AltLayer $ALT has 10x capacity when launching reALT token for phase II staking program.
First let's briefly understand what AltLayer is?
AltLayer is a Retake Rollup protocol, playing the role of adding security, decentralization, and processing speed to Rollups in the crypto market such as Op Stack, ZKStack, Arbitrum Orbit... In addition, AltLayer also provides Rollup service for Web3 projects (Rollup-as-a-Service) with two products including:
Versatile Rollup Stack: A product that allows developers to build important Rollups for the ecosystem such as Data availability, settlement...
No-code Dashboard: A product that provides Rollup for developers who do not have much experience and knowledge in Web3.
AltLayer products:
Restaked Rollup
VITAL
MACH
SQUAD
Introducing reALT:
On May 2, AltLayer introduced a new ERC-20 token called retaked ALT (reALT) to serve phase II of the AltLayer staking program. Users will receive reALT when participating in staking ALT.
As an infrastructure project, providing rollup solutions for projects through Rollups-as-a-Service (RaaS), AltLayer enables both developers and those with little or no experience to Programming experience can simply create a custom rollup.
AltLayer also introduced a new concept called “Restaked rollups”, which works on the restaking mechanism of EigenLayer to enhance network security.
AltLayer issued its token ALT in January, and the project enabled staking for ALT tokens in March.
Recently, the reALT(retaked ALT) token was launched. This is an ERC-20 token that allows automatic reinvestment. It tracks and accumulates profits from the owner's staking. Users receive reALT tokens as a reward when they participate in staking ALT in the main staking pool.
Previously, AltLayer launched a staking mechanism and stALT token, which stands for “staked ALT token.” This is an ERC-1155 token, received when users participate in staking, and represents a contribution to AltLayer's staking mechanism.
From phase II onwards, users who will stake ALT tokens into the main pool will receive reALT tokens in return.
With stALT coin, the project will provide tools to convert stALT tokens to reALT tokens.
A few weeks ago, AltLayer announced the launch of dual staking pool Xterio MACH, where users can lock ALT along with ETH and LSTs through EigenLayer to receive upcoming Xterio ecosystem rewards.
In the future when AltLayer launches more retaked rollups there will be more pools like Xterio, so reALT was launched to increase the ability to participate in multiple pools simultaneously allowing maximum access to the rewards of retakes Other rollups.
The new staking design through reALT brings benefits that are summarized as:
Automatically accumulates ALT staking rewards.
Eliminates the need to unstake from the main ALT stake pool to participate in the LaunchPool, thus maximizing APY from staking.
Instead of staking ALT tokens, users now need to stake reALT to earn more rewards from the pools.
To determine the reward received, the system will regularly snapshot the reALT balance and then calculate and decide the reward for the user.
This Phase II brings important changes, including deprecating the original Xterio LaunchPool and replacing it with a new pool staked by reALT, allowing existing stakers to withdraw and transfer immediately. ie.
The main ALT stake pool is also allowing instant withdrawals. However, a waiting period of 21 days will apply to receive the withdrawal amount.
The price of $ALT is currently $0.30. With the launch of this staking model, if the market recovers, the price of $ALT may increase sharply.