Over 30% of ALPHA’s Circulating Supply Is Now Being Staked & Earning 13% APY

2021-7-8 22:01

In the last two weeks, the price of ALPHA has soared more than 145%.

Up 262% YTD, ALPHA is a $227 million market cap coin, which is still down 73% from its all-time high of almost $3 five months back.

“Since hitting lows on June 24, DeFi tokens are enjoying a strong bounce. COMP, ALPHA, SNX, and AAVE lead the way… The next couple of weeks will be telling for DeFi, and the crypto market in general,” noted Delphi Digital.

This week, the Alpha Finance Lab also released the June monthly update where it shared that Alpha Homora V2 has generated over ~$943k in fees since its launch in mid-May 2021.

Since the beginning of Alpha Homora V1 in October, vBSC in March, and V2 in May, over ~$5.1m in protocol fees have been collected, which puts fees on an annualized basis at $15.28 million.

Now, in addition to Alpha Homora V1 and vBSC, Alpha Homora V2 protocol fees are also distributed to ALPHA stakers. As such, Alpha holders can now stake and earn ~13% APY, all of which comes from the collected Alpha Homora protocol fees.

Currently, more than 30% of the circulating supply of Alpha, 86.9 million ALPHA (worth about $64.3mln), is being staked. Alpha stakers will soon be able to unlock higher leverage on V2 with the upcoming integration of Alpha Tiers into Alpha Homora V2.

When it comes to its total value locked (TVL), it is at $1.19 billion, which consists of $55.9m on V1, $1.1B on V2, and ~$81.7m on vBSC.

The team noted that Alpha Homora V2 has also consistently been able to maintain high lending rates compared to other lending protocols in the market.

Alpha Finance Labs further shared updates on other products, namely AlphaX, which is being redesigned to keep up with the changing perpetual swaps and derivatives market.

Currently, the smart contracts are being audited by ConsenSys now that product ideation, fine-tuning for product-market fit, smart contract development, and internal testing has been completed.

As for the DeFi incubator program Alpha Launchpad, which was launched last month, they have been receiving many applications from early stage to late stage DeFi projects. This will also benefit ALPHA stakers by providing them a share in incubated projects’ tokens and their protocol fees, said the team.

Alpha Finance Lab/USD ALPHAUSD 0.9130 $0.15 16.78% Volume 132.68 m Change $0.15 Open$0.9130 Circulating 285.58 m Market Cap 260.74 m baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=ALPHA&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~ALPHA~USD"); The post Over 30% of ALPHA’s Circulating Supply Is Now Being Staked & Earning 13% APY first appeared on BitcoinExchangeGuide.

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