# Ketju research: Homora V2 (Alpha Finance)

- URL: https://riadefi.com/rejections/homora-v2/
- Verdict: rejected
- Type: Other
- Reviewed: 2026-08-19
- Last confirmed: 2026-09-25

## Research summary

This registry rejects Homora V2 because it is a dead protocol, not a candidate for allocation. Homora V2 is a leveraged yield-farming and lending protocol built by Alpha Finance Lab, now Alpha Venture DAO. DefiLlama's own protocol record has a `deadFrom` flag dated 2025-10-11. Its last-active chain shows on-chain TVL in the tens of thousands of dollars, not the roughly $110M figure that this registry's worklist first carried. That larger figure is a stale or cached snapshot, not the current state. The live front end now shows a banner stating "Alpha Homora is currently experiencing issues." Apart from its current operating status, the protocol suffered a confirmed $37.5M exploit in February 2021 through an accounting-rounding bug in an unreleased lending pool. The incident was serious enough that the post-mortem strongly implied the attacker needed insider knowledge to carry it out.

## Observable review triggers

- DefiLlama's dead-protocol flag is removed and current, meaningful on-chain TVL is confirmed
- The live application's operational-issue banner is resolved and the underlying cause disclosed
- A public accounting of the February 2021 exploit's attribution and any recovered funds is published
- A named multisig with disclosed signers and a timelock governs any surviving admin authority

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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