Alchemix is a DeFi protocol that allows for the creation of synthetic tokens that represent the future yield of a deposit. The platform provides flexible instant loans that repay themselves over time. It solves the risk of getting liquidated for leveraging your position.
ALCX is the native utility and governance token of the project, the current use cases includes:
Liquidity mining: Users can contribute liquidity to staking pools on Alchemix to earn liquidity rewards and a share of the transaction fees.
Minting synthetic tokens: Users can deposit assets (i.e ETH) as collateral to mint 1:1 synthetic tokens on Alchemix (i.e. alETH).
Governance: ALCX token holders can participate in voting through on-chain governance.
The project consists of the following major components working in conjunction:
Creators: Vaults act as the hub to generating yield advances, and share many similarities to lending platforms such as MakerDAO and AAVE.
Users deposit collateral to mint the corresponding synthetic tokens (loans) that tokenizes their future yield.
The yield earned by the user's collateral will automatically repay their loans.
Staking Pools: Staking pools provide liquidity pairs for tokens in the Alchemix ecosystem and in return rewards users for contributing liquidity.
Transmuter: The Transmuter allows users to stake their synthetic assets and have them be converted into their base assets over time.
Alchemix DAO: Alchemix will be governed by a DAO. The DAO will focus on funding projects that will help the Alchemix ecosystem and Ethereum community grow.
As at November 30th 2021, the total and maximum token supply of ALCX are 1,108,403 and 1,562,945 respectively. The current circulating supply is 866,124 (~55.42% of the maximum token supply).
Learn more about the token distribution of ALCX here.
Alchemix (ALCX)
A DeFi Protocol for Self-Repaying Loans on Ethereum.
Nov 30th, 2021