By James Davis
The airdrop season isn’t over just yet. The latest massive token distribution was conducted on Thursday by an Ethereum scaling protocol, AltLayer. The ALT tokens airdropped to eligible users were worth $100 million.
Eligible Ethereum users and early users of AltLayer can now claim their ALT token allotment. As of this writing, ALT is valued at $0.326 after growing 18.5% in the past 24 hours, according to data from CoinGecko. The token started trading at $0.271 when it went live yesterday.
Over 1,100,000,000 ALT tokens are already in supply, with a market cap of $361 million. AltLayer developer has set the ALT total supply at 10 billion.
Understanding Airdrops
In the digital asset industry, airdrops offer an excellent way for blockchain-powered protocols to reward contributors and users. Moreover, by distributing governance tokens to a wide pool of users, the protocols are able to decentralize their governance processes, thus adhering to Web3 ethos.
Over the past few months, several crypto projects have carried out airdrops amid growing interest in the industry from traditional institutions. Some of the projects that have rewarded users with free tokens include Jupiter, Xai, Pyth Network, and Jito.
What is AltLayer?
AltLayer, a decentralized network, is designed to allow Ethereum builders to deploy rollups, along with other scaling solutions. It is compatible with all Ethereum layer-2 networks, including Polygon, Arbitrum, and Optimism. Developers can use AltLayer’s rollups-as-a-service functionality to build customized scaling integrations.
Over 480,000 wallets received the ALT token yesterday. Users who participated in the project’s pre-launch testing and promoted the protocol on social media were airdropped tokens. Moreover, holders of AltLayer NFTs were also eligible to claim ALT tokens.
Celestia Holders Set to Receive ALT via Airdrop
Meanwhile, AltLayer says Celestia holders who have staked the token will soon receive some free ALT once a technical issue encountered in the claiming mechanism is fixed.
ALT is available for claim until February 25th. In case there will be unclaimed tokens after the deadline, they will be sent to AltLayer’s treasury. To claim your ALT share, go to airdrop.altlayer.io.