By
Chimamanda U. Martha
April 25th, 2024
Cryptocurrency exchange Binance is going to launch Alpha Finance Lab (ALPHA) on the Binance Launchpad as well as on its Launchpool platform. ALPHA lottery-styled token sale commenced on September 30.
Cryptocurrency exchange Binance has announced the launch of Alpha Finance Lab (ALPHA) on both its Binance Launchpad and Launchpool platform, commemorating its first-ever double launch on them. Binance has been unstoppable in showing its new projects on the Launchpad platform as well as on the Launchpool medium launched earlier this month.
According to the announcement made, the launch of the Alpha Finance Lab’s token (ALPHA) will follow a lottery format similar to the earlier tokens on the Launchpad platform including The Sandbox, Troy amongst others. ALPHA lottery-styled token sale commenced on September 30 and will run for approximately 8 days in which users are expected to hold Binance Coin (BNB) for that period of time. The final BNB holding amount for each user will be determined as the average of the 8 days, using the Daily Average BNB Balance calculation, a tool developed for such purposes.
The ALPHA token has a total supply of 100,000,000,000 with about 10% allocated for listing on the Binance Launchpad. The token has a Launchpad hard cap of US$2,000,000.
The Binance Launchpad, the platform Binance designed for transformative projects, has seen about 19 completed tokens launched while the ALPHA token which stands as the 20th token is currently in its ‘preparation period’. The Launchpool platform, on the other hand, is Binance’s yield farming platform, particularly for DeFi based tokens.
About Binance Backed Alpha Finance Lab’s ALPHA Token
Alpha Finance Lab is a Decentralized Finance inspired protocol aimed at building an ecosystem of products across both the Binance Smart Chain as well as the Ethereum blockchain. The ALPHA token is the native utility token of the platforms. Current and planned use cases of it include liquidity mining, governance voting, as well as staking.
Tascha Punyaneramitdee, Alpha Finance Lab Project Lead, said:
“We believe cross-chain DeFi and cross-chain liquidity are keys to drive the next stage of DeFi. Alpha products will not only take advantage of Binance Smart Chain’s scalability and the long tail of assets, but also contribute more innovative building blocks to the Ethereum ecosystem and the up-and-coming cross-chain DeFi ecosystem”.
Binance CEO and Founder Changpeng Zhao noted:
“We’re excited to have Alpha Finance Lab join both Binance Launchpad and Launchpool. Alpha’s goal is very close to us – to provide greater access to DeFi to the wider population”.
He added:
“And first-ever double launch will afford a promising experience for our users”.
The Alpha Finance Lab’s (ALPHA) first product is the Alpha Lending, “a decentralized, pool-based lending protocol. Users can earn interest by supplying supported assets on the protocol. Assets deposited by lenders will be transferred into a smart contract that aggregates the total liquidity of each asset into a pooled fund, which is available for borrowers to borrow. The interest borrowers pay is distributed proportionally to lending liquidity providers,” – Binance said in its research note.