Decentralized finance protocol, Alpha Finance, has been busy on the development side of things while its native token has skyrocketed in price.
Alpha Finance detailed all of the latest developments in a recently released monthly report. In it, the team noted that Alpha Homora v2 launched in February has consistently been able to maintain high lending rates compared to other DeFi lending protocols.
It encouraged any users still on the previous iteration of the platform to migrate to v2 to enjoy twice the yield farming rewards. By allowing leveraging, yield farmers on the platform are encouraged to hold on to their farmed tokens and reinvest them for better returns rather than just selling them on the market
1/ 🔔June Summary🔔
It was an intense month of building here at #Alpha and we would like to give the #AlphaWolf community our monthly recap on what we’ve built. 🐺https://t.co/C6reYmyZ5H
— Alpha Finance Lab (@AlphaFinanceLab) July 6, 2021
More DeFi Partners
In June, Alpha Finance added a number of new features, and announced several collaborations with new partners.
A basic farming mode was introduced to simplify the farming process by calculating the type and amount of assets borrowed for users. A feature to showcase a user’s liquidated positions was also added last month. This allows users who have open farming positions to know which positions are active and which are inactive.
The protocol partnered with Ethereum Push Notifications Service (EPNS) to provide users with liquidation notifications on Alpha Homora v2. There were also partnerships with InsurAce and Nexus Mutual to provide insurance coverage for users.
The Alpha Homora v2 protocol fees have now started to be distributed to stakers of its native ALPHA token, it added.
“With the additional collected protocol fees from V2, Alpha holders can now stake and earn ~13% APY, all of which comes from the collected Alpha Homora protocol fees.”
It stated that over $5 million in fees have been collected across v1, v2, and the Binance Smart Chain version since October. It estimated that “Alpha Homora products would generate over ~$15.28m in fees on an annualized basis.”
According to DappRadar, the total value locked on the protocol is currently $470 million, although the protocol itself reports over double this figure.
ALPHA Price Surges
These higher than industry average returns have done wonders for ALPHA token prices. It has been one of the best-performing DeFi assets over the past few weeks. ALPHA has gained 4.5% on the day to reach $0.796680 at the time of publication according to CoinGecko.
The DeFi token has surged 75% on the week and a whopping 150% over the past fortnight. That said, ALPHA is still way down from its February all-time high of $2.93, like most of its DeFi brethren.
Join us on Telegram to receive free trading signals.
For more crypto news, check out the Altcoin Buzz YouTube channel.
