It has been an eventful month here at Alpha Finance Lab. With so many events that happened in this short period of time, our team would like to share with the Alpha Wolves community a recap on the month of May as well as a sneak peek into what we are building on.

May Recap: TL/DR

We have had multiple initiatives launched this month, both new and ongoing, alongside a reputable custody service onboarding ALPHA as one of the supported tokens. The details are broken down in the following sections below:

1) ALPHA on Coinbase Custody

ALPHA is now supported by Coinbase Custody.

2) Alpha Tokenomics Update

Over 68 million ALPHA tokens, or ~24% of ALPHA’s circulating supply, are being staked here. Since the beginning of the month, we have seen an increase of over 10 million tokens being staked with the number increasing daily.

3) Alpha Homora V2

Alpha Homora V2 relaunched in May. Within just 20 hours of the launch, the TVL on V2 had reached $1 Billion and $1.3 Billion the following day.

So far, Alpha Homora product suite (v1 and V2 on Ethereum and V1 on BSC) has already accrued ~$3.5M of protocol fees, which are being distributed to ALPHA stakers.

4) Alpha Oracle Aggregator

The Alpha Oracle Aggregator was launched in May. With aggregated data from two of the largest oracle providers, Chainlink and Band Protocol, we aim to ensure scalability, flexibility and security for the Alpha product suite.

5) Alpha Grants Program

The Alpha Grants Program was launched in May. The grants will apply to both Alpha Builders and Alpha Thinkers.

6) June Sneak Peek

We’ve been working on laying the foundation that will power the next growth stage at Alpha. We will be pushing forward and announcing this next step of Alpha this coming month!

ALPHA on Coinbase Custody

Earlier this month, Coinbase Custody announced that they are now supporting ALPHA as one of the digital assets under their custody solutions.

Coinbase Custody is currently one of the most reputable custodians in the space, offering institutional grade custody solutions for digital assets. The move allows more institutional investors to access ALPHA through a trusted custody provider. This increases exposure of the ALPHA ecosystem, drawing interests from newer investors of that category.

ALPHA Tokenomics Update

It has been almost two months since the launch of the ALPHA tokenomics, and we are excited to see that the number of staked ALPHA tokens has been increasing rapidly.

Currently, over 68 million ALPHA tokens are being staked. This figure suggests that ~24% of ALPHA’s circulating supply is being staked at this moment. Since the beginning of the month, we have seen an increase of over 10 million tokens being staked with the number increasing daily.

Here’s a quick recap on the benefits of staking ALPHA.

  • Fee accrual: Alpha’s fee collection process allows stakers to earn protocol fees from the Alpha’s entire product suite. The estimated APY for staking ALPHA is ~10%.
  • Alpha Tiers: Based on the amount of ALPHA staked, you will be placed in a specific Alpha Tier. The higher the Alpha Tier, the more features in the Alpha ecosystem you can unlock, starting with unlocking higher leverage on Alpha Homora V2.
  • ALPHA stakers serve as the backbone of the expanding Alpha ecosystem, as the funds staked, help to secure and provide a backstop to the Alpha ecosystem.
  • For more info on Alpha Tiers, see here. For a guide on how to stake ALPHA, see here.

Alpha Homora V2

The team here at Alpha has been ecstatic over the awaited relaunch of Alpha Homora V2 as well as being reunited with our partners at Curve, Uniswap, SushiSwap, Balancer and C.R.E.A.M.

Within just 20 hours of the launch, the TVL on V2 had reached $1 Billion and $1.3 Billion the following day. Furthermore, to accommodate the high demand for borrowing, we had to safely increase the credit limit numerous times. This was to allow leveraged yield farmers to borrow more for their positions.

Lenders

We have also enabled new assets for lending on top of those previously available and managed to generate high yields for lenders of many assets including:
ETH, DAI, USDT, USDC, YFI, SNX, sUSD, DPI, UNI, SUSHI, LINK, wBTC.

Leveraged yield farmers

Leveraged yield farmers can now leveraged yield farm on many pools on Uniswap, Sushiswap, and Curve.

We are also incentivising migration from AHV1 by distributing ~2x the ALPHA rewards on V2 compared to V1.

For a guide for lenders to lend assets or leveraged yield farmers to open a leveraged position, see here

Value Accrual

With the relaunch, Alpha Homora V2 continues to bring more value accrual to those who stake ALPHA. 75% of the fees accrued from the protocol will be distributed to all Alpha stakers in ALPHA tokens, in proportion to the amount staked.

So far, Alpha Homora product suite (v1 and V2 on Ethereum and V1 on BSC) has already accrued ~$3.5M of protocol fees, which are being distributed to ALPHA stakers.

Alpha Oracle Aggregator

Recently, we also launched the Alpha Oracle Aggregator. With aggregated data from two of the largest oracle providers, Chainlink and Band Protocol, we aim to ensure scalability, flexibility and security for the Alpha product suite.

The Alpha Oracle Aggregator allows us to:

1) Expand cross-chain in a scalable way

Once Alpha Oracle Aggregator is integrated with multiple data oracles, Alpha Finance can take Alpha Oracle Aggregator to deploy on other chains and continue to work with Band Protocol and Chainlink seamlessly on the new chain without needing to set up new infrastructure.

2) Expand on Ethereum with more security

By aggregating data from multiple oracles, Alpha Oracle Aggregator ensures the output price is guaranteed to remain within a predetermined threshold of at least two sources, ensuring a consistent and reliable price feed at all times.

3) Support more assets with increased flexibility

It is difficult for a single data oracle to quickly accommodate dApps’ requests to support more tokens. Thus, Alpha Oracle Aggregator will allow Alpha Finance to access data for all desired assets from multiple oracle providers simultaneously.

For more info on the Alpha Oracle Aggregator, see here.

Alpha Grants Program

Alpha Grants Program is one of the many core components of a strong foundation we are putting in place.

The grants will apply to both Alpha Builders and Alpha Thinkers.

Alpha Builders

Teams and individuals with a proven track record of building in DeFi who want to contribute in building the Alpha ecosystem. The first Alpha grant is now available, giving grant to Alpha Builders to help build Alpha Dashboard. For more details of the grant scope and how to apply, see here.

Alpha Thinkers

Individuals/teams in the community that propose new development grants even if they don’t plan to work on the proposed grants themselves. If the proposed development grants are approved by the Alpha Finance core development team, Alpha Thinkers will receive 5% of the grant amount in ALPHA tokens when the development is complete. For more details on how to propose a new grant, see here.

June Sneak Peek

Over the past month, we have been working hard on building the foundation that will power the next growth stage at Alpha. This foundation will allow us to scale Alpha to the next level, incubate many DeFi products under the umbrella of Alpha Finance Lab, and move us closer towards decentralizing the project.

We will be pushing forward and announcing this next step of Alpha this month!


About Alpha Finance Lab

Alpha Finance Lab is a DeFi Lab and on a mission to build an ecosystem of DeFi products (the Alpha ecosystem), consisting of innovative building blocks that capture unaddressed demand in key pillars of the financial system. These building blocks will interoperate, creating the Alpha ecosystem that will be an innovative and more capital efficient way to banking in DeFi.

Alpha Homora is Alpha Finance Lab’s first product and DeFi’s first leveraged yield farming product that captures the market gap in lending, one of the key pillars of the financial system.

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