AltLayer Swaps 400M $ALT Tokens from BNB to Ethereum Chain on Binance’s Request

AltLayer, a prominent decentralized protocol dealing with rollups while prioritizing speed, interoperability, decentralization, and security, has announced the successful completion of a swap of 400M $ALT tokens. As per AltLayer, the platform has completed the swap of 400M $ALT tokens from BNB Chain to Ethereum Chain to guarantee liquidity stability on Binance. The platform revealed this development on social media.

AltLayer Successfully Completes Swap of 400M $ALT Tokens from BEP20 to ERC20

The swap of 400M $ALT tokens from BNB Chain (BEP20) to Ethereum Chain (ERC20) is aimed at maintaining liquidity stability. In addition to this, the respective token swap also focuses on the maintenance of the overall token supply. This development takes place following Binance reported a crucial decrease in liquidity in the case of ERC20 $ALT tokens because of a trading demand spike.

While responding to this, AltLayer carried out a cross-chain swap while endeavoring to rebalance the $ALT token supply without raising the number of cumulatively circulating tokens. In this respect, the swap procedure took into account 400M $ATL tokens’ burning on BNB Chain (BEP20). Following that, the platform minted the same amount of $ALT tokens on Ethereum Chain (ERC20). This overall procedure was conducted on-chain and can be verified by the common masses.

When Binance requested AltLayer to execute the above-mentioned $ALT token swap, the platform expressed its consent in an X post. For this purpose, it added, it would burn BEP20 tokens and mint ERC20 tokens. Keeping this in view, it mentioned that the cumulative token circulation will not witness any change. Hence, the respective objective has now been achieved as AltLayer has effectively burned and minted 400M $ALT tokens from BEP20 to ERC20. A key aspect of this development is the transparency and verifiability for the public.

$ALT’s Cumulative Circulating Supply Across BNB Chain and Ethereum Chain Remains Unchanged

Following this event, AltLayer confirmed it on its official social media account. It clarified the unchanged status of the cumulative $ALT token supply in circulation across both the chains. Apart from that, the respective token swap’s on-chain nature highlights that AltLayer is committed to trust and transparency while addressing infrastructure requirements across diverse blockchain ecosystems.