Alpha Homora defies market slump, bolsters TVL and token price on v2 relaunch

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After a rocky first quarter, decentralized finance (DeFi) platform Alpha Homora announced the relaunch of its v2 leveraged yield farming program today — and so far both traders and users are celebrating as both total value locked (TVL) and ALPHA token prices soar. 

The version 2 of the platform, which allows for leverage up to 7x on popular yield farming positions on protocols such as Sushi, Curve, and Balancer, notably had to shut down to new positions after a devastating hack in February. The protocol suffered $37 million in losses, which counts among the most devastating exploits in DeFi history.

However, the relaunch so far has gone swimmingly by multiple metrics. The ALPHA token — which underwent a revamped tokeneconomic design during the downtime — is up 11.1% to $2.28 on the day, and TVL has increased by nearly $100 million since the relaunch to a total of $675 million.

It now remains to be seen how long the protocol will remain stable. In addition to the February exploit, the platform was tied to Rari Capital’s $11 million loss earlier this week, though that particular exploit was due to no fault on Alpha Finance Lab’s part. 

The relaunched v2 also came with…

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