Ethereum's scaling roadmap relies on specialized infrastructure providers handling different aspects of the modular blockchain stack. AltLayer, EigenLayer, and Celestia represent three distinct approaches to rollup infrastructure, each with unique tokenomics, technical focus, and value capture mechanisms that determine investment characteristics for their respective tokens.

Understanding how ALT, EIGEN, and TIA differ provides critical context for evaluating which infrastructure layer offers the most compelling risk-reward profile as modular blockchains mature throughout 2025 and beyond.

Core Protocol Functions and Positioning

Each protocol serves distinct but complementary roles within the modular blockchain ecosystem, creating different demand drivers for their native tokens.

AltLayer: Restaked Rollup-as-a-Service

AltLayer provides end-to-end rollup deployment infrastructure bundled with EigenLayer-powered security enhancements. The protocol specializes in making custom rollup launches accessible through no-code tools while offering MACH fast finality, VITAL decentralized verification, and SQUAD sequencing services as actively validated services.

The rollup-as-a-service model targets developers who want production-ready Layer 2 solutions without managing technical complexity. AltLayer handles deployment, operation, and maintenance while operators stake ALT tokens alongside ETH to provide economic security for services like sub-10-second finality confirmations.

Current deployments include gaming rollups for Xterio with over 1 million users, social networks like Cyber L2, and DeFi chains like DODOchain, demonstrating real-world utility beyond speculation.

EigenLayer: Restaking Middleware and Security Layer

EigenLayer pioneered the restaking category, enabling ETH stakers to reuse their staked capital to secure additional services called actively validated services. The protocol functions as a marketplace connecting capital providers (restakers), service operators, and protocols requiring decentralized security guarantees.

With over $18-20 billion in total value locked, EigenLayer dominates 85% of the restaking sector and aims to expand from 29 mainnet AVS to over 200 by 2026. Services secured through EigenLayer include data availability layers, decentralized oracles, sequencers, bridges, and fast finality providers like AltLayer's MACH.

The EIGEN token adds a second security layer through "intersubjective staking," allowing protocols to slash malicious operators for offenses that cannot be objectively proven on-chain but where reasonable observers would agree punishment is warranted. This mechanism extends EigenLayer's security coverage beyond simple cryptographic proofs.

Celestia: Data Availability Network

Celestia provides a dedicated data availability layer where rollups publish transaction data without needing to process execution. The protocol uses data availability sampling, allowing light nodes to verify data availability by downloading small random portions rather than entire blocks, enabling scalability that increases with network participation.

Over 30 rollups currently use Celestia's DA services, paying fees in TIA tokens to publish blobs of transaction data. Unlike Ethereum's temporary blob storage introduced in EIP-4844, Celestia permanently stores data for ongoing verification, providing developers with flexible, long-term DA guarantees.

The modular design allows developers to build custom execution environments using any programming language or virtual machine while relying on Celestia for consensus and data availability, decoupling these functions from application logic.

Token Utility and Value Capture

The three tokens employ different mechanisms for capturing value from their respective protocols, creating distinct supply-demand dynamics.

Feature	ALT	EIGEN	TIA
Primary Use	AVS operator staking, governance	Intersubjective staking, AVS security	DA fees, gas token, staking
Staking Requirement	Required for MACH/VITAL operators	Required alongside ETH for dual quorum	Required for validator participation
Fee Capture	Operator rewards from rollups	AVS service payments	Direct rollup DA fees in TIA
Governance	Protocol upgrades, treasury	Security council, slashing conditions	Network parameters, treasury
Current Utility	Limited deployment, low fees	Growing AVS ecosystem, $19B TVL	30+ rollups, ~$200 daily fees

ALT Token Utility

ALT serves primarily as a staking requirement for operators running AltLayer's AVS infrastructure. Operators must stake ALT tokens to provide MACH fast finality or VITAL verification services, with staked amounts determining their economic stake in correct performance. Slashing penalties for misbehavior or downtime create strong incentives for honest operation.

The token also provides governance rights for protocol parameters, fee structures, and treasury management. However, actual fee generation from rollup deployments remains modest, limiting current staking yield attractiveness compared to pure speculation.

EIGEN Token Utility

EIGEN enables what EigenLayer terms "intersubjective staking" through its innovative forking mechanism. When disputes arise about operator behavior that cannot be objectively verified on-chain, EIGEN holders can propose forks where malicious actors' tokens get slashed in the valid chain.

The dual-token model separates staking (bEIGEN) from DeFi usage (EIGEN), protecting non-staking holders from fork risks. AVS protocols can implement dual quorum security requiring both ETH and EIGEN stakes, creating direct demand from the expanding AVS ecosystem.

With EigenDA alone securing over $9 billion in restaked capital, the EIGEN token benefits from the broader restaking sector's growth even though specific token utility remains partially deployed as the protocol phases in slashing and fee mechanisms.

TIA Token Utility

TIA captures value most directly through PayForBlobs transactions where rollups pay data availability fees in the native token. Every rollup using Celestia must acquire and spend TIA for blob storage, creating consistent demand tied to actual network usage.

The token also functions as a gas asset for rollups that don't want to issue their own tokens, allowing developers to bootstrap chains quickly using TIA for transaction fees. Cosmos SDK-based Celestia uses proof-of-stake, requiring validators to stake TIA for network security with delegators earning approximately 16% APY currently.

Beyond staking yield, TIA holders have received numerous airdrops from projects building on Celestia, creating additional incentives for token holding beyond pure price speculation.

Tokenomics and Supply Dynamics

Supply schedules and token distribution significantly impact price performance, with all three protocols facing ongoing inflation pressure.

ALT: High Unlock Pressure

ALT launched with approximately 11% circulating supply (1.1 billion of 10 billion total), creating massive fully diluted valuation relative to market cap. Throughout 2025-2026, vesting schedules release tokens to early investors, team members, and ecosystem allocations at a pace that creates consistent sell pressure.

The 18.5% sold in private rounds at $0.008-0.018 creates significant profit-taking opportunities at any price above initial sale levels. Protocol emissions for operator rewards and ecosystem growth add additional inflation, requiring strong adoption growth to offset supply increases.

EIGEN: Strategic Distribution

EIGEN launched with over 1.67 billion tokens, allocating 15% to restakers through a stakedrop campaign across multiple seasons. This community-focused distribution aims to align token holders with protocol success rather than creating insider-heavy cap tables.

The inflationary supply increases over time based on governance decisions, but specific emission schedules remain partially opaque as the protocol phases in full functionality. Investors and early contributors received 55% of initial supply with vesting schedules designed to encourage long-term participation.

The dual-token model (EIGEN and bEIGEN) adds complexity but protects DeFi users from fork risks, potentially enabling broader token integration in lending, liquidity provision, and other financial applications.

TIA: Decreasing Inflation

Celestia launched with 1 billion token supply and 14.1% initial circulation, similar to ALT's low float creating artificially high FDV. The 8% initial annual inflation decreases 10% yearly until stabilizing at 1.5% long-term, creating predictable supply expansion.

Recent governance proposals suggest reducing inflation to 0.25% to align staking rewards with long-term token locking, potentially removing significant sell pressure if implemented. However, existing unlock schedules continue releasing tokens to early backers, R&D allocations, and ecosystem reserves throughout 2025.

The relatively controlled inflation schedule compared to many infrastructure tokens provides some support for price stability, though ongoing unlocks still create headwinds requiring demand growth to absorb.

Market Performance and Valuation Comparison

Current market positioning reflects different stages of protocol maturity and investor sentiment around each infrastructure layer.

Price Performance from Launch

• ALT - Declined over 80% from $0.70 all-time high to $0.05-0.13 range, reflecting infrastructure token sell-off and concerns about value capture
• EIGEN - Down approximately 49% from post-launch levels, trading around $1.50-2.00 after initial hype faded
• TIA - Dropped 95% from all-time highs near $20 to current $1-2 range, massive correction from initial speculation

Market Capitalization Comparison

• ALT - $100-300 million market cap / $500 million - 1.3 billion FDV depending on price
• EIGEN - Approximately $500-700 million market cap / significantly higher FDV with inflationary supply
• TIA - $300-600 million market cap / $1-2 billion FDV depending on circulating supply calculations

All three tokens trade at significant discounts to fully diluted valuations due to low float launches, creating uncertainty about future price action as vesting schedules release additional tokens.

Competitive Advantages and Weaknesses

Each protocol offers distinct strengths and faces unique challenges in capturing market share within the modular blockchain ecosystem.

AltLayer Advantages:

• Bundled AVS services simplify rollup deployment complexity
• MACH fast finality addresses real pain point for gaming and DeFi applications
• Integration with multiple rollup stacks (OP Stack, Arbitrum Orbit, Polygon CDK) provides flexibility
• Early mover in restaked rollup category with EigenLayer partnership

AltLayer Weaknesses:

• Intense competition from other RaaS providers and native Layer 2 ecosystems
• Low current fee generation limits staking yield attractiveness
• Unclear competitive moat as restaking integration could be replicated
• Dependence on EigenLayer for core value proposition

EigenLayer Advantages:

• First-mover dominance in restaking with $18B+ TVL and 85% market share
• Platform effect as more AVS launches increase operator demand for EIGEN staking
• Innovative intersubjective staking mechanism addresses unsolved security problems
• Strong institutional backing and operator adoption including Coinbase and Google Cloud

EigenLayer Weaknesses:

• Limited current fee generation from AVS despite massive TVL
• Complex dual-token model creates user confusion and adoption friction
• Concentrated TVL among few protocols (EigenDA accounts for substantial share)
• Regulatory uncertainty around restaking mechanisms and slashing

Celestia Advantages:

• Direct fee capture from rollup usage provides clearest value accrual mechanism
• 30+ production rollups create actual TIA demand beyond speculation
• Permanent data storage differentiates from Ethereum's temporary blobs
• Strong airdrop incentives drive token locking and reduce sell pressure

Celestia Weaknesses:

• Daily fees around $200 insufficient to justify multi-hundred-million market cap
• Competition from Ethereum's native DA, EigenDA, Avail, and NEAR creates pricing pressure
• Heavy unlock schedule continues through 2025 creating consistent supply overhang
• Modular thesis adoption slower than initially projected

Investment Considerations and Risk Profiles

Each token presents different risk-reward characteristics for infrastructure exposure.

ALT: High Risk, High Potential Upside

ALT offers leveraged exposure to the restaked rollup thesis with significant upside if MACH fast finality becomes industry standard for gaming and latency-sensitive applications. However, severe unlock pressure, competition from established players, and minimal current fee generation create substantial downside risks. Suitable for high-risk tolerance portfolios with longer time horizons beyond 2025.

EIGEN: Platform Risk with Size Advantages

EIGEN benefits from EigenLayer's dominant position and massive TVL, but the token's actual utility remains partially deployed as full slashing and fee mechanisms phase in. The platform's success doesn't automatically translate to EIGEN appreciation unless AVS growth drives meaningful staking demand. Moderate risk profile backed by strong fundamentals but uncertain value capture mechanics.

TIA: Clear Utility with Execution Concerns

TIA provides the most direct value capture through actual rollup fees, but current usage generates minimal revenue relative to market cap. The token's success depends on modular blockchain thesis winning against alternative scaling approaches and Celestia capturing meaningful market share from competitors. Moderate risk with clearest fundamental justification but slower growth trajectory than initially projected.

Trading These Tokens on LeveX

Understanding comparative positioning enables more informed trading decisions across the infrastructure sector.

Spot Holdings Strategy

ALT spot trading suits investors betting on restaked rollup adoption with high risk tolerance. EIGEN spot provides exposure to restaking's growth with less direct rollup dependence. TIA spot offers clearest value capture mechanism but requires belief in modular blockchain thesis.

Futures Trading Opportunities

ALT futures enable leveraged positions around catalyst events like major MACH deployments or partnership announcements. LeveX's Multi-Trade Mode allows simultaneously holding long positions in favored infrastructure layer while hedging with shorts on less promising competitors.

Consider pair trading strategies: long TIA against short ALT if believing DA layer has clearer path than RaaS, or long EIGEN against short competitors if restaking dominance continues expanding.

The Infrastructure Investment Verdict

AltLayer, EigenLayer, and Celestia each tackle different pieces of the modular blockchain puzzle with varying degrees of technical success and market traction. EigenLayer's $18B TVL and first-mover advantage in restaking provide strongest fundamental backing despite uncertain EIGEN utility. Celestia's direct fee capture through TIA creates clearest value accrual path despite low current usage. AltLayer's ALT offers highest-risk, highest-reward exposure to the restaked rollup category that could either dominate or fade depending on execution and competition.

For infrastructure exposure, diversification across all three provides balanced positioning as the modular thesis develops. For concentrated bets, ALT price prediction models suggest significant upside if execution materializes, while current valuations price in considerable skepticism about adoption timelines. Ready to trade infrastructure tokens? Create your LeveX account and access comparative positions across the modular blockchain stack, or explore our Crypto in a Minute series for more Layer 2 scaling insights.