Stella (ALPHA), formerly Alpha Finance Lab, is a cross-chain
DeFi protocol that provides leveraged yield farming, lending, borrowing, and perpetual trading across multiple blockchains including
Ethereum,
BNB Chain, and Fantom. Founded in 2020 by Tascha Punyaneramitdee and the Alpha team, it features Alpha Homora for leveraged yield farming (allowing users to borrow assets to amplify farming returns), Alpha Lend for peer-to-peer lending with isolated pools to manage risk, and Stella Perps for decentralized perpetual futures with up to 20x leverage and deep liquidity. The ALPHA token powers
staking for governance voting and protocol fee shares, reward boosts for liquidity providers, and access to premium features in a multi-chain DeFi ecosystem secured by audited
smart contracts and focused on capital efficiency, risk management, and user-friendly leveraged products.
When Did Stella Launch?
Stella (originally Alpha Finance Lab) was founded in 2020 and launched its ALPHA token in September 2020 through a fair distribution and
liquidity mining program. The project quickly gained traction with leveraged yield farming on Ethereum, expanded to BNB Chain and Fantom in 2021 for broader accessibility, introduced Stella Perps in 2022 for derivatives trading, and rebranded to Stella in 2023 with enhanced multi-chain support and governance upgrades. Key 2025 developments included new leveraged products, cross-chain integrations, institutional lending tools, and improved user interfaces, achieving significant trading volume and TVL by December 2025.
What Are the Key Features of Stella?
Stella features leveraged yield farming through Alpha Homora for amplified returns on farming positions, peer-to-peer lending with isolated risk pools via Alpha Lend to protect lenders, decentralized perpetual futures with up to 20x leverage on Stella Perps, multi-chain support across Ethereum, BNB Chain, and Fantom for accessibility, staking rewards for governance and fee shares, audited security with multiple independent reviews, and advanced risk management tools including liquidation protection, portfolio monitoring, and capital efficiency optimizations, all designed to provide a comprehensive, user-friendly DeFi experience with leveraged products and cross-chain functionality.
What Is ALPHA Used For?
ALPHA is used for staking to earn protocol fee shares and governance voting power, participating in leveraged yield farming and liquidity provision for amplified rewards, voting on
DAO proposals for product upgrades and treasury allocation, paying fees with discounts on trading and lending, and accessing premium features including advanced analytics, priority support, and exclusive leveraged opportunities.
What Is the ALPHA Token Utility?
ALPHA serves as the staking and governance token for the Stella DAO, granting weighted voting power on protocol decisions, treasury spending, and feature development, capturing real economic value through the distribution of trading and lending fees to stakers, incentivizing liquidity providers and farmers through reward multipliers, enabling fee discounts on platform services, and funding ecosystem growth through treasury allocations for development, audits, and cross-chain expansions.
What Blockchain Does Stella Operate On?
Stella operates as a multi-chain protocol with primary support on Ethereum for core smart contracts, BNB Chain for low-fee operations, and Fantom for high-speed trading, using bridges and
interoperability tools for seamless cross-chain functionality.
What Are ALPHA Tokenomics?
ALPHA has a fixed maximum supply of 1 billion tokens to promote scarcity, with approximately 850 million in circulation as of December 2025 following vesting schedules and reward distributions. The allocation prioritizes staking rewards and governance incentives, liquidity mining programs for adoption, team vesting over multiple years for alignment, treasury reserves for development and partnerships, and marketing initiatives, with deflationary mechanics through fee burns to offset emissions and support long-term value.