Stella
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
$0.0006
-8.1% 24h
Latest data · 15 min delay
Competitors
Ranked top→bottom — who competes with Stella and how they differ.
| # | Competitor | Positioning | Similarities | Differentiator |
|---|---|---|---|---|
| 1 | Gearbox Protocol | Composable leverage / undercollateralized 'credit account' leverage in DeFi | Both let users take leverage on external DeFi strategies by borrowing from a pooled lender, separating a lending side from a leverage/strategy side. | Gearbox charges continuous borrow interest on its credit accounts across many integrations, whereas Stella charges 0% up front and only takes a cut of realized profit via Pay-As-You-Earn. |
| 2 | Extra Finance | Leveraged yield-farming protocol (notably on Optimism/Base) for AMM LP strategies | Directly comparable product: leveraged LP/yield-farming on concentrated-liquidity DEX pools funded by a lending pool. | Extra Finance uses a conventional borrow-interest model on borrowed funds; Stella's differentiator is the 0%-cost PAYE fee structure. |
| 3 | Alpaca Finance | Leveraged yield-farming lending protocol on BNB Chain | Pool-funded leveraged yield farming with a lender/leverager split, targeting AMM LP strategies. | Alpaca applies traditional interest-rate borrowing; Stella replaces this with the no-gain-no-pay PAYE model. |
| 4 | Sky | Stablecoins aren't built to sit still. | Both operate in Credit. | Protocol-set Sky Savings Rate, instant no-lockup yield via sUSDS, and the Sky Agent Network for allocator-driven deployment. |
| 5 | JustLend | The largest lending market on Tron. | Both operate in Credit. | Big by lending TVL on Tron (notably USDT); not an Ethereum/L2 competitor — its data pipeline is Tron/TVM rather than EVM. |
| 6 | Kamino | Solana-native lending with isolated/curated markets. | Both operate in Credit. | Solana-native isolated/curated lending — a major cross-chain competitor, but metrics come from Solana programs/accounts rather than EVM contracts. |
| 7 | USD.AI | It lets crypto/stablecoin capital fund real-world AI compute infrastructure, especially GPUs, and turns that into a stablecoin/yield product. | Both operate in Credit. | It is not just "a stablecoin company." It is more like a RWA/private credit protocol where the RWA is AI compute infrastructure. |
| 8 | Fluid | Capital-efficient lending + DEX hybrid on a shared liquidity layer. | Both in Credit (Leveraged Yield). | Capital efficiency: a shared liquidity layer lets collateral, debt, lending liquidity and trading liquidity work together — more efficient but more complex. |
| 9 | Clearpool | Institutional uncollateralized lending pools. | Both operate in Credit. | Permissionless lender side over KYC'd institutional borrowers; utilization-driven rates and single-borrower Credit Vaults. |
| 10 | Goldfinch | Uncollateralized crypto loans to real-world businesses. | Both operate in Credit. | Uncollateralized lending underwritten by human backers; Goldfinch Prime brings institutional private-credit funds on-chain. |
| 11 | Venus | Leading money market on BNB Chain. | Both operate in Credit. | Competes by ecosystem (BNB Chain) rather than directly on Ethereum; similar pooled model to JustLend but BNB-centric. |
| 12 | Centrifuge | Tokenizing illiquid real-world business assets. | Both operate in Credit. | Per-pool bankruptcy-remote SPVs with DROP (senior) / TIN (junior) tranches connect legal collateral to on-chain lenders. |