RIADeFiPublished by Ketju Research
Not approved · Other

Ketju memo: Homora V2 (Alpha Finance)

Not approvedPublished by Ketju Research

This memo sets out what the holder owns, who controls it, how holders could lose money, and whether a position can be sold. The advisor decides any client action and amount. Not investment, legal, tax, or compliance advice.

Summary

Ketju does not approve Homora V2: DefiLlama marks it dead as of 2025-10-11, and its app shows an error banner. Homora V2 is a leveraged yield-farming and lending protocol built by Alpha Finance Lab, now Alpha Venture DAO. Its last active chain shows deposits in the tens of thousands of dollars. The roughly $110M figure Ketju first listed for it was a stale snapshot. The live app shows a banner stating "Alpha Homora is currently experiencing issues." In February 2021 an attacker took $37.5M through a rounding bug in an unreleased lending pool. The post-mortem strongly implied the attacker had inside knowledge.

Review triggers

  • DefiLlama removes its dead-protocol flag, and current, meaningful deposits are confirmed on-chain
  • The app’s error banner is cleared and Alpha discloses the cause
  • A public account of who carried out the February 2021 exploit, and of any funds recovered, is published
  • A named multisig with disclosed signers and a timelock governs any remaining admin powers

Facts

Verdict
Not approved
Type
Other
Chains examined
Ethereum, BSC, Avalanche, Fantom, OP Mainnet
Reviewed
Last confirmed

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