called AltLayer OG NFT Badge, has 300 unique holders and a floor of 1.4 ETH, according to OpenSea. The NFT launched in July 2022. The other collection, called Oh Ottie!, released in December that year.

The campaign came in four distinct stages and asked users to perform tasks like engaging with AltLayer on X, playing games using the project’s solutions, and adding testnets to wallets.

Like the Celestia airdrop and many others, the ALT offering is not available to U.S. residents. Claims for the token will be open for a month. Just over 60% of the eligible ALT tokens remain unclaimed.

AltLayer is calling the airdrop “Season One,” with the implication that further tokens will be allocated to the project’s community.