ALPHA: Hall-of-Fame’s Trojan War



  1. If you think AlphaFinanceLab = Alpha Homora, it would be akin to saying Adobe Photoshop is Adobe. On the surface, Alpha Homora appears to be a leverage farming aggregator, but in essence, it is actually a lending platform that pretends to be a farming aggregator, which has now surpassed Aave V2 on borrowing volume. After Alpha Homora V2 launch in January (which support more assets including USDT, USDC, DAI even LP tokens), Alpha Homora’s TVL of borrowing & lending is highly possible to surpass Aave V1 + V2, entering the DeFi Lending TOP3 by TVL (Maker, Compound, and Alpha).
  2. If Alpha Homora intended to become a real C2C lending platform today, it only requires simple modification of the website front-end and smart contracts.
  3. Unlike the typical Degen latecomer’s “Sushi Paradigm”, attracting the arbitrager’s volume via liquidity mining, which cannot get the users’ loyalty in short terms (Although Sushiswap succeeded months later, it is definitely an exception for a “community fork”). Most users are using Alpha Homora as they really need to leveraging their LP tokens or earn interests on their ETH.
  4. Besides Alpha Homora, Alpha also has two other products, AlphaX and Alpha Asgardian, which correspond to perpetual contracts and options respectively. AlphaX will be launched on mainnet in Q1, which may still not be priced in so far.
  5. If there are no fatal contract security incidents like COVER, I personally believe that the probability of Alpha becoming the TOP3 DeFi Lending platform & the unicorn of on-chain derivatives in 2021 is greater than 61.8% :)

Homora: Trojan Horse Is Watching Aave

The Hall-of-Fame


Trojan Horse

  1. If Alpha hopes to build a lending product similar to Aave. Alpha did not need to not launch a Sushi-style frontal attack on Aave like yield farming with aTokens.
  2. Actually, Alpha’s “lending” products have already launched in Alpha Homora, and the utilization rate is much higher than its counterparts.
  1. Alice has 100 ETH and wants to farm UNI on ETH-USDT Uniswap pool, where she can normally earn 30% APY. Normally, she can swap roughly half ETH to USDT then supply them to the pool and earn 30% APY (see Alpha’s blog on how to do it optimally).
  2. With Alpha Homora, she can borrow 200 ETH from Alpha Homora Bank, paying the borrower’s interest rate, and together with her initial 100 ETH, she can now farm with 300 ETH (3x leverage!) — earning a total yield of 90% APY, TRIPLE! the amount of her original annual yield.*
  3. Without any further deposit, she can continue farming as long as her position value does not drop below 250 ETH.
  • Note: Alice also needs to pay the borrowing interest on the borrowed amount, which depends on the ETH utilization rate.
Source: Alpha Homora — Earn
  1. 258k ETH deposited and 225k ETH debt issued
  2. 7.89% APY (not stable) with 87.64% utilization rate
Source: Debank
Source: DeFi Pulse
0xb1 On Alpha (DeBank)

AlphaX & Asgardian: The Hidden Derivative Unicorn

AlphaX Testnet
Alpha Asgardian




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