a Altlow ($ALT), a cryptocurrency listed on Binance this Thursday morning (25), reached the price of $0.29 within the first few minutes of opening trades, resulting in a increase of 5000%.
The digital asset was announced last week at Binance Launchpool, with the exchange distributing 5% of the total supply of ALT tokens to staking users. This translates to 500 million ALT tokens out of a total supply of 10 billion tokens.
According to the exchange, 80% of these rewards were distributed to BNB stakers, while the FDUSD pool received 20% of the rewards. However, this does not necessarily mean that users earned more ALT by staking BNB instead of FDUSD. It all depends on the size of the bet value in relation to the size of the pool.
With the end of the staking process, users can now purchase AltLayer directly from the Binance trading page.
It is important to note that Binance has listed ALT with the ‘Seed Tag’, which is used to tag new projects that are still in the early stages of their development.
Cryptocurrencies with such a label were previously known in the “Innovation Zone”. The purpose of Seed Tag is to inform users that the cryptocurrency may be more volatile compared to most other cryptocurrencies listed on the platform.
What is AltLayer
AltLayer is an open and decentralized protocol focused on rollups, introducing the concept of Restaked Rollups, an approach that combines several rollup stacks such as OP Stack, Arbitrum Orbit, Polygon CDK and ZK Stack, increasing security, decentralization and interoperability improved via a recovery mechanism.
It is worth remembering that a rollup is a scalability solution that helps increase the processing capacity of a blockchain. It works by merging or ‘rolling’ many transactions into one package, which is then processed as a single transaction.
This reduces congestion and the time it takes to process each transaction individually on the mainnet, improving the efficiency and speed of the blockchain. Rollups are especially useful on networks like Ethereum, where high demand can lead to congestion and high transaction fees.
The project essentially works as a collection of several unique rollups, each connected to an underlying Layer 1 foundation like Ethereum or a Layer 2 foundation like Arbitrum and Optimism.
AltLayer investors include Polychain Capital, Binance Labs, Jump Crypto, and individuals such as Balaji Srinivasan, Gavin Wood, Sean Neville, and Ryan Selkis.
Moreover, they are all tailored to a specific use. AltLayer provides native support for EVM and WASM because it was designed with a multi-chain, multi-VM ecosystem in mind.
AltLayer’s native utility token is ALT, which performs multiple functions within the ecosystem, including payment for transactions and services within the network. Holders of ALT tokens have the privilege to participate in governance decisions.
According to the project website, each rescaled package consists of three Actively Validated Services (AVS). These AVSs provide status checking, faster finality, and decentralized sequencing, respectively. The AltLayer project has developed an AVS for each of these three tasks:
- VITAL (status check);
- MACH (fastest finality);
- SQUAD (decentralized sequencing).
Thanks to AltLayer technology, a package can be launched in minutes, even by people with no programming experience. Rollups released via AltLayer support both the Ethereum Virtual Machine (EVM) and WebAssembly (WASM), making them suitable for a wide range of blockchain developers.
The ALT token is used to provide security (staking), grants governance rights to holders, and is used to pay various fees associated with network services.
Finally, ALT has a total supply of 10 billion, with 1.1 billion tokens (11% of the total supply) circulating on the list.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
