Alpha Finance Lab’s native token, ALPHA, lofted passed the $1 mark as the launch of the platform’s highly anticipated Homora v2 gets closer.
The $1 Club
Decentralized finance (DeFi) platform Alpha Finance Lab’s token, ALPHA, broke the $1.00 mark for the second time just hours ago.
The token has gained over 300% since the start of this year as the team announced plans to upgrade its flagship product, Alpha Homora.
Since then, the token maintained a steady increase in value, and yesterday shattered its Jan. 7 all-time high.
The rise above $1 puts the token close to the top 100 cryptocurrencies by market capitalization according to cryptocurrency aggregator CoinMarketCap.
ALPHA, the Underdog of DeFi?
Launched in September 2020, Alpha Finance Lab is a combination of several DeFi products. These products range from lending to automated market making to liquidity provision.
According to its whitepaper, its main aim is “to maximize returns while minimizing risks” for crypto-enthusiasts operating in the DeFi space.
The platform sits on Binance’s Smart Chain (BSC), with the token also serving as a governance token for liquidity providers.
ALPHA’s token sale, which ended on Oct. 30 last year, priced the token at $0.02, making its entry to the $1 club a 50x gain for early investors.
The platform currently has just under $500 million in Total Value Locked, a measure of the value of tokens staked in a DeFi platform.
Community members, who call themselves wolves, suggest the product is the future of finance, an underdog in the DeFi space.
Leveraged Staking on the Horizon
The underdog is on a mission to become mainstream with its soon-to-launch upgrade, Alpha Homora V2.
Homora V2 introduces an industry first; leveraged yield farming. Alpha users will be able to borrow up to 9x their equity in stablecoins in order to stake in several pools.
The aim is to maximize liquidity in these pools and also maximize returns for liquidity providers.
Moreover, a partnership with Cream Finance will allow Alpha users to tap into Cream’s pools in order to decentralize and automate the borrowing required for leverage.
Finally, Alpha will integrate with Cronje’s yearn.finance to provide leveraged vaults.
All of these moves should see Alpha succeed in its mission to enter the mainstream.
Source: Be In Crypto