Leading cryptocurrency exchange Binance has announced AltLayer as the next project that will be featured on the Binance Launchpool staking platform.
Between January 19 at 00:00 UTC and January 24 at 23:59 UTC, users will be able to earn AltLayer (ALT) tokens on Binance simply by staking BNB or FDUSD. The staked coins can be withdrawn at any time, and you'll be able to keep your ALT token rewards even if you withdraw before the farming period concludes.
Earn ALT Tokens on Binance
Binance plans to distribute 5% of the total ALT token supply to users on Launchpool. This translates to 500 million ALT tokens out of a total supply of 10 billion tokens.
80% of these rewards will be distributed to BNB stakers, while the FDUSD pool will receive 20% of the rewards. However, this doesn’t necessarily mean that you will earn more ALT if you stake BNB rather than FDUSD. It all depends on how big the size of your stake is relative to the size of the staking pool you've selected.
In addition to featuring AltLayer on its Launchpool platform, the Binance exchange will also be listing the ALT token for trading. Trading will go live on January 25 at 10:00 UTC, and ALT will be available in trading pairs against BTC, USDT, BNB, FDUSD, and TRY.
Introducing @alt_layer $ALT on #Binance Launchpool! Farm #ALT by staking #BNB and $FDUSD. ➡️ https://t.co/sUraU4wkMO pic.twitter.com/jQuzuiDyo3
— Binance (@binance) January 17, 2024
It is worth noting that Binance will be listing ALT with the “Seed Tag”, which is used to label crypto projects that are still very early in their development. Cryptocurrencies with this tag were previously known in the “Innovation Zone”. The purpose of the Seed Tag is to let users know that the cryptocurrency might be more volatile and risky compared to most other cryptos listed on the exchange.
What is AltLayer (ALT)?
AltLayer is a protocol that allows developers to launch rollups using either optimistic or ZK (zero-knowledge) rollups technology. In addition, AltLayer also utilizes Eigenlayer's restaking mechanism to allow developers to launch "restaked" rollups, which benefit from better security, more decentralization and faster finality.
According to the AltLayer project, each restaked rollup consists of three Actively Validated Services (AVS). These AVSes handle state verification, faster finality and decentralized sequencing, respectively. The AltLayer project has developed an AVS for each of these three tasks:
VITAL (state verification)
MACH (faster finality)
SQUAD (decentralized sequencing)
Through AltLayer's technology, a rollup can be launched in only a few minutes even by those with almost no programming experience. Rollups launched through AltLayer support both the Ethereum Virtual Machine (EVM) and WebAssembly (WASM), making them suitable for a broad range of blockchain developers.
AltLayer implements a token called ALT that's used to provide security (staking), grants holders governance rights, and is used to pay for various fees related to AltLayer's services.
How to earn ALT tokens on Binance Launchpool?
If you want to earn ALT tokens, the first thing you'll need is a Binance account.
Create Binance Account
Please keep in mind that only users who complete an identity verification process with Binance are eligible to participate in aLTlAYER token farming on Binance Launchpool.
Once your account is ready, you’ll need some BNB or FDUSD tokens to stake. If you already own these tokens, you can deposit some to your Binance account. Otherwise, Binance offers plenty of ways of buying these tokens with either crypto or fiat.
After your account is verified and loaded up with some BNB or FDUSD, head over to the menu on the top side of the Binance interface and select "More". Then, go to "Launchpad & Launchpool".
Then, find the available AltLayer farming pools. Depending on which tokens you want to stake, select BNB Pool or the FDUSD Pool. Next, follow the instructions provided by the exchange.
As a final note, here’s a quick breakdown of key dates and information about the AltLayer Launchpool campaign:
AltLayer (ALT) Launchpool Start Date January 19 (00:00 UTC) End Date January 24 (23:59 UTC) BNB Pool Rewards 400,000,000 ALT FDUSD Pool Rewards 100,000,000 ALT ALT Binance Listing Date January 25 (10:00 UTC)
