Alpaca Finance seems to always be on the news. It is a lending protocol built on the Binance smart chain and rewards borrowers with leveraged yield farming.
In the crypto world, yield farming helps decentralized exchanges to provide liquidity. Users lend their cryptocurrencies and can “farm” or gain the native tokens of the portal.
Decentralized exchanges are places where you can trade options like crypto coins without human intervention. Liquidity refers to the ease with which you can convert a token into another crypto coin or currency.
Best of all, everything on Alpaca automatically runs based on blockchain.
The uniqueness of Alpaca is that it offers leveraged yield farming. It means users can borrow more cryptocurrency to provide liquidity and earn more incentives.
Let’s check out the latest updates on Alpaca Finance to keep you in the loop.
Alpaca Gets New Listings
Alpaca is available for buying and selling on several exchanges. The list includes both decentralized and centralized exchanges. You already know what decentralized exchanges are, so let’s see what centralization means.
It means that the platform or a middle man facilitates the transactions and arranges trading partners.
Alpaca is available on leading exchanges like Binance.com, Hoo, Bitwell, MEXC, and more. However, last month, Alpaca was able to list its tokens on CoinDCX. It is the largest crypt exchange in India and can bring in more traders, which means that the trading volume and popularity of Alpaca Finance could increase.
Alpaca Raises $3.6 Million
Alpaca also has its own NFT tokens called the Alpies. NFT refers to non-fungible tokens and can help creators of digital artworks establish ownership over their work.
At the beginning of November, Alpaca sold 10,000 NFT Avatars for a staggering $3.6 million. The sale happened on Ethereum and Binance and involved two packs of 5,000 Alpies.
Buyers will be able to use the Avatars in Alpaca’s upcoming play-to-earn game. The avatars will also become useful in the metaverse that the platform wants to develop.
The sale of Alpaca’s NFTs was a major event in the company’s timeline.
The Addition of New Leveraged Farms
Crypto farming is becoming more popular with each passing day. Alpaca also attracts many users who use their crypto stock to farm and earn incentives on the platform. As a result, Alpaca keeps on adding new farms to provide more opportunities to the miners.
Recently, Alpaca added many more leveraged farms:
- BTCB – BNB with 44.2% APY
- USDC – USDT with 3.5% APY
- BNB – BUSD with 78.6% APY
APY refers to annual percentage yield and indicates the return users can earn on their investments; higher APYs generally mean users can make more returns on their deposits.
Alpaca Finance is making waves in the crypto world and is in the headlines every other day like you saw above. You can get more updates on Alpaca by keeping your eyes on the site.