New DeFi Lending Protocol Alpha Homora is Quickly Catching Up

You know we’re heading into frothy markets when an otherwise unremarkable tweet sends a token flying. 

Alpha Homora’s token ALPHA jumped by almost 50% to the highest since its launch in October after the DeFi project tweeted on Monday that 0.39% of ETH supply is locked in its smart contracts. That’s $600M, or 11th in DeFi Pulse’s leaderboard.  

More substantial news –the announcement of its v2— gave fuel to the rally through Tuesday, with the price soaring from $0.94 at the start of the week to as high as $1.73. ALPHA is now trading at $1.5.

Alpha Homora allows ETH holders to leverage their position in yield farming and liquidity providing pools, while lenders can earn interest on their assets. 

The project has risen quickly. It attracted $660M in four months, while its token made it to the top 100 coins by market cap on CoinGecko.