- The ALT token opened for trading at $0.006 and surged 5,380% to $0.3288 in minutes.
- This came after a six-day farming schedule offering 500,000,000 tokens in airdrop.
- Binance has added ALT to its Simple Earn and Convert services, with Margin, Futures, and Auto-Invest to come after.
AltLayer (ALT), a decentralized protocol designed for rollups, has experienced substantial growth on the Binance trading platform shortly after becoming available for trading. Data from the Binance trading platform suggested that the ALT token opened for trading at $0.006. However, following a trading volume of $43.78 million, the asset grew explosively to $0.286 in under one minute.
Later, ALT peaked at $0.3288 within 30 minutes of going live. In other words, AltLayer’s native asset has surged by 5,380% on the Binance trading outlet since becoming tradable in the past few hours. At press time, ALT trades at $0.29057.
Notably, ALT went live on Binance after the termination of the six-day farming schedule that started last Friday. The schedule allowed crypto market participants to stake their BNB and FDUSD tokens in separate pools to farm ALT assets. The AltLayer team offered 5% of ALT’s maximum token supply, equivalent to 500,000,000 tokens.
With the farming period ending yesterday, Binance listed ALT against trading pairs of Bitcoin, BNB, TRY, and stablecoins USDT and FDUSD. Meanwhile, the exchange has moved to add more supportive initiatives for ALT since the listing. Specifically, Binance has added AltLayer’s asset to Binance Simple Earn and Binance Convert.
Moreover, the exchange has disclosed its intention to add ALT to Binance Margin, Binance Futures, and Binance Auto-Invest. These additions will go live between January 25 at 14:00 (UTC) and January 27 at 00:00 (UTC).
Significantly, AltLayer introduces a novel concept known as Restaked Rollups. This involves taking rollups from various stacks such as OP Stack, Arbitrum Orbit, and Polygon CDK, enhancing their security, decentralization, interoperability, and crypto-economic fast finality.
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