We are excited to announce that Alpha Lending is released on the Binance Smart Chain Testnet! https://bsctestnet.alphafinance.io/
Alpha Lending is the first of many financial primitives solving the supply and demand gap in decentralized finance.
This is a culmination of months of development, product scoping, testing and protocol design coming to life with the aim of bringing unlocked liquidity across cross-chain DeFi.
Key Functionalities of Alpha Lending
- Perpetual loans: Once users deposit their assets as collateral, users are able to borrow and get liquidity without any duration or payment schedule. Asset utilization rate (how much of the total deposited amount is borrowed out) will determine the interest rate for borrowers and lenders. Because the utilization rate reflects the demand to borrow an asset, a higher utilization rate corresponds to a higher cost of borrowing, which translates to a higher borrowing and lending interest rate.
- Binance Smart Chain: Alpha Lending is one of the first lending protocols on Binance Smart Chain (BSC), leveraging BSC’s fast transaction processing time and cheap transaction fee to bring yields to a broader DeFi community of crypto assets holders without restrictive barriers of entry.
- Cross-chain assets: Alpha Lending mainnet will support a wide range of crypto assets. We will be providing more details on the assets that will be supported with a risk assessment report on each for our users.
- Tokenization: Alpha Lending will tokenize all the deposits. Users will receive alTokens, which follow the BEP-20 standard (ERC-20 version on BSC) when they deposit their assets (e.g. receive alBNB when depositing BNB). alTokens are interest bearing tokens and will always carry the value of the deposited amount with the accrued interest. alTokens can be safely stored, seamlessly traded or transferred.
- Sustainable ALPHA utility: ALPHA will be the core utility token across the portfolio of Alpha products, including staking, reward sharing, as well as governance procedures.
- Governance: Alpha will implement governance on two levels via DAO mechanism: product-level governance and Alpha Finance-level governance. Product-level governance will allow ALPHA token holders to govern key protocol parameters of specific Alpha products. Alpha Finance-level governance will allow ALPHA token holders to govern how the portfolio of Alpha products interoperate.
- Deflationary economy: All Alpha products will tie back to ALPHA and reward users for using our products as revenues from the products will be used to buyback or burn ALPHA tokens. Additionally, the burning parameter will be configurable through token-based governance in the future.
- Liquidity mining: When we launch Alpha Lending mainnet in October, we will also have a liquidity mining program for the ALPHA token. We believe that ALPHA will be critical to not only bootstrap liquidity, but also govern a portfolio of Alpha products that we have in the pipeline. Therefore, ALPHA will be fairly distributed to our users, creating a strong community of DeFi enthusiasts who will collectively help propel the protocol forward. More details will be revealed in October when liquidity mining starts.
Testing the App
- Add BSC Testnet to MetaMask
- Instructions: https://docs.binance.org/smart-chain/wallet/metamask.html
- RPC URL: https://data-seed-prebsc-1-s1.binance.org:8545/
- ChainID: 97
- Symbol: BNB
- Block Explorer: https://testnet.bscscan.com
- Get your tokens from Binance faucet here: https://testnet.binance.org/faucet-smart/
- Add token contract addresses to your MetaMask wallet
- Add token
- Add token contract address
- WBNB: 0xae13d989dac2f0debff460ac112a837c89baa7cd
- BUSD: 0xed24fc36d5ee211ea25a80239fb8c4cfd80f12ee
- BTCB: 0x6ce8dA28E2f864420840cF74474eFf5fD80E65B8
- alWBNB: 0x759893ef9d89bab7e9506dc5918ade3816c15ba1
- alBUSD: 0x3c9634ce359b64f83819491429ab0854635cb8ad
- alBTCB: 0x8cad60211eb62d257d8ac616ab915faf7aabf67a
Note that when you get test BNB tokens from the faucet, you can convert them to wrapped BNB (WBNB) on Alpha Lending through the Convert button.
That’s it! You can now deposit the test tokens into Alpha Lending, borrow against them, and see your rewards increase in real-time on the dashboard! The Alpha Lending app is still under heavy testing and auditing which may be subjected to undiscovered bugs. All feedback and issues are greatly appreciated and can be reported on our Discord channel.