The airdrop season has yet to conclude, with scaling protocol AltLayer unveiling the ALT token airdrop on Thursday, January 25. The protocol joined other sizable token distribution projects by announcing $100 million worth of airdrop to eligible Ethereum wallet users.
AltLayer confirmed that eligible Ethereum community members will benefit from the ALT token distribution. The move is set to extend the airdrop season following similar occurrences involving Solana and Ethereum ecosystems in the past two months.
ALT Price Rallies as AltLayer Unveils Airdrop
ALT token is up for grabs by the pioneer AltLayer users and other select ecosystem participants. The news of the airdrop fueled a 17% rally in the token, leaving the exchange hands at $0.3251, as per CoinGecko data. The rally catapulted the price from the $0.27 in the wee hours of Thursday.
Adding 300 million tokens during the Thursday ALT airdrop translates to nearly $100 million given to the eligible users. At press time 07:48 UTC, ALT is exchanging hands at $0.3276, 18.3% up in the last 24 hours, translating to a market capitalization of $355 million per CoinGecko.
Further review of AltLayer reveals that its daily trading volume rose by 744.90% to realize $678,487,641 in the last 24 hours. The pump signifies the recent spike in AltLayer’s market activity.
The ongoing Airdrops season affirms that token distribution provides a mechanism for crypto applications and protocols to reward their contributors and early adopters. Besides, the airdrops facilitate a decentralizing governance process since the tokens’ distribution expands the holders’ population.
A reflection of the crypto ecosystem portrays rising protocols’ number unveiling token distribution. The airdrops coincide with improved crypto prices amid the renewed optimism in the crypto industry.
The AltLayer protocol joins other sizable airdrops led by Solana-based Pyth Network and Jito Protocol. Eligible wallets benefited from the Ethereum-based layer 2 Arbitrum gaming network Xai. Also joining the Airdrop ring is Solana-based Jupiter, which JUP tokens anticipate will benefit nearly a million wallets.
AltLayer involves a decentralized protocol deploying a unique design to allow the Ethereum developers to launch rollups and additional scaling options. The protocol utilizes a compatible design with other scaling networks, including Polygon, Optimism, and Arbitrum.
AltLayer involves an open protocol that provides the rolloups-as-a-service feature suitable for customized scaling integrations.
AltLayer Discloses Roadmap for Eligible Users
AltLayer disclosed that nearly 500,000 wallets are eligible for the Thursday airdrop. The beneficiaries include AltLayer NFTs’ owners joining individuals who participated during the protocol’s pre-launch testing and subsequent engagement campaigns.
The AltLayer first season is set to benefit NFT Holders with 35.47% of the tokens. Altitude campaign participants will receive 37.07%, while EigenLayer retakers will claim 13.05%. Other beneficiaries are the EigenLayer ecosystem partners, with 4.49%, while Celestia speakers will claim 9.92%.
The Thursday statement indicated that individuals utilizing EigenLayer’s restocking features could claim the ALT tokens.
AltLayer illustrated that Celestia (TIA) holders involved in staking the token are eligible for the airdrop. The AltLayer revealed in a Wednesday blog post that technical differences experienced in its claiming mechanism were the basis for delaying ALT distribution to eligible Celestia users.
AltLayer Locks Out Territories From Inaugural Airdrop
The ALT airdrop will run for an entire month, starting January 25 till February 25. The AltLayer blog post indicated that all unclaimed tokens will revert to the AltLayer treasury.
The blog post outlined that users in several territories are ineligible for the airdrop led by residents from the United States, China, and Canada alongside those from UK- and EU-restricted territories.
A load of countries in Africa constitutes territories locked out of the airdrop led by Tanzania, Uganda, Mali, Angola, Somalia, Ethiopia, Botswana, Eritrea, Mozambique, Chad, DRC Sudan, Burundi, Zimbabwe, Madagascar, Guinea, and Guinea-Bissau.
Crimea is on the sanctioned list of Kyrgyzstan, Uzbekistan, Nicaragua, Bahamas, Iran, Turkmenistan, Syria, Haiti, Kosovo, Tajikistan, Uzbekistan, and Yemen. Users from Belarus, Venezuela, and Bolivia join Bosnia, Herzegovina, and the Ukraine regions of Kherson, Luhansk, Donetsk, and Zaporizhzhia.
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