Alpha Finance Lab’s native token, ALPHA, crossed the $ 1 mark as the highly anticipated Homora v2 launch of the platform approached.
$ 1 Club
Decentralized finance (DeFi) platform Alpha Finance Lab’s token, ALPHA, broke the $ 1.00 mark for the second time just a few hours ago.
Since the beginning of the year, the token has gained over 300% as the team announced plans to upgrade its flagship product Alpha Homora.
ALPHA achieved a surprising 250% increase on January 7 when Andre Cronje, DeFi employee of the year, tweeted his “satisfaction” of collaborating with the team.
Since then, it has maintained a steady increase in token value and surpassed its all-time high on January 7 yesterday.
The rise towards above $ 1 brings the token closer to the top 100 cryptocurrencies by market value, according to CoinMarketCap.
ALPHA, a new product of DeFi
Founded in September 2020, Alpha Finance Lab is a combination of various DeFi products. These products range from lending to automated market making and liquidity provision.
According to his whitepaper, his main goal is to “maximize returns while minimizing risks” for crypto enthusiasts operating in the DeFi space.
The platform runs on Binance’s Smart Chain (BSC) and the token also functions as a management token for liquidity providers.
ALPHA’s token sale, which ended on October 30 last year, priced the token at $ 0.02. This latest increase then means 50 times the gain for those who invest in the token.
The platform currently sits just under $ 500 million in Total Value Locked (locked total value), a measure of the value of tokens staked on a DeFi platform.