AltLayer Launches reALT Token for Phase II Staking Program

AltLayer introduces a new ERC-20 token named restaked ALT (reALT) for the Phase II of its AltLayer staking program. Users will receive reALT tokens when participating in ALT staking.

AltLayer Launches reALT Token for Phase II Staking Program

AltLayer has rolled out Phase II of its staking program and introduced a new token called reALT.

As an infrastructure project providing rollup solutions through Rollups-as-a-Service (RaaS), AltLayer enables both developers and non-technical users to easily create customized rollups.

AltLayer also introduces a new concept called "Restaked rollups," leveraging EigenLayer's restaking mechanism to enhance network security.

AltLayer released its native token ALT in January, allowing staking for ALT tokens in March.

Recently, the reALT (restaked ALT) token has been introduced. This ERC-20 token facilitates automatic restaking, tracking, and accumulating profits from the staking activities of its holders. Users receive reALT tokens as rewards when they participate in ALT staking within the main staking pool.

Previously, AltLayer launched the staking mechanism and stALT token, short for "staked ALT token." This ERC-1155 token is received by users who engage in staking, reflecting their contributions to AltLayer's staking mechanism.

From Phase II onwards, users staking ALT tokens into the main pool will receive reALT tokens in return.

With the stALT token, the project provides a tool to convert stALT tokens into reALT tokens.

A few weeks ago, AltLayer announced the launch of the dual staking pool Xterio MACH, where users can lock ALT along with ETH and various LSTs through EigenLayer to receive upcoming Xterio ecosystem rewards.

In the future, as AltLayer introduces more restaked rollups, additional pools like Xterio are expected. Therefore, reALT is introduced to facilitate simultaneous participation in multiple pools, maximizing rewards from various restaked rollups.

The new restaking design via reALT offers the following summarized benefits:

• Automatically accumulates ALT staking rewards.
• Eliminates the need to unstake from the main ALT stake pool to participate in LaunchPool, thus maximizing APY from stacking.
• Instead of staking ALT tokens, users now stake reALT tokens to earn more rewards from multiple pools.

To determine rewards, the system will regularly snapshot reALT balances, then calculate and allocate rewards to users.

Phase II brings significant changes, including the discontinuation of the initial Xterio LaunchPool in favor of a new pool staked by reALT, enabling current stakers to withdraw and transfer immediately.

The main ALT stake pool also allows for immediate withdrawals. However, there is a 21-day waiting period to receive withdrawn funds.

The price of the ALT token is showing a slight recovery following the cryptocurrency market dip on May 1, with a lukewarm response to the reALT token deployment news.

In February, AltLayer announced a $14.4 million funding round led by Polychain Capital and Hack VC.