Loading...

Ethereum scaling solution AltLayer initiates $100M token airdrop

TL;DR

  • AltLayer kicks off a $96M token giveaway, with Celestia stakers waiting for their share.
  • Dymension and Jupiter plan big airdrops worth $210 million and $410 million, respectively, while Bitcoin Ordinals users might get one too.
  • Watch out for crypto scams on X (formerly Twitter); fake airdrop accounts are on the rise, posing a wallet-stealing threat.

AltLayer, a prominent Ethereum scaling solution, has marked a significant milestone by becoming the first of at least three protocols to initiate token airdrops worth over $100 million in the coming week. The AltLayer (ALT) token and its claiming process went live at 9:00 am UTC on January 25, ushering in a new era for the project.

AltLayer’s historic airdrop

AltLayer commenced its highly-anticipated token airdrop, featuring an allocation of 300 million ALT tokens in the initial distribution. With an average daily price of $0.32 per token, the total value of this airdrop stands at approximately $96 million at current market prices. The airdrop aims to provide support and incentives to its community members and stakeholders, ultimately enhancing the adoption and utility of the ALT token.

While AltLayer’s airdrop is now live, Celestia stakers, who were also expecting to participate, will have to exercise patience. AltLayer cited “technical differences in the claiming mechanism” as the reason for Celestia participants’ delay in the airdrop. Despite the setback, Celestia stakers remain eager to seize their share of the ALT token distribution when the claiming mechanism is resolved.

Upcoming token airdrops

AltLayer’s groundbreaking airdrop sets the stage for other projects planning to distribute tokens to eligible claimants in the coming week. Multilayer rollup deployer Dymension is poised to launch its mainnet soon, accompanied by the airdrop of 70 million DYM tokens. 

The distribution is heavily weighted toward Celestia stakers and Pudgy Penguin nonfungible token holders but also extends to participants in the Solana and Ethereum ecosystems. 

Unfortunately, the claiming period for Dymension closed on January 21, leaving those who missed the deadline without the opportunity to partake in this sizable airdrop. At current market prices, the DYM airdrop is estimated to be worth approximately $210 million.

Jupiter’s Solana-based decentralized exchange has also confirmed its plan to introduce the JUP token on January 31. A substantial total of 1 billion JUP tokens are set to be distributed in the airdrop. With the current JUP perpetual trading at around $0.41 in the pre-market, this airdrop carries an approximate value of $410 million. These upcoming token distributions promise to significantly impact the cryptocurrency landscape.

Potential airdrop for Bitcoin ordinals users

Users of Bitcoin Ordinals may also have an opportunity to participate in a potential airdrop. Leonidas, the pseudonymous developer of Ordinals, has announced the launch of “Runestone,” a decentralized “fairdrop” initiative designed to reward early users of the Ordinals protocol. The crypto community eagerly awaits the specifics of this airdrop and its eligibility criteria.

While the allure of token airdrops is undeniable, cryptocurrency enthusiasts are urged to exercise caution when searching for airdrop opportunities on the X platform (formerly Twitter). 

Unfortunately, the platform has become inundated with fraudulent accounts impersonating official social media pages of crypto firms recently announcing airdrops. These deceptive accounts share near-identical posts and pretend to direct users to “airdrop claims” websites, which often are malicious wallet-draining schemes. 

As a result, it is paramount for crypto users to remain vigilant and exercise due diligence when encountering airdrop-related information on social media platforms.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Share link:

James Kinoti

A crypto enthusiast, James finds pleasure in sharing knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. The latest innovations in the crypto industry, crypto gaming, AI, blockchain technology, and other technologies are his preoccupation. His mission: be on track with transformative applications in various industries.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Griffith
Cryptopolitan
Subscribe to CryptoPolitan