AltLayer Enters Second Phase Of Its Staking Initiative, Introduces reALT Token
In Brief
AltLayer disclosed the commencement of the second phase of AltLayer staking and introduced the restaked ALT token, reALT.
Decentralized protocol facilitating the deployment of native and restaked rollups, AltLayer (ALT) disclosed the commencement of the second phase of AltLayer staking and introduced the restaked ALT token, reALT.
reALT serves as an auto-compounding ERC-20 token designed to capture the staking contributions of ALT holders and accumulate the compounding rewards obtained. This token is distributed to individuals participating in the main staking pool by staking ALT.
reALT token is based on the stALT token, an ERC-1155 token that represents the participant’s staking commitment in the main staking pool. Users have the option to manually convert stALT to reALT using the designated portal.
By utilizing reALT, users gain the capability to engage in multiple pools concurrently, expanding their exposure and choice while enjoying the advantages of auto-compounding. Once reALT is issued, it can be redirected to various Launchpools related to restaking rollups, such as the Xterio pool. AltLayer will conduct periodic snapshots of the reALT balance, utilizing them to calculate forthcoming pool rewards.
AltLayer Plans Xterio Launchpool Upgrade
AltLayer’s objective is to enable users to engage in multiple pools simultaneously, maximizing their exposure to various restaked rollup communities and associated incentives. Therefore, several launches of restaked rollups are planned, along with the introduction of multiple pools similar to Xterio.
Moreover, AltLayer plans to deprecate the current Xterio Launchpool and encourage all users to transition to the new Xterio pool powered by reALT.
The cooldown period for Phase 1 of the Xterio Launchpool is zero days, enabling users to withdraw their funds immediately and transition to Phase 2. Additionally, the staking portal now offers the option to participate in Phase 2 of the Xterio Launchpool, allowing users to earn rewards from the Xterio ecosystem through the reALT vault. Furthermore, the system will maintain ongoing monitoring of the Total Value Locked (TVL) in both Phase 1 and Phase 2 of the Xterio Launchpool to determine future rewards.
AltLayer is a decentralized protocol for rollups. It introduces the concept of restaked rollups, which takes existing rollups and provides them with the enhanced security, decentralization, interoperability, and crypto-economic fast finality. In February, AltLayer disclosed that it had raised $14.4 million in a strategic funding round, with Polychain Capital and Hack VC co-leading the investment.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
