Alpha Homora V2 Relaunch Proved Successful, TVL And ALPHA Token Soared

By Warren Hayes | May 15, 2021

Following a first quarter with lots of ups and downs, platform Alpha Homora of the crypto up-and-coming tech, DeFi, is reportedly rolling out the relaunch of its v2 leveraged yield farming program on May 13th. 

Specifically, version 2 of the platform – which comes with a maximum of 7x regarding allowed leverage on popular yield farming – is reportedly bringing joy to traders and users, since both overall values locked (TVL) and ALPHA token prices jumped up.

Alpha Homora v2 – positioning on a wide range of protocols, nominally Sushi, Curve, and Balancer – reportedly had to cease operations after suffering from a severe attack back in February, which caused a total of $37 million in financial damage – among the top devastating hack in DeFi history. 

However, the relaunch so far has reportedly been going smoothly across different aspects. The ALPHA token — which went through a revamped token economic design amid the downtime – inclined by 11.1% to $2.28, and TVL experienced an approximate $100 million growth since the relaunch, to stand at the $675 million benchmarks. 

The relaunched v2 additionally featured a new set of audits, but time will still remain to be the most significant test for DeFi protocols, where the longer it can hold its ground against exploiters, the more trust individuals will put into its longevity. 

Leo Cheng of C.R.E.A.M. Finance, whose Iron Bank protocol-to-protocol lending platform enables v2’s leveraged yield farming, reportedly shared that should flash loans be functional as a key cog in DeFi’s capital efficiency, leveraged lending is the appropriately logical next phase. 

Per Cheng, By nature a smart contract “doesn’t quite care, and it doesn’t quite see the borders with the smart contract projects”, and the source where funds are generated is not important, As long as a transaction will end with the numerous protocols associated in the green, the transaction will be completed. 

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