Alpha Finance Lab rallies after integrating with Compound and Binance Smart Chain

The Alpha Finance Lab (ALPHA) experienced a price breakdown on February 25 as a number of significant partnerships rekindled interest in the cross-chain DeFi platform.

Data from Cointelegraph Markets and TradingView shows that ALPHA price rose to $ 1.78 after the announcements, but Bitcoin’s recent battle to hold $ 50,000 as support resulted in a sell-off on Altcoins and ALPHA is currently at 1, 31 USD trades.

ALPHA / USDT daily chart. Source: TradingView

One of the reasons for the sudden surge was the announcement of a partnership with Compound Finance (COMP) on February 25th, which will allow Compound users to integrate with Alpha Homora and lend assets across platforms.

Since the APY on Ether (ETH) deposit is higher at Alpha Homora, Compound users have the opportunity to earn Farm by borrowing ETH against collateral on their accounts and borrowing them according to the ALPHA protocol.

Users are attracted by lower fees for Binance Smart Chain

Alpha is also benefiting from its recent integration into the Binance Smart Chain, which is becoming increasingly popular as a cost-effective alternative to transactions on the Ethereum network.

The team at ALPHA has hinted at what’s coming up for the protocol in the following tweet, recognizing recent advances in the Binance Smart Chain:

Impressed with the growth and traction of Binance Smart Chain (BSC).

Hope to join the party soon;) @ binance #BinanceSmartChain https://t.co/9NT7tkAs8q

– Alpha Finance Lab (@AlphaFinanceLab) February 20, 2021

After the launch of Alpha Homora v2 on February 1, which included the release of a limited edition NFT, the protocol has further expanded its reach and established new integrations with partners in the thriving decentralized financial ecosystem.

The project regained optimism on Feb. 22 after reaching an agreement on how Alpha Finance should repay Cream Finance (CREAM) for funds lost during an exploit by Alpha’s “Iron Bank” on Feb. a hacker who pulled $ 37 million off the log.

Currently, Compound Finance is the third largest DeFi protocol after Total Value Locked (TVL), and the partnership between it and Alpha Finance could fuel Alpha’s growth and new user awareness in the coming months.

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...