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Home > News
Published: 28/03/2024
-
Author: Kane
AltLayer Introduces ALT Staking Feature
AltLayer, the restaking platform developed on EigenLayer, has introduced the staking feature for its native token, ALT. This marks a significant milestone for the project.
Azcnews Breaking
After a long-awaited period, AltLayer ā a pioneering decentralized infrastructure project providing solutions to support the rapid and flexible deployment of decentralized applications on various rollups ā officially launched its staking feature for the native ALT token. This milestone is considered a crucial step in the projectās development roadmap.
AltLayer is built with the goal of compatibility and support for multiple rollup SDKs and various shared sequencing services such as OP Stack, Arbitrum Orbit, Polygon zkEVM, zkSyncās ZK Stack, StarkWare, Espresso, and Radius. This enables the platform to meet the deployment needs of decentralized applications on different types of rollups from developers flexibly and efficiently.
In late 2023, AltLayer collaborated with EigenLayer to introduce a new and innovative Restaked Rollup model. This model aims to decentralize the Sequencer network by reallocating MEV (Maximal Extractable Value) operations, accelerate finality, and restructure the profit-sharing model to optimize the data availability from pioneering projects in the field such as Celestia and Avail.
Entering 2024, AltLayer distributed the native ALT token through an airdrop to the community. However, the staking feature for ALT is crucial to unlock circulation and allocation of this token, and it was officially launched on March 27, marking the beginning milestone for MACH Alpha.
MACH Alpha is a fast finality service specifically designed for applications deployed on Layer-2 rollups to enhance security and scalability for these applications. According to the development team, the launch of the ALT staking feature will pave the way for the launch of MACH Alpha ā a positively finality verification service being developed on the EigenLayer platform. MACH Alpha will leverage EigenLayerās restaking mechanism to enhance the overall network security. It is expected that MACH Alpha will support OP Mainnet and Arbitrum One immediately upon its launch alongside the EigenLayer mainnet.
With the inauguration of the ALT staking feature and the launch of MACH Alpha, AltLayer once again affirms its pioneering position in providing efficient and reliable infrastructure, allowing developers to focus on building powerful, diverse, and highly scalable decentralized applications on Layer-2 rollups.
Related: AltLayer (ALT) Initiates Airdrop Claim and Achieves Binance Listing
Price fluctuations of Altlayer (ALT)
Following this announcement, the price of the ALT token has not fluctuated significantly and is currently hovering around the $0.6 mark.
Chart Altlayer
ALT chart on March 28, 2024, on TradingView.
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Home > News
Published: 28/03/2024
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Author: Leexim
ADA Launches into Bullish Territory While XRP Trails Behind
The decline in stagnant ADA tokens signifies a bullish outlook for the long haul, while XRP stayed within a range despite a drop in MDIA.
Azcnews
Table of Contents
Santimentās tweet highlighted a crucial factor fueling a bull run, emphasizing its significance in market dynamics. Analyzing Cardano (ADA) and Ripple (XRP), both Santiment and another source utilized the Mean Dollar Invested Age (MDIA) metric to gauge the potential initiation of a bull run.
MDIA, distinct from mean coin age, incorporates the purchase price of dormant BTC or any asset, offering a nuanced perspective. An upward trend in MDIA is customary, indicating coins aging in walletsāa sign of strong holder confidence, generally favorable for the asset.
However, prolonged periods of high MDIA suggest network stagnation, potentially hindering price growth. A decline in MDIA signals awakening dormant coins, aligning with investor expectations of lower MDIA as prices ascend.
Cardano is off the marks
For Cardano, MDIA exhibited an upward trend since July 2021 until a notable plunge in early March, signaling positive developments for long-term investors. A decrease in stagnant ADA typically heralds the onset of a robust bull market, potentially enduring for several months.
ADA Santiment Metrics
Source: Santiment
Historically, Cardanoās MDIA maintained a consistent downtrend in July 2020, coinciding with a remarkable price surge from $0.09 to $3.1, illustrating the correlation between MDIA trends and significant price movements.
At the time of writing, Bitcoin (BTC) was trading at $70.2k, slightly below its all-time high of $73.7k, with ETF inflows showing robust activity.
A recent Santiment post on X (formerly Twitter) highlighted a noteworthy observation: previously dormant wallets were becoming active, reintroducing older BTC into circulation.
During the upward trajectory of the price, the weekly Relative Strength Index (RSI) displayed a pattern of lower highs, technically indicative of a bearish divergence. However, given the current phase of price discovery, this divergence isnāt necessarily a reliable trading signal. Interestingly, this pattern of lower highs wasnāt evident on the weekly RSI at the moment.
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Meanwhile, concerns loom among XRP investors. XRP experienced a decline in its Mean Dollar Invested Age (MDIA) metric from September 2020 to April 2021, coinciding with a downward trend in prices. This trend intensified as the bear market deepened, suggesting accumulation despite sliding prices.
While XRP investors fret
XRP Santiment Metrics
Source: Santiment
Similar to ADA, XRP also witnessed a significant drop in MDIA, occurring in early December 2023, followed by an upward trend thereafter. This abrupt decline, not accompanied by a subsequent uptrend, could be attributed to profit-taking or substantial selling pressure from large holders.
However, relying solely on MDIA isnāt sufficient to ascertain XRPās current position within the market cycle. Nonetheless, its upward trend since January strongly suggests an ongoing accumulation phase.
XRPās price remained range-bound, unable to breach the crucial $0.7 resistance level. The increase in MDIA may foreshadow a potential bull run in the forthcoming months.
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