After a tough first trimester The Decentral Finance (DeFi) platform Alpha Homora today announced the relaunch of its v2 program for leveraged yield farming. and so far both traders and users celebrate that both the Total lockout value (TVL) as the prices of ALPHA tokens explode.
Version 2 of the platform, which provides up to 7x leverage on popular positions in income farming in protocols such as: Sushi, curve and balancer, had to Noticeably close to new positions after a devastating hack in February. Protocol suffered $ 37 million in losses in what is considered to be one of the most devastating exploits in DeFi history.
However, the previous relaunch has gained strength through several parameters. The ALPHA tokenthat went through a new token economy design during the downtime, is up 11.1% on the day to $ 2.28 and its TVL is up nearly $ 100 millionTO from the relaunch to a total of USD 675 million.
# AlphaHomoraV2 now you have …
$ 675 million TVL
$ 500 million on loan
$ 170 million in collateral
$ 99 million loaned
Although there is high demand for the product to be used, we will maintain the security measure we have taken by maintaining a $ 100 million credit limit for the time being.
Will actively monitor and increase accordingly
to???? Alpha Finance Lab (@AlphaFinanceLab) May 13, 2021
# AlphaHomoraV2 now has …
USD 675 MILLION IN TVL
$ 500 million loaned
$ 170 million warranties
$ 99 million borrowed
Although the demand for using the product is high, we will maintain the security measure we have established by maintaining the credit limit of $ 100 million for the time being.
We will actively monitor it and increase it accordingly.
It remains to be seen how long the log will remain stable. Besides the February hack, The platform was linked to the loss of USD 11 million from Rari Capital earlier this week. although this particular exploit was not due to a bug by Alpha Finance Lab.
The re-release of version 2 also includes a number of new audits, but ultimately the biggest test of any DeFi protocol is time: The longer it has withstood the test of potential attackers, the more users can trust its longevity.
Some watchers are also upset by Alpha’s unusual model, which has little precedent in Tradfi. however, Leo Cheng, of CREAM Finance, their credit platform from record to record, Iron bench, enables leveraged yield farming of v2, In an interview with Cointelegraph, it was argued that leveraged loans are the logical next step if flash loans can be a key element of DeFi’s capital efficiency.
By nature, says Cheng, a smart contract “It doesn’t matter at all and there are no limits to smart contract projects” where the funds come from. As long as a transaction ends with the various protocols involved in the green, the transaction will run through.
Alpha Finance Labs did not respond to multiple requests for comment.