Credit · Leveraged Yield · ALPHA
Stella (formerly Alpha Homora) offers leveraged yield strategies with a pay-as-you-earn borrowing model: borrowers pay 0% interest and instead share a portion of realized profit with lenders.
Pay-as-you-earn leveraged strategies (ex-Alpha Homora).
ALPHA price
$0.0004
+5.5% 24h
Latest data · 15 min delay
Curated asset listings joined to their typed risks, with oracles and parameters.
Functionally dormant with residual deposits: TVL flat near $443k with zero incentives and no wind-down notice found.
No per-asset collateral factor, borrow factor, cap or liquidation discount was ever published, so listed assets render without a parameter grid.
Stella is the outlier in this set because it is largely dormant and its public disclosure effectively stops in 2024. Its model is a **zero-borrowing-interest leveraged strategy protocol on Arbitrum**: lenders deposit a single asset into either a Hyper or a Standard lend pool, and strategy users borrow that liquidity to run a leveraged position on a specific DEX or yield venue, paying the lender a share of profit rather than an interest rate. The unit of listing is therefore a **strategy** (a specific pool on a specific venue with a specific leverage cap) plus a small set of **lendable underlying assets**. Leverage limits are derived from a Collateral Factor and Borrow Factor per strategy rather than published per asset, and Stella states only that "the threshold variable is set to 0.97-0.98.5 based on each strategy" (Stella leverage docs, page dated 2023-09-29). A distinctive and rarely seen mechanic is that **every strategy position expires after 30 days from opening and becomes liquidatable at expiry regardless of health**, in addition to becoming liquidatable when the Debt Ratio exceeds 100% (Stella liquidation docs, page dated 2024-06-28). Caps exist in two layers, since "each strategy operates with its own specific borrowing cap, in addition to the underlying asset's borrowing cap", but no numeric cap is published (Stella lend docs). Staleness is material and should be stated plainly: the supported-strategies page is dated 2023-11-08, the supported-lend-assets page is dated 2023-09-26, the Stella data API at graph.stellaxyz.io returns HTTP error code 522 and is offline, and DefiLlama reports Stella TVL at roughly $443k, Arbitrum only (Stella supported strategies, Stella supported lend assets, DefiLlama Stella).
| Asset | Role | Chain | Oracle | ||
|---|---|---|---|---|---|
ETH | underlying (lend, Hyper and Standard) | Arbitrum | Chainlink ETH/USD on Arbitrum | MTCG | |
USDC.eFlagged | underlying (lend) | Arbitrum | Chainlink USDC/USD on Arbitrum | MTCG Reg | |
USDT | underlying (lend) | Arbitrum | Chainlink USDT/USD on Arbitrum | MTCG | |
ARB | underlying (lend) | Arbitrum | Chainlink ARB/USD on Arbitrum | MTCG | |
WBTC | underlying (lend) | Arbitrum | Chainlink BTC/USD on Arbitrum | MTCG | |
| underlying (lend) | Arbitrum | n.a., no Chainlink PENDLE feed named in the integration announcement | MTCG | ||
RDNTFlagged | underlying (lend) | Arbitrum | — | MTCG | |
GMX | underlying (lend) | Arbitrum | — | MTCG |
Full narratives on the Risks tab.
Risk-linked assets with no row in this entity's asset table: ALPHA, ALPHA (as collateral), All leveraged LP positions, All listed LP strategies, Camelot, DAI, GNS, Penpie eETH, Perpetual, STG, Trader Joe V2, Trader Joe V2 JOE, USDT balances, USDT held via Iron Bank, USDT owed to Iron Bank, Uniswap V3 LPs, Uniswap V3 WETH, frozen ETH, n.a. (protocol-wide), spot pairs supported on Stella Trade, wstETH PT, wstETH PT positions, ysToken lending receipts on USDC.e. These are real dependencies that sit outside the curated top 20, so render them as text in the risk drill down rather than as a clickable asset row.
Share of curated asset listings by role (count, not value).
| Asset | Role | Chain | Oracle | ||
|---|---|---|---|---|---|
wstETH Pendle (Hyper) | strategy asset | Arbitrum | Chainlink ETH/USD as the base feed | MTCG | |
wstETH Penpie (Hyper) | strategy asset | Arbitrum | Chainlink ETH/USD as the base feed | MTCG | |
WETH/USDC.e Uniswap v3 | strategy asset | Arbitrum | Chainlink ETH/USD and USDC/USD | MTCG | |
WETH/USDT Uniswap v3 | strategy asset | Arbitrum | Chainlink ETH/USD and USDT/USD | MTCG | |
ARB/USDC.e Uniswap v3 | strategy asset | Arbitrum | Chainlink ARB/USD and USDC/USD | MTCG | |
WETH/ARB Uniswap v3 | strategy asset | Arbitrum | Chainlink ETH/USD and ARB/USD | MTCG | |
WETH/WBTC Uniswap v3 | strategy asset | Arbitrum | Chainlink ETH/USD and BTC/USD | MTCG | |
RDNT/WETH Uniswap v3 | strategy asset | Arbitrum | n.a. for RDNT | MTCG |
Full narratives on the Risks tab.
Risk-linked assets with no row in this entity's asset table: ALPHA, ALPHA (as collateral), All leveraged LP positions, All listed LP strategies, Camelot, DAI, GNS, Penpie eETH, Perpetual, STG, Trader Joe V2, Trader Joe V2 JOE, USDT balances, USDT held via Iron Bank, USDT owed to Iron Bank, Uniswap V3 LPs, Uniswap V3 WETH, frozen ETH, n.a. (protocol-wide), spot pairs supported on Stella Trade, wstETH PT, wstETH PT positions, ysToken lending receipts on USDC.e. These are real dependencies that sit outside the curated top 20, so render them as text in the risk drill down rather than as a clickable asset row.
Chainlink
Push aggregator price feeds, used to secure leveraged strategies
Stella custom off-chain oracle (Stella Trade perps only, not the yield product)
Weighted median of CEX prices with Binance weighted 3, Coinbase, Bybit and OKX weighted 2, Kucoin, Gate.io and MEXC weighted 1
On-chain secondary oracle (Stella Trade fallback)
Fallback source if the primary off-chain oracle is unavailable
Each strategy is a separate borrowing silo
per-strategy silo
per-strategy silo
per-strategy silo
per-strategy silo
per-strategy silo
per-strategy silo
per-strategy silo
per-strategy silo
Strategy-level borrowing cap plus the underlying asset cap, neither published numerically
strategy cap plus asset cap
Standard Major tier
Standard Major tier
Standard Major tier
Standard Major tier
Standard Major tier
Standard Volatile tier
Standard Volatile tier
Standard Volatile tier
Standard Major tier
Standard Volatile tier
The supported-strategies page is dated 2023-11-08 and the supported-assets page 2023-09-26, the most recent parameter page (liquidation) is dated 2024-06-28, and DefiLlama reports about $443k TVL on Arbitrum only
The Stella strategies REST endpoint returns "error code: 522", so no live parameter can be verified from the protocol itself
"Every position on Stella Strategy expires after 30 days since the time of opening", after which the position is liquidatable irrespective of Debt Ratio
Liquidators repay debt and take the remaining assets "at a discounted rate, denominated in USDC units (based on the Oracle Price)", but the discount percentage is never stated
USDC.e, not native USDC, is the quote asset in the majority of listed Uniswap v3 strategies, consistent with a configuration frozen in 2023
RDNT/WETH remains a listed Standard Volatile strategy at 5x, and Radiant suffered a major exploit after this page was last dated, which the page does not reflect
The Chainlink integration announcement names only ETH, ARB, USDT, USDC and BTC feeds, so the pricing path for the volatile-tier assets is not publicly documented
The audits repository is public but the report dates were not read in this session
Curated list ranked by size and strategic importance; not the exhaustive on-chain asset universe. Data as of 2026-07-26.
