Joint announcement between Alpha and @CreamdotFinance on the funds repayment details.

Now that we have overcome one of the most challenging times for a DeFi project, we are more than excited for what is to come for both Alpha and C.R.E.A.M. 🚀

TL;DR 👇…
2/ The following breaks down the funds that Alpha Homora V2 owes to the C.R.E.A.M. V2 Iron Bank:
- 13,245 ETH
- 4,263,139 DAI
- 4,032,014 USDC
- 5,647,242 USDT
- Interest accrued from the additional debt above
3/ Both Alpha and C.R.E.A.M. will use 1,000 ETH sent by the exploiter to Alpha Homora V2 and C.R.E.A.M. V2 deployers to payoff the additional debt.
4/ @TornadoCash foundation will return the 100 ETH sent by the exploiter to Alpha Homora V2, which will be used to payoff the additional debt.
5/ Alpha Homora V2 will then commit to repay the remaining part by using 20% of Alpha Homora V1 and V2 reserves (a portion of the borrowing interest goes to the reserves) to payoff the funds on a monthly basis to the Iron Bank until the additional debt has been fully paid.
6/ The additional debt resulting from the exploit would normally accrue borrowing interest. Both C.R.E.A.M. and Alpha have decided to upgrade the C.R.E.A.M. V2 contract in order to halt interest on the debt resulting from the exploit. 🤝
7/ To ensure that C.R.E.A.M. V2 remains fully collateralized (assets > debt), Alpha will commit to maintaining a 2x collateral ratio to the unpaid portion by locking 50M ALPHA tokens in a time locked escrow contract that will be owned by C.R.E.A.M.’s multisig.
8/ Alpha and C.R.E.A.M. protocols will execute the agreement via on on-chain signature by both multisig wallets - the first time in the industry. 🔥
9/ Building on the cutting edge of DeFi is challenging. We're lucky to have the strongest builders, investors, and community leaders to help us as we evolve. Working through this challenge has brought the two teams closer together and our partnership emerges stronger than ever.💪
10/ Now that we've overcome one of the most challenging times for a DeFi project, we're more than excited for what is to come for both Alpha and C.R.E.A.M. projects. 🚀

On behalf of both teams, we thank you for your unwavering support as we continue building. 🙏
11/ For the more details, please refer to the blog announcement below.…

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More from @AlphaFinanceLab

13 Feb
Dear Alpha community, our partners, and DeFi users, we'd like to share a post mortem on the recent Alpha Homora V2 exploit.

We’d like to sincerely thank everyone who has helped us, both on the technical and non-technical sides.

TL;DR 👇…
2/ The debt is not between users and Alpha Homora v2, but between Alpha Homora V2 and Cream V2.

This is because Alpha Homora V2 is integrated with Cream V2 (Iron Bank) in a protocol-to-protocol lending way. Thus, the debt is between the two protocols and not the users.
3/ Alpha team will work with @AndreCronjeTech and @CreamdotFinance team to find remedial actions to resolve the debt.
Read 8 tweets
11 Feb
It’s been a busy January & first few weeks of Feb. Though January was a few weeks ago, we would like to still share

👉 a full recap of this eventful month
👉 and a sneak peak of what we are working on and what is coming up in the Alpha ecosystem. 🔥…
2/ TL;DR

1⃣Alpha Homora V2 was announced and launched

2⃣Total value locked on Alpha Homora V1 + V2 has grown from $188 Million on Jan 1st, 2021 to more than $1 Billion today

3⃣The migration process from Alpha Homora V1 to Alpha Homora V2 has started

3/ #AlphaX
4⃣AlphaX private testnet round 2 was launched

$ALPHA Tokenomics
5⃣Designing and implementing ALPHA tokenomics 👀

Alpha project
6⃣Various media coverage and AMA
7⃣Welcoming @Delphi_Digital as our investor

8⃣Welcoming more partners to the Alpha ecosystem
Read 8 tweets
10 Feb
Since Alpha Homora V2 was launched on February 1st, we have been collecting and iterating on the feedback from our users and community members.

Today, we have launched new features and functionalities on Alpha Homora V2 user interface! 🚀…
1⃣Leveraged users can re-leverage open positions.

2⃣Users can easily view total value locked by pool to evaluate their farming strategy.

3⃣Users can easily view asset prices on Alpha Homora V2. This is important as liquidation events are based on these prices.
3/ Feature 1⃣: Leveraged user can re-leverage open positions by borrowing more assets to yield farm/provide liquidity.

By doing so, user’s debt ratio will be closer to 100%, as more debt is added to the open position.

For a step-by-step guide, refer to blog post in last tweet.
Read 6 tweets
30 Dec 20
As 2020 is coming to an end, let us share with our community a reflection of 2020 and a preview of what is to come in 2021 for @AlphaFinanceLab!

Let’s dive in 🔥👇

#AlphaHomora #AlphaHomoraV2 #AlphaX #MoreAlphaProducts $ALPHA…
2/20) Let us divide the 2020 review in multiple sections, starting from

Section 1: @AlphaFinanceLab project 🔥

1⃣ The project was launched in 2020 to build an ecosystem of innovative and user friendly #DeFi products
3/20) 2⃣ Secured funds from top-tier DeFi investors such as @TheSpartanGroup, @multicoincap, and @DeFianceCapital

3⃣ $ALPHA was listed on @binance in early October 2020 through the Launchpad program
Read 20 tweets
28 Dec 20
@AlphaFinanceLab would like to now welcome
@BoringDAO_Defi community to #AlphaHomora by supporting $ETH / $BOR and $ETH / $oBTC pools that are on @SushiSwap!

What does this mean to $BTC supporters? 👇…
2) ETH/oBTC will join a family of Bitcoin-based pools, including $ETH / $WBTC and $ETH / $renBTC, that #AlphaHomora has been supporting.

#Bitcoin supporters can easily participate in #DeFi and
#YieldFarming on #Ethereum with a single-asset supply functionality on #AlphaHomora.
3) This means anyone who owns $oBTC, $WBTC, or $renBTC

can earn from #DeFi and #YieldFarming by simply supplying these tokens to the relevant pools on #AlphaHomora without needing to have $ETH.

What do users gain from ETH/BOR and ETH/oBTC pools? 👇
Read 5 tweets
16 Dec 20
$ALPHA team would like to now share more details on #AlphaX, the decentralized, non-orderbook perpetual swap trading market and a new class of trading product previously unavailable on-chain.! 🔥

Let’s take a look inside #AlphaX!👇
2) First and foremost, for those who have not signed up for access to beta private testnet, you can still sign up via the link below until Dec 17th, 5AM UTC.

We'll grant access in the coming days. Stay tuned!

👉Sign up:…

Continue for UI sneak peek 👇
3) This screenshot is how #AlphaX private beta version looks like! $ALPHA team has built #AlphaX UI to be as user friendly as possible.

We believe a great #DeFi product doesn't only need to be innovative, but also need to be user friendly to existing and new #DeFi users. Image
Read 10 tweets

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