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Layer 1 Blockchain Avalanche adds new yield farming capability. Alpha Finance’s Alpha Homora brings its unique yield farming with leverage protocol to its third blockchain.
You are seeing Avalanche ($AVAX) in the news often these days. Their blockchain is making big moves. Today we have another upgrade from them. Leveraged Yield Farming DeFi tool Alpha Homora is starting on Avalanche.
Before today, Alpha Homora was only on Ethereum and BSC. Their tools that allow you to yield farm with 3x leverage are a big advancement for those looking to earn on their crypto. Normal yield farming does not allow any leverage at all. So the idea of mixing leverage with huge potential gains in the double or even triple digits is a real advance for yield seekers. And people are noticing too. Before this launch, Alpha already had $900 million in TVL (total value locked). In less than a day, there is $37 million TVL on Avalanche with Alpha.
Why Alpha Homora and Avalanche Want this Partnership
The leverage works like other platforms where the farmer borrows to then go seek out yield. The benefits to Alpha Homora are:
- Expansion to a new blockchain
- Working on a chain with much lower gas fees than ETH
- The chance to interoperate between different chains
And like all good relationships, Avalanche benefits too.
Guess what the borrowed collateral is? It’s $AVAX. So more of us will want $AVAX, borrow it and repay it in interest. Opportunities for:
- staking
- farming
- lending and borrowing
- and other interest-generating methods should improve too.
$AVAX Price Activity
$AVAX is trading at $67.37, an increase of 11.9% today. Trading volume is a little over $1 million. The market cap is $14.8 billion based on a circulating supply of 220 million.