Alpha Finance Lab (ALPHA) experienced a price break on February 25 as a number of major partnerships have sparked renewed interest in the cross-chain DeFi platform.
Data from Cointelegraph Markets and TradingView shows that after the announcements, ALPHA price rose to $ 1.78, but Bitcoin’s recent struggle to hold $ 50,000 as support led to a selloff between altcoins and ALPHA is currently trading at $ 1.31.
One reason for the sudden increase was the announcement on February 25 of a partnership with Compound Finance (COMP) that will allow Compound users to integrate with Alpha Homora and lend assets through platforms.
Because the deposit APY (Annual Percentage Yield) in Ether (ETH) is higher in Alpha Homora, Compound users are presented with the opportunity to increase performance by borrowing ETH with collateral in their accounts and lending it in the ALPHA protocol.
Users are attracted to lower fees on Binance Smart Chain
Alpha is also benefiting from its recent integration with the Binance Smart Chain, which has been gaining popularity for being a low-cost alternative to transactions on the Ethereum network.
The ALPHA team hinted at what awaits the protocol in the following tweet acknowledging the recent progress of the Binance Smart Chain:
Impressed with Binance Smart Chain (BSC) ‘s growth and traction.
– Alpha Finance Lab (@AlphaFinanceLab) February 20, 2021
Impressed with the growth and traction of the Binance Smart Chain (BSC).
We hope to join the party soon;)
Behind the launch on February 1 of Alpha Homora v2, which included the release of a limited edition NFT, the protocol has continued to expand its reach and establish new integrations with partners in the burgeoning ecosystem of decentralized finance.
The project also received a renewed boost of optimism on February 22 after it was reached a agreement on the terms of how Alpha Finance would reimburse Cream Finance (CREAM) for funds lost during an exploit of Alpha’s “Iron Bank” on February 13. This exploit led to a hacker stealing USD 37 million from the protocol.
Currently, Compound Finance is DeFi’s third protocol for total blocked value (TVL) and the partnership between it and Alpha Finance could drive Alpha’s growth and exposure to new users in the coming months.