Rollup platform AltLayer has rolled out the second phase of its staking program, introducing the re-staked ALT token, or reALT.
AltLayer is a decentralized protocol that allows developers to create rollups of software stacks such as OP Stack, Arbitrum and Polygon CDK, described as rollup-as-a-service. The project also plans to introduce so-called ‘restached rollups’: Layer 2 projects that use EigenLayer’s re-recording mechanism to build network security.
AltLayer’s native ALT token was launched in January, with ALT staking enabled in March. Restaked ALT is an auto-constructed ERC-20 token that is now being issued to users who stake ALT in AltLayer’s main stake pool, which automatically accumulates rewards earned each week.
Existing holders of the underlying stALT token (staked ALT) – an ERC-1155 token representing the staking contribution of holders in the staking pool – can also convert stALT to reALT using AltLayer’s staking portal tool.
How realALT works
Once released, reALT can be used in multiple pools for respawned rollups, such as the Xterio pool, AltLayer team explained in a blog post on Thursday. This allows users to participate in more than one pool at the same time, giving them access to other redeployed rollup communities and incentives, without opting out of the main ALT stake pool, to increase their wagering returns.
Major changes in phase two include the deprecation of the original Xterio LaunchPool, with a new reALT-powered pool taking its place, allowing existing stakers to immediately withdraw and migrate. The main ALT staking pool also currently allows instant withdrawals, although the cooldown period will be restored to 21 days, seven days after the start of phase two, the team said.
The introduction of reALT is key to the AltLayer ecosystem and allows for greater stakeholder engagement in preparation for the upcoming MACH Alpha launch – a fast finality service to secure and scale Layer 2 rollups – they added.
In February, AltLayer announced it had raised $14.4 million in a strategic funding round co-led by Polychain Capital and Hack VC.
