ALT Surges After AltLayer Debuts and Major Airdrop

Daily Top Performer — AltLayer (ALT)

The SPX index is up 0.53%, buoyed by higher-than-expected U.S. economic growth in Q4, suggesting the economy might avoid a deep recession. The broader cryptocurrency market is up, with Bitcoin and Ether rising by 0.39%  and 0.16%, respectively in the past 24 hours. 

Today’s outperformer is ALT, which jumped 12.9% after launching ALT token with $2.9 billion valuation.

Altlayer (ALT), founded in 2021, is a platform for application developers to create efficient, extensible layers, supporting multi-threading and multi-VM environments. It is compatible with EVM and WASM across various blockchain networks, offering a flexible scaling solution. AltLayer's native token ALT launched and began trading on centralized exchanges, reaching a $2.9 billion valuation. The token saw $300 million in trading volume within hours and is involved in an airdrop of 300 million tokens to selected users. AltLayer, a decentralized protocol for rollup creation, allows ALT holders to participate in governance and requires the token for protocol fees. The project previously raised $22.8 million in private token sales.

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Talk of the Town:

Elastos has launched the first Bitcoin-based 'Smart Inscription' marketplace called eScriptions. It is a marketplace that mints inscriptions that enable Layer 2 smart contract functionality on Bitcoin. utilizing its BeL2 technology, a layer 2 scaling solution. This marketplace creates 'daughter' inscriptions on the Elastos Sidechain, linked to 'mother' inscriptions on Bitcoin, enabling smart contract functionality on Bitcoin without costly layer 1 transactions. The ELA token's market cap has tripled since Dec. 18, now trading at $3.34 with a $72M market cap. The Smart Inscriptions offer benefits like reduced costs and enhanced utility of Bitcoin-based value. This technology will allow for inscriptions to interact with smart contracts, expanding Bitcoin's capabilities. This development is part of a growing trend in the inscription space, following Ordinals' introduction in 2023, influencing various blockchain ecosystems.

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