Alpha Homora has gone live with their v2 mainnet launch, the popular DeFi protocol will be enabling additional leveraged yield farming pools and increasing the amount of leverage that users can take on.
Alpha Homora v2 has now officially launched!
This marks the beginning of the migration process & ending of meme competition.
To celebrate the launch, we're distributing Alpha Homora v2 NFT to selected users!
— Alpha Finance Lab (@AlphaFinanceLab) February 1, 2021
Alpha Homora v1 was extremely popular with the crypto native yield farmers and the protocol’s total value locked (TVL) reflected as much, reaching over $500m and sustaining it throughout the last few weeks. Version 2 builds on this initial success with product-market fit by additional pools that users can farm with using Alpha Homora’s provided services.
While version one only included select liquidity pools from Uniswap and Sushiswap, the new Alpha Homora will support leveraged yield farming of Curve and Balancer pools as well. All with up to 9x leverage, thanks to the partnership with CREAM’s Iron Bank which allows Alpha Homora to borrow on an uncollateralized basis on a protocol to the protocol level. Since Alpha and Yearn Finance are the only two protocols whitelisted for uncollateralized borrowing from the Iron Bank, there is a clear advantage for the protocol as it can offer services that competitors simply cannot through this new efficient access to capital.
At launch, the new pools supported in v2 will include Curve’s 3pool (USDT, USDC, DAI) and
Balancer’s PERP/USDC pool. ETH/SUSHI from Sushiswap and ETH/UNI from Uniswap were both migrated over to v2 as part of the launch.
New pools also mean new “interest-bearing” assets similar to the ibETH asset that has become popular within the community for relatively high rates of ETH-based yield. In Alpha Homora v2, users can also join as lenders and deposit stablecoins for interest-bearing versions of their deposits.
While Alpha Homora v1 will continue to operate as intended, overall yield on version 1 will be dampened as v2 will give out higher rewards (ALPHA tokens) in order to incentivize users to organically migrate to the new platform.