ALT, the native token of Altlayer surged in price today, May 2, catching the attention of the crypto markets.
The price of Altlayer’s native token, ALT, experienced extraordinary upward momentum today, May 2, which resulted in the token receiving a substantial amount of attention throughout the various cryptocurrency markets.
The price increase created waves across the cryptocurrency landscape. This occurred concurrently with Altlayer’s issuance of the reALT’ token as part of Phase 2 of the network’s staking program.’reALT,’ also known as the restaked ALT token, is a result of the Xterio MACH dual staking pool’s launch.
This pool allowed users to stake ALT in a staking contract alongside ETH and LSTs through EigenLayer in order to gain impending benefits for the Xterio ecosystem.
These new improvements represent a momentous step forward for Altlayer’s cryptographic enterprise, which has already garnered a significant amount of attention from participants in the cryptocurrency sector.
Altlayer Staking Enters Phase II With ‘reALT’
Today, Altlayer released an official announcement alerting the community about the new ERC 20 coin known as reALT. This token aims to simplify the staking process for ALT holders.
ReALT enhances the benefits of ALT staking by simplifying the process for users to capture and collect rewards. The automatic compounding of prizes accomplishes this.
To participate, users must stake ALT in the primary staking pool and receive reALT tokens in return. However, the reALT framework conceals an ERC1155 token known as stALT, or “staked ALT token.
“Holders in the main pool represent their staking contribution as stALT. The network provides a portal for users to manually convert stALT to reALT.
Once they obtain reALT, holders can delegate it to various LaunchPools, such as the Xterio pool with restaked rollups. Periodic snapshots of reALT balances enhance both openness and speed in the staking process.
These snapshots guarantee accurate calculations for future pool awards. Altlayer’s decision further underscored their efforts to encourage and reward users for their commitment and loyalty to the network.
ALT Price Rallies 5%
This generated a tsunami of excitement for ALT, propelling optimism along with the token’s price increase. The price of ALT has increased by 5.62% over the course of the previous twenty-four hours and is currently at $0.3446.
The token’s price increase, coinciding with the community’s enormous progress, fuels the market’s excitement over the future price action of ALT.
To add fuel to this fire of confidence, Coinglass disclosed that ALT’s open interest has increased by 6.31 percent.