AltLayer Staking enters the Second Phase with Restaked reALT Token
Rollup platform AltLayer has launched the second phase of its staking program with Restaked ALT (reALT) Token.
★ INTRODUCING reALT ★
The restaked ALT token - 'reALT' - is here, ushering in Phase II of our staking program!
Find out what reALT does and how it benefits you & our ecosystem↓https://t.co/MSbCGYCksXhttps://t.co/HSjUgetQ1z pic.twitter.com/6htvGcuFdB— AltLayer (@alt_layer) May 2, 2024
According to the official statement from AltLayer, the company said, “With the launch of reALT, also known as the restaked ALT Token, we are excited to begin Phase II of AltLayer staking.
AltLayer is a decentralized protocol that lets developers create rollups from software stacks like Polygon CDK, OP Stack, and Arbitrum. The native ALT token of AltLayer was introduced in January, and ALT staking was launched in March.
The restaked ALT token (reALT) is an ERC20 share token that compounds automatically and records a holder's ALT staking contribution as well as any compounding rewards they have received. Staking ALT in the main staking pool earns users the reALT token.
Staked ALT token, or stALT for short, is the token that sits below reALT. An ERC1155 token called "stALT" is used to indicate a holder's staking contribution to the primary staking pool. Using the portal, the stALT token can be manually changed to the reALT token.
reALT, once issued, can be assigned to multiple LaunchPools, like the Xterio pool, that are connected to restaked rollups. This allows users to increase their staking yields by concurrently participating in multiple pools without having to unstake from the main ALT staking pool. The ability to simultaneously participate in multiple pools allows users to benefit from maximum exposure to other restaked rollup communities and incentives.
In phase two, the new restaking design via reALT provides more advantages than the first launch. This includes weekly auto-compounding of ALT staking rewards and maximizes the APY from staking by removing the requirement to unstake from the main ALT staking pool in order to take part in LaunchPool experiences.
Per the blog post, “With the launch of reALT, AltLayer is well on its way to interacting with and providing long-term benefits to members of our ecosystem. The vital component of the infrastructure that secures our AVS-based restaked rollup product, MACH, is reALT. Anticipate increased collaborations with LaunchPool partners, increased staker engagement, and a significant advancement towards the MACH Alpha launch as we enter Phase II of our staking program.”
At the time of writing, the price of Altlayer's native token, ALT, had increased by 5.62% over the previous day to trade at $0.3446.
In February, Polychain Capital and Hack VC led a strategic funding round that saw AltLayer raise $14.4 million, and on March 27, 2024, AltLayer announced that the highly anticipated ALT token staking function is now live. This marked the first phase of the launch of MACH Alpha.
Disclaimer: This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.