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Alchemix, a Roadmap of v2

November Alchemix Newsletter

Alchemix Newsletter
Nov 15, 2021
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Alchemix, a Roadmap of v2

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November Alchemix Update

Dear Alchemix Friends,

In this November Edition of the newsletter, we would like to take the time to discuss some basics about the magic of Alchemix for new users, Alchemix v2, & the Roadmap.

As always, we are asking for your ideas, articles and article requests, art, or anything else you want to offer to benefit the newsletter. Your support will not go unrecognized and the tip bot has been loaded up.

Let’s dive into our November Update! There is a lot to discuss - everything from protocol stats, Alchemix in the media, v2, and the future roadmap.

Community artwork in this issue is courtesy of community member ! Jacob !.

Image

Alchemix Protocol Stats

  • Total Value Locked (TVL) $1,600,000,000

  • DAI Vault TVL $438,559,442

  • DAI Vault APY 7.73%

  • ETH Vault TVL ETH 63,558 ($296,498,070)

  • ETH Vault APY 4.13%

  • Protocol owned liquidity via bonding 2% ($4,052,000)

  • Twitter Followers 49,300

  • Discord Members 8,840

The number of Alchemix Twitter followers and Discord members continues to steadily increase. During October, we also saw a nice rise in yields in both the DAI and ETH Vaults.


Announcements

Alchemix v2 Shipped for Audit

Hand-off of the v2 codebase was made to Runtime Verification on the 1st of November. This event has been highly anticipated by the community and caps off a mammoth effort from the core team. See the announcement below, including a teaser trailer.

Twitter avatar for @AlchemixFi
Alchemix @AlchemixFi
After many moons studying the mysterious arts we’re finally ready with our v2 smart contract. This is now being audited by our partners @rv_inc Runtime Verification to help ensure the security and integrity of our next generation platform.
9:51 PM ∙ Nov 1, 2021
569Likes106Retweets

Fundus are Safu

Following on from the recent Cream Finance exploit, there was some concern amongst users that Alchemix might have been impacted via any funds deposited with Cream. Rest assured, Alchemix has confirmed that no funds were exposed and that all is well.

Twitter avatar for @AlchemixFi
Alchemix @AlchemixFi
Yearn products, and by extension Alchemix, are not affected by the Cream Finance attack. Funds are safe.
12:37 AM ∙ Oct 28, 2021
310Likes17Retweets

ALCX Single-Asset Bonds Have Landed

The ALCX Bonding program has been expanded to include Wrapped Ether and DAI. Previously, users who bonded would hold (or obtain) an ALCX/ETH LP position. It’s now possible to bond ALCX directly with wETH or DAI, which may save the user some gas. Note also that single-asset bonds provide an additional boost to Alchemix yields; see the original proposal by community member ButlerAndTheThirdStringers for more information.

Twitter avatar for @OlympusDAO
OlympusDAO 🕊 @OlympusDAO
Earn $ALCX through $DAI and $wETH single-asset-bonds, now live on #OlympusPro with @AlchemixFi
olympusdao.financeOlympus Pro - Bond marketplace for protocol owned liquidity.Explore a new way to invest in the future of your favorite protocol
2:48 AM ∙ Nov 11, 2021
356Likes67Retweets

Patron NFTs

All who donated to Alchemix earlier in this year are reminded that the Patron NFTs are available to be minted. Don’t miss out!

PSA: Beware of Scams

The rising popularity of Alchemix is incentivising bad actors to scam Alchemix users. A variety of Alchemix-styled websites have been reported recently, and some users have unfortunately reported losing their funds. As a reminder:

  • Always confirm that you are using the legitimate Alchemix dApp: https://app.alchemix.fi

  • The Alchemix dApp will never ask for your seed phrase or for any other passwords.

  • Alchemix developers, moderators or support personnel will never DM you first in the Discord.

Please also report scams or fraud directly to the #report-scammers channel in the Alchemix Discord.


Witchy Woo’s Alchemix Awakening

New to the world of Alchemix and Defi? Feeling discombobulated by Defi discourse? Are you starting from scratch, befuddled by this alchemical academia and wizardry?

Fear not, help is at hand!

Follow intrepid Alchemix apprentice Witchy Woo as she begins her journey of enlightenment…


The Road to Alchemix v2

The Alchemix v2 roadmap has been revealed! People expecting the usual weekly fireside chat on October 8th were pleasantly surprised when the call was interrupted by an impromptu roadmap announcement, where the Alchemix team unveiled their plans and ambitions for the launch of Alchemix v2. Alchemix v2 aims to be a composable money lego that will be a major tool for the management of both individual portfolios and DAO treasuries.

The team revealed the following about the v2 roadmap:

  • New collateral types will be accepted, including staked Ether (stEth), wrapped Bitcoin (wBTC), and additional stablecoins.

  • Users will be able to choose where their collateral is deployed to tune the balance between risk and reward.

  • Users will be able to delegate their available credit to other addresses.

  • The v2 architecture is modular, permitting the future addition of additional components, including:

    • Delegation of unused collateral to the protocol in return for ALCX rewards.

    • Streaming of payments from the available credit.

    • Using NFTs as collateral for receiving peer-to-peer delegated credit.

Additionally, the launch of v2 will pave the way for several fantastic developments, including:

  • The upgrade to the Alchemix DAO, including gamification with materia points, materia shards, and NFT integrations.

  • Further expansion of accepted collateral types.

  • Expansion into Ethereum Layer 2s, side chains, and other EVM-compatible L1s.

Particularly exciting and worth elaboration is the v2 modules. Alchemix v2 is an immensely powerful platform on which many new tools can be built. 

One future module is StreamPay, which is possible because of the credit delegation feature. Currently, if a DAO wishes to pay someone for their work in multiple installments in a decentralized manner, they have to deposit the full amount of capital. For example, if they wish to pay a user 10k every week for 3 weeks, they have to deposit the full 30k right away - and that 30k remains idle. With StreamPay, the DAO could leave their capital in an Alchemix Vault, and allow the vault to automatically delegate 10k of credit as payment each week. This way, the capital is earning yield right up until the point it's withdrawn as payment.

Another future module is a peer-to-peer credit market with flexible collateral. The market would allow borrowers to match up with lenders with any asset type and agreed-upon terms. For example, a user may want to borrow some alUSD for a certain amount of time and may own a CryptoPunk. The user could offer up their CryptoPunk collateral and specify how much alUSD they want, how much interest they will pay, and a loan repayment period. A different user who has alUSD credit available can delegate this credit to the CryptoPunk owner - at the end of the period of the loan being repaid, they get their alUSD back plus interest. If the loan is not repaid, they receive the CryptoPunk! Additionally, the CryptoPunk owner could leave loan terms blank and hold an auction for the best loan offer. Because the market is peer-to-peer, any Ethereum-compatible token can be used!

This was certainly a fireside chat chock-full of alpha! Attendance was recorded by the project-designated cat-herder gorby, and POAPs will be issued soonTM.

Alchemix v2 was delivered to Runtime Verification for a comprehensive audit on the 1st November. Deployment to Ethereum Mainnet is anticipated for late December or January 2022.

For more information see the following references:

  • Alchemix Roadmap Announcement

  • Announcement writeup by community member Ov3rkoalified

  • CoinDesk reporting on the v2 roadmap


Community & Media

Scoopy Trooples on the Media Circuit

Alchemix co-founder Scoopy Trooples has been busy taking interviews recently, with appearances on several podcasts and news publications, where he discussed the Alchemix protocol, DeFi 2.0, and the coming launch of Alchemix v2.

Bankless - A New Era for DeFi | Scoopy Truples of Alchemix

The Defiant - Scoopy Trooples of Alchemix: "Liquidity Mining is Like a Drug; You Have to Wean Yourself Off it Over Time"

Mission: DeFi - Scoopy Trooples & Alchemix are Building a Powerful Financial System Built Upon Self-Paying Interest Free Non-Liquidating Loans

The Daily Millennial - Is DEFI 2.0 the next BIG WAVE in Crypto?

Stockhead: Crypto loans that repay themselves? Here’s Alchemix founder Scoopy Trouples on how that works

Bankless DeFi 2.0 Summit

Scoopy Trooples joined representatives from Tokemak, Olympus DAO, TracerDAO and Rari Capital in the Bankless DeFi 2.0 Summit. The discussion covered the the current state of DeFi, the DeFi 2.0 narrative, and what to expect in the future.

How To Beat the 99% With Alchemix

Community member aksəl has been investigating Alchemix and written an introductory piece entitled Democratizing Wealth: How the 99% can use interest to pay for living expenses.

Exploring Alchemix Use Cases

Brad Nickel, host of the Mission: DeFi podcast, has produced a twitter thread detailing different scenarios that can take advantage of Alchemix.

Twitter avatar for @b05crypto
Brad - Host MissionDeFi.com Podcast 🧢 @b05crypto
1/ @AlchemixFi( $ALCX ) use cases - a thread Use Case 1 - Ultimate Savings Account Put in $ and get 50% gains immediately. Wait 1-3 years and take your money out or keep putting it back in and keep taking 50% gains. What use cases can you find?
10:52 PM ∙ Nov 13, 2021
1Like1Retweet

Alchemix v2 Is Attracting Attention

Nick Garcia of Messari Crypto has provided a breakdown of the Alchemix Roadmap, including the new features in v2 as well as the migration towards on-chain governance.

Twitter avatar for @NDGcrypto
Nick Garcia⏳ @NDGcrypto
.@AlchemixFi is a Defi protocol tokenizing future yield. The result is non-liquidating + self-repaying loans 🤯 V2 promises to expand this magic 🪄 🧵 on how this is possible and where it is headed
9:09 PM ∙ Nov 1, 2021
261Likes46Retweets

Hot Takes

Community <3 Alchemix

Twitter avatar for @BlockEnthusiast
Block Enthusiast 🔥🌱 @BlockEnthusiast
Alchemix v2 architecture is like a dream Especailly the collateral swaps. No UIs for flashloaning out of levered yield bearing positions, and typical fashion is flashloan repay debt, shuffle collateral. This will leave debt be, just shuffle collateral. Niceee
Twitter avatar for @scupytrooples
self-repaying scoopy 2.0 @scupytrooples
Quite prophetic! Let's get higher 😏 ⚗️🚀 $ALCX https://t.co/gpSYZkNz48 https://t.co/YXEvVPrZ2F
3:44 PM ∙ Nov 2, 2021
Twitter avatar for @shegenerates
Shegen @shegenerates
Alchemix invented a loan that pays itself back and you think it's market cap should only be $350M?
2:37 PM ∙ Oct 26, 2021
50Likes3Retweets
Twitter avatar for @TheCryptoCactus
Cactus @TheCryptoCactus
I have been farming rewards on the ALUSD for a while now, currently running at around 24% APY... reward split between CRV, CVX and ALCX Since pooling rewards: $CRV up 3x, $CVX up 8x and $ALCX up 1.5x Very bullish on both Convex and Alchemix
Image
3:53 PM ∙ Oct 28, 2021
32Likes1Retweet

Governance

This section of the newsletter will summarize all active governance proposals (open for voting or going to a vote soon), as well as outline any proposals that have been passed since the last newsletter.

Active proposal:

  • AIP- 28: A new curve pool that consists of decentralized stablecoins, alUSD, FRAX, and FEI, using each protocol’s CVX vote for the pool in the gauge

    • We propose a new curve pool that consists of decentralized stablecoins, alUSD, FRAX, and FEI. Each of our respective protocols spends a lot of resourcing providing liquidity for our respective 3crv pools. By forming the d3 pool, we can pool our resources together and offer deep liquidity between our tokens.
      The Alchemix, Frax, and Fei teams have discussed this, and together, we can leverage each protocol’s individual strengths. Currently, between these three teams, we control over 500k CVX, deep treasuries, and the ability to bootstrap with our respective governance tokens.
      For this proposal, Alchemix will split its pool incentives and CVX voting power equally among alUSD3CRV, alETH, and d3 (pending gauge acceptance). The Fei and Frax teams will also be contributing towards incentives to maximize our collective efforts. Read more here.

      • Not put to a vote yet - credit Scoopy

Closed Proposals:

  1. AIP- 29: This AIP aims to change the emissions from the DAO

    • The last major update of the allocation of our weekly emissions schedule was done in May (AIP-9). Since then there have been a few updates in separate proposals, including a bribing allocation (AIP-18), the introduction of bonds (AIP-21) and tALCX staking (AIP-22). This AIP is to formalize the emissions allocation going forward in light of these new developments.Read more here.

      • Passed - credit Felix

  2. Snapshot: Temp check for alUSD/alETH Bonds.

    • For full details of this implementation, check out the governance forum post on this here.

      • Passed - credit ButlerAndTheThirdStringers

  3. AIP-30: This is an amendment to AIP-17, which put the treasury's stablecoin balance in cvx3CRV to earn CRV and CVX rewards.

    • This proposal will move the cvx3CRV to cvxalUSD3CRV and the majority of the treasury's ETH holdings into cvxalETH to simultaneously provide liquidity for our essential markets and also to earn rewards to increase our voting power in Convex. Read the full AIP here.

      • Passed - credit Alunara


Resources

Stay safe online! When using Alchemix, always be sure that you are interacting with the official resources:

  • Website: https://alchemix.fi

  • Twitter: @AlchemixFi

  • Discord: https://discord.com/invite/alchemix

  • dApp: https://app.alchemix.fi

  • Medium: https://alchemixfi.medium.com

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