AltLayer, which launched its altcoin ALT in January, announced that it launched its staking service in late March.
According to The Block, AltLayer introduced the Reborne ALT (reALT) token, stating that the second phase of the staking program has started.
In the statement, it was stated that Restaked ALT is an automatically compounded ERC-20 token given to users who stake ALT in AltLayer's main staking pool.
At this point, it was stated that investors who have already staked ALT in the staking pool can convert their stALT tokens (stake ALT) into reALT using AltLayer's staking portal tool.
“We are excited to open Phase II of AltLayer staking and the launch of Retaken ALT (reALT).
reALT is an auto-compounding ERC20 token that captures a holder's ALT staking contribution and accumulates compound rewards earned.
reALT token is issued to users who stake ALT in the main staking pool.
“The introduction of reALT is key to the AltLayer ecosystem and enables greater staker participation in preparation for the upcoming launch of MACH Alpha, a rapid finality service that will help secure and scale Layer 2 aggregations.”
After the news, the ALT price moved upwards.
*This is not investment advice.