72-Hour Countdown to Alpha Homora V2
The countdown clock to when Alpha Homora V2 goes live has now started! Alpha Homora v2’s integrations with Curve, Balancer, SushiSwap, and Uniswap on leveraged yield farming, and with Cream’s Iron Bank on lending and borrowing sides are ready. 🔥
While the clock is ticking, we are going to have a meme competition with a theme around Alpha Homora v2. The meme competition ends when the countdown clock ends! 🔥
See the last section on details around the meme competition.
What to expect on the very first day of Alpha Homora v2?
Leveraged Pools
1️⃣ Curve’s 3pool (USDT, USDC, DAI)
→ Farming CRV
→ Can choose to take leverage (or borrow to yield farm) on USDT, USDC, and DAI
2️⃣ Balancer’s PERP/USDC (80/20)
→ Farming PERP
→ Leverage on USDC
3️⃣ SushiSwap’s ETH/SUSHI (migrating from v1)
→ Farming SUSHI
→ Leverage on ETH
4️⃣ Uniswap’s ETH/UNI (migrating from v1)
→ Leverage on ETH
This ensures that Alpha Homora v2 will provide support for the various AMMs - Curve, Balancer, SushiSwap, and Uniswap - from day one. We will continue to add more pools and migrate pools from v1 going forward.
Lending Assets
Lenders will be able to lend ETH, USDT, USDC, and DAI starting on the first day to receive ibETHv2, ibUSDTv2, ibUSDCv2, and ibDAIv2 back.
As we continue to add more leveraged pools, there will be more assets lenders can lend and get the corresponding ibTokensV2. 🚀
Now let’s go through how the liquidity mining program across Alpha Homora v1 and v2 will look like as well as the migration process from v1 to v2!
Liquidity Mining On Alpha Homora V1 and V2
Once the migration process starts in 72 hours, the way liquidity mining incentives are distributed will also change to further facilitate the migration process.
ALPHA rewards will still be distributed to leveraged users who open more than 1x leveraged positions on Alpha Homora v1 and v2. However, the leveraged positions on Alpha Homora v2 will get more rewards compared to the leveraged positions on Alpha Homora v1.
So, let’s understand how the migration process works!
Migrating to Alpha Homora v2
Migrating farming positions
Once the countdown ends, we will start migrating several pools per day to ensure a smooth migration process. For each pool that we will migrate, we will communicate with our community a day earlier so users are aware ahead of time.
The first 2 pools that we’ll start migrating on February 1st, 1pm UTC are
- SushiSwap’s ETH/SUSHI
- Uniswap’s ETH/UNI
To migrate positions from v1 to v2, you can follow the steps below.
1️⃣ Go to Farm page on Alpha Homora v1 and click ‘Migrate your position to v2’ button
2️⃣ You will be directed to Migration page on Alpha Homora v2
3️⃣ Click a ‘Migrate to v2’ button next to the applicable farming position that can be migrated.
4️⃣ Follow the step to remove liquidity from Alpha Homora v1
5️⃣ Follow the step to confirm supplying the liquidity to the same pool on Alpha Homora v2. If you want to supply more, you can do so in this step.
6️⃣ Determine how much leverage you want to enter at. You can decide to take leverage on ETH or USDT or both.
7️⃣ Confirm the strategy
Migrating ibETHv1 to ibETHv2
Once the countdown ends, we will start the migration process for ibETHv1 to ibETHv2. Lenders can decide when they want to migrate to v2, as the migration process will run for a while. Steps to migrate from ibETHv1 to ibETHv2 are below.
1️⃣ Go to Earn page on Alpha Homora v1 and click ‘Migrate your ibETH to v2’ button
2️⃣ You will be directed to Migration page on Alpha Homora v2
3️⃣ Click a ‘Migrate to v2’ button on the ETH row in the Lending section.
4️⃣ Follow the step to remove underlying ETH liquidity from v1.
5️⃣ Follow the step to supply ETH to v2.
Migrating ibETH/ALPHA to ibETHv2/ALPHA
ibETHv2/ALPHA pool will go live on February 3rd, 1pm UTC. The migration for ibETH/ALPHA to ibETHv2/ALPHA pool will take place then, so more details will be shared as we approach the date.
The differences between ibETH/ALPHA pool on Alpha Homora v1 and ibETHv2/ALPHA pool on Alpha Homora v2 are:
ibETH/ALPHA pool on Alpha Homora v1
- On Uniswap
- Liquidity providers will get ALPHA (through Trading Volume Mining program)
- ALPHA is paired with ibETH. ibETH is an interest-bearing token that lenders receive upon lending ETH on Alpha Homora v1.
ibETHv2/ALPHA pool on Alpha Homora v2
- On SushiSwap
- Liquidity providers will get ALPHA (through Trading Volume Mining program) + SUSHI (Onsen program)
- ALPHA is paired with ibETHv2. ibETHv2 is an interest-bearing token that lenders receive upon lending ETH on Alpha Homora v2.
Meme Competition
Theme: Alpha Homora v2 🔥
Criteria:
- Your Twitter account must have been created more than 10 days ago.
- You Twitter account must have at least 10 followers and 10 tweets in the past year to qualify.
- Any media format is acceptable.
To enter the contest:
- Tweet your meme and @AlphaFinanceLab with the tag #AlphaHomoraV2
- Share your tweet in the Community channel on Alpha Finance Lab Discord
Deadline: When the countdown clock ends.
Rewards:
🥇1st Place: 250 ALPHA
🥈2nd Place: 170 ALPHA
🥉3rd Place: 80 ALPHA
🏅4th and 5th Place: 50 ALPHA
Once the competition ends:
Once the competition ends, Alpha Finance Lab team will select the top 10 memes and post on Community channel on Alpha Finance Lab Discord for community members to vote. The meme with the highest number of likes wins. Community members will have 48 hours to vote. Afterwards, the team will contact the winners and give the rewards.
Recap on important resources on Alpha Homora v2
Overview of Alpha Homora v2: https://blog.alphafinance.io/alpha-homora-v2-is-coming-to-town/
How to use Alpha Homora v2 as a yield farmer: https://blog.alphafinance.io/alpha-homora-v2-in-yield-farmers-perspectives/
How to use Alpha Homora v2 as a lender: https://blog.alphafinance.io/alpha-homora-v2-in-lenders-perspectives/
About Alpha Finance Lab
Alpha Finance Lab is building an ecosystem of DeFi products that will interoperate to maximize returns while minimizing downside exposure to users. Alpha products focus on capturing unaddressed demand in DeFi in an innovative and user friendly way.
We are moving at a rapid pace, so we encourage everyone to join our Telegram / Discord to discuss with our community, follow us on Twitter, or read more about us on the project document and our Blog!
