Alpha Token Has Risen By 600% in The Past Week

Alpha token

Alpha token, a native token by Alpha finance labs and a Binance-sponsored DeFi coin has surged by 600% in the past week. The DeFi market has been bullish after two months being on a bearish roll. In the past week, market update reveals that most top coins have been experiencing a rapid surge as demand pressure booms.

Mostly, it’s been large-cap investments that have enjoyed strong rallies: Yearn.finance’s YFI, Synthetix Network Token (SNX), and many other players in this class have gained around 100% from their local lows. Many of these coins saw brutal drops in September and October as early adopters sold the cryptocurrencies en-masse.

But smaller, newer DeFi coins have begun to rally as well.

In the past 10 days, Alpha Finance Lab‘s native ALPHA token has surged approximately 600% from ~$0.02 to $0.147 as of this article’s writing.

What is Alpha Finance? What is Alpha Token?

ALPHA is the native token of Alpha Finance Lab, supported by Binance Launchpad and investors such as Spartan Group and Multicoin Capital. The project is focused on building out an ecosystem of cross-chain DeFi products that “will interoperate to bring optimal alpha returns to users.”

Alpha Finance Lab’s primary product right now is Alpha Homora, which is an Ethereum yield farming tool that allows users to obtain leverage with their DeFi farms:

“Alpha Homora, which is on Ethereum, is a protocol for leveraging your position in yield farming pools. ETH lenders can earn high interest on ETH, and yield farmers can get even higher farming APY from taking on leveraged positions on yield farming.”

The project’s developers are working on other tools that will allow DeFi users to obtain an optimal amount of yield on their positions.

Institutional Interest 

ALPHA’s rally comes as an increasing number of investors in the space have begun to discuss the Alpha Homora product.

Kelvin Koh, a former partner at Goldman Sachs and current partner at crypto fund Spartan Capital, recently stated on the DeFi product:

“Yields on Sushiswap and levered strategies on Alpha Homora starting to look interesting again…”

As the DeFi bull market returns, investors will seek an increasing amount of yield on their DeFi yield farms and investments. Alpha Homora offers users an easy way to obtain access to that leverage.

This article is sourced from:https://www.newsbtc.com