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Category: Cryptocurrency Exchange
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Alpha Finance Lab’s recent integration with Binance Smart Chain and Compound Finance triggered an 85% rally in the protocol's ALPHA governance token.
Alpha Finance Lab (ALPHA) experienced a price breakout on Feb. 25 as a series of significant partnerships has brought renewed interest in the cross-chain DeFi platform.
Data from Cointelegraph Markets and TradingView shows that following the announcements, ALPHA price surged to $1.78 but Bitcoin's recent struggle to hold $50,000 as support led to a sell-off among altcoins and ALPHA currently trades at $1.31.
One of the reasons for the sudden surge was the Feb. 25 announcement of a partnership with Compound Finance (COMP) that will allow Compound users to integrate with Alpha Homora and lend assets across platforms.
Due to the deposit APY on Ether (ETH) being higher on Alpha Homora, Compound users are presented with an opportunity to yield farm by borrowing ETH against collateral in their accounts and lending it on the ALPHA protocol.
Users are lured by lower fees on Binance Smart Chain
Alpha has is also benefiting from its recent integration with the Binance Smart Chain, which has been growing in popularity for being a low-fee alternative to transacting on the Ethereum network.
The team at ALPHA hinted at what lies ahead for the protocol in the following tweet acknowledging the recent progress of the Binance Smart Chain:
Impressed with Binance Smart Chain (BSC)'s growth and traction.
— Alpha Finance Lab (@AlphaFinanceLab) February 20, 2021
Hope to join the party soon ;)@binance #BinanceSmartChain https://t.co/9NT7tkAs8q
Following the Feb. 1 launch of Alpha Homora v2, which included the release of a limited edition NFT, the protocol has continued to expand its reach and establish new integrations with partners in the blossoming decentralized finance ecosystem.
The project also received a renewed boost of optimism on Feb. 22 after an agreement was reached on the terms of how Alpha Finance would repay Cream Finance (CREAM) for funds lost during an exploit of Alpha’s “Iron Bank” on Feb. 13. This exploit involved a hacker draining $37 million from the protocol.
Currently, Compound finance is the third-ranked DeFi protocol by total value locked (TVL) and the partnership between it and Alpha Finance could further Alpha's growth and exposure to new users in the months ahead.
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An apparent “glitch” on PDAX temporarily dropped BTC prices by 88% and saw trading suspended. The exchange held a press conference yesterday to explain what happened.
One of Southeast Asia’s biggest crypto exchanges is blaming a technical glitch for the price of Bitcoin dropping down to 300,000 PHP, roughly $6,100, on Feb. 16.
An unknown number of customers of the Philippine Digital Assets Exchange, or PDAX, managed to buy thousands of BTC from the exchange at a massive discount, making them local currency billionaires on paper — at least for a few hours.
A number of PDAX customers withdrew their purchased Bitcoin, up to the exchange’s limit on individual accounts of one BTC per 24 hours. PDAX is reportedly demanding these users refund BTC obtained during the crash under the threat of potential legal action.
The tech glitch led to a 36 hour closure, and several users continue to report remaining locked outside of their accounts.
Still unable to login for 7 days straight now. They're trying to cover up something fishy here. I also heard from many of the users that their transactions was reversed by pdax during the downtime. They're obviously lying because many still couldn't access their accounts.
— (@drumseth) February 22, 2021
One user, who managed to purchase Bitcoin when it dropped to 300,000 PHP from 2.4 million PHP, took to Reddit to ask for opinions on whether or not they are legally required to return the Bitcoin, receiving an outpouring of mixed responses.
“I managed to transfer the purchased BTC to another wallet outside PDAX just before they closed the trading and eventually the website,” the Redditor explained in a thread on r/phinvest.
“After almost 24 hours, they sent me a demand letter and SMS, requesting me to transfer back the BTC, which was purchased well within my rights without violating any laws or regulations of the trading platform, or they 'may' be compelled to take legal actions against me.”
On Feb. 23, PDAX CEO Nichel Gaba held a press conference to further clarify what had happened the week prior. He explained that the burden placed on the exchange by a flurry of unanticipated activity had introduced a glitch that allowed an unfunded order to be matched with a funded order. According to Gaba, this led to a cascade effect that dropped the price of BTC below reasonable levels.
“It’s very understandable that a lot of users will feel upset they were able to buy what they thought an order was there for Bitcoin at very low prices. But unfortunately, the underlying Bitcoins were never in the possession of the exchange, so there’s never really anything there to be bought or sold.”
Gaba stressed that of all the exchange’s customers, only “0.2% are unable to access their accounts” as of Feb. 23. .
Founded in 2019, PDAX is licensed to operate as an exchange by the Philippines central bank. The exchange’s Feb. 16 closure occurred during a pivotal moment in Bitcoin’s history as its price soared above $50k for the first time.
PDAX is not alone in its challenge of growing to meet the demand of its users, as Coinbase and Binance also suffered service outages this year.
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