This DeFi Project Has Been ‘Crushing it’ Ever Since it Flew into 2021
DeFi token ALPHA is leading the market gains as the price of the digital asset went to $1.86. The digital asset has enjoyed the uptrend ever since it entered 2021, recording YTD gains of 590%.
The 54% uptrend in the past 24 hours coincided with Alpha Finance sharing how exactly the upcoming Alpha Homora v2 launch would work for yield farmers’. Yield farming was all the rage in the summer of 2020.
The latest version will allow Yield farmers to open leveraged yield farming positions of liquidity pools on Curve, Balancer, SushiSwap, and Uniswap. For selected pools, they can open up to 9x leveraged positions. They can further take leverage on many assets, including ETH, stablecoins, and others. Much like with V1, yield farmers aren’t required to have equal value of both tokens to yield farm.
Alpha Finance Lab describes itself as an “ecosystem of DeFi products that will interoperate to maximize returns while minimizing downside exposure to users,” where its products work on capturing “unaddressed demand in DeFi.”
Given its gains, the community is excited about the project, with Delphi Digital Tom Shaughnessy saying, “Alpha is crushing it.” For him, one of the key reasons behind this is having a public face leading the project that just can’t get up and leave anytime along with a “professional, high EQ team that consistently ships new code that bolsters the “suite of products” ecosystem and actually adds utility for users,” he said.
The year not only started on a positive note in terms of prices but also in partnerships for Alpha Finance as it joined hands with other popular DeFi projects, viz. Cream, SushiSwap, Curve, and Balancer. The project has also originated over $600 million since its launch three months ago to grow into one of the leading lending protocols and even rub shoulders with lending giant Aave as it facilitated the same loan volume as the DeFi blue-chip a couple of weeks back.
When it comes to AAVE, “it took them twice as long to reach $600m in originations.” At the time, in August, the leading project’s market cap was a mere $685 million when they were “seeing similar hockey stick growth,” noted Jack Purdy, a researcher at Messari.
Currently, Aave has a market cap of $3.29 billion, representing a 4x growth. This certainly makes the market very bullish on the $257 million market cap Alpha Finance.