Altlayer’s native token ALT nabbed significant attention across the broader crypto market today, May 2, as its price witnessed remarkable upward momentum. Coming in tandem with Altlayer’s introduction of the ‘reALT’ token as part of Phase 2 of the network’s staking program, the price rally curated waves across the crypto landscape.

‘reALT,’ a.k.a. the restaked ALT token, follows the launch of the Xterio MACH dual staking pool, where users could stake ALT in a staking contract alongside ETH and LSTs via EigenLayer to earn upcoming Xterio ecosystem rewards. These developments mark a monumental stride for Altlayer’s cryptographic venture, further attracting substantial attention among crypto market participants.

Altlayer Staking Enters Phase II With ‘reALT’

As per the official statement from Altlayer, the community was informed today about the innovative ERC 20 token, reALT. This token is designed to simplify the staking process for ALT holders. By automatically compounding rewards, reALT enhances the benefits of ALT staking, making it easier for users to capture and accumulate rewards.

To participate, users stake ALT in the main staking pool and receive reALT tokens in return. Whereas, underneath reALT lies this ERC1155 token stALT, standing for ‘staked ALT token.’ 

stALT mirrors the staking contribution of the holders in the main pool, and users can manually convert stALT to reALT via the network’s portal.

Once in possession of reALT, holders can delegate it to various LaunchPools, including the Xterio pool, which are with restaked rollups. Periodic snapshots of reALT balances ensure accurate calculations for future pool rewards, enhancing transparency and efficiency in the staking process.

This mover by Altlayer further underscored efforts to reward users for their dedication and loyalty to the network. In turn, a tidal wave of optimism birthed for ALT, further propelling optimism in hand with the token’s price upturn.

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ALT Price Rallies 5%

At the time of writing, ALT’s price jumped 5.62% in the past 24 hours and is currently trading at $0.3446. The token’s price rally, falling in sync with the community’s monumental development, fuels market optimism on ALT’s price action ahead. Coinglass revealed a 6.31% upswing in ALT’s open interest, adding to this optimism.

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The post ALT Price Soars 5% As Altlayer Introduces ‘reALT’ For Phase 2 Staking Program appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am