Alpaca Finance is a leveraged yield farming protocol built on the Binance Smart Chain. Pioneered by Compound during the DeFi Summer, yield farming on Ethereum has become a widespread method for projects to bootstrap their liquidity and acquire new users, making Ethereum more and more prohibitive for the majority of people because of the gas fees reaching new highs. As a result, Binance Smart Chain (BSC) has experienced an exponential boom in popularity, and in this emerging ecosystem, Alpaca Finance was born, seeking to provide value to the BSC community through leveraged yield farming, as on-chain leverage protocol was one of the missing pieces on it.
With the emergence of DeFi protocols on BSC, most of the protocols that already existed on Ethereum have been copied, sometimes with a few twists, to be replicated on the BSC to allow their use with way cheaper gas fees than what users were experimenting on Ethereum. Alpaca is pretty well-developed, even though the team is anonymous, and their smart contracts have been audited twice to ensure a safe use of the protocol. The token ALPACA is currently trading on both centralized (Gate.io) and decentralized exchanges (PancakeSwap).