Alchemix v2: The Awakening

Issue #7 | February 2022

Editorial

It’s time for another edition of the Alchemix Journal!

We’re happy to write that this is the final edition where we will report on the status of the Alchemix v2 audit, because it’s finally complete! Attention has now turned to deployment, and users and community members were invited to attend a discussion about the launch configuration on Sunday 20th of February. See the News & Announcements section for all the details, and stay tuned for more community calls in the future.

This issue also has news on new use cases for alUSD, whilst Alchemix contributor Ov3rkoalafied is back with a conclusion to his Flipping Your Perspective article featured in the previous issue. RandCorp also returns with an update on his use of Alchemix.

This month we feature our first guest cover, supplied by community contributor Jacob. The cover references the rumoured Alchemix launch on Fantom, which is slated to be the second launch platform for Alchemix v2. For more information on the Alchemix v2 multi-chain strategy, be sure to check the Community & Media section for links to several podcasts with Scoopy Trooples from the past month.

Also, for those who were lucky enough to attend ETH Denver, you might have run into some of the Alchemix team. We understand that they’ve been quite busy…maybe we’ll hear a bit more about what they have been cooking up in a future issue!

Protocol Stats

Note:

• APY delta values are measured in basis points.

• Calculation for Total % POL excludes Issue #7 CVX and TOKE values.

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News & Announcements

Alchemix v2 Audit Completed

Congratulations to the teams from Alchemix and Runtime Verification for completing the Alchemix v2 audit. The audit report has been made available to all, so be sure to take a look.

Alchemix @AlchemixFi

The team has worked tirelessly in partnership with Runtime Verification @rv_inc for several months to ensure the security of our Alchemix v2 contracts. We're now proud to announce our audit is complete! Find out more in our medium post alchemixfi.medium.com/alchemix-v2-au…

February 8th 2022

68 Retweets235 Likes

Alchemix v2 Launch Community Call

Alchemix held a community call regarding the launch of Alchemix v2 on Sunday 20th of February. The core team provided an overview of the various configurable items and explained the motivations behind their proposed launch configuration. Click here for a recording of the call and see AIP-36 for the related proposal from the core team.

Alchemix @AlchemixFi

On Sunday the 20th Feb we had a community call where we discussed the launch parameters of v2. We'd like to thank everyone who attended and participated. Here's a link to the resulting AIP governance proposal where ALCX holders can with their approval. Snapshotsnapshot.org

February 22nd 2022

2 Retweets31 Likes

Alchemix v2 UI Teaser

With the v2 Runtime Verification audit completed, Alchemix has teased the v2 UI.

Alchemix @AlchemixFi

We don’t like to tease but…🧙‍♂️

February 10th 2022

146 Retweets940 Likes

Alchemix is coming to Fantom

CryptoClay 🌐 @crypto_klay

$FTM alpha alert 🚨 @scupytrooples confirmed live today: Alchemix is going "multi-chain" The 1st chain $ALCX will deploy on is #Fantom! $ALCX is an #Ethereum DeFi 2.0 OG. They currently have 1BB in TVL and partner closely with @iearnfinance, a big part of the draw to $FTM 👻

February 8th 2022

57 Retweets294 Likes

tALCX/TOKE Bonds are Live

TOKE is now accepted in return for tALCX bonds. This was implemented as part of AIP-32 and supports Alchemix in accumulating TOKE, to be used for Liquidity Direction in Tokemak. At the time of writing, Alchemix has already accumulated in excess of 3,500 additional TOKE.

Note that this bond pays out tALCX tokens, which are staked in the Tokemak ALCX Token Reactor, so they will automatically accrue TOKE rewards once they are vested!

Alchemix @AlchemixFi

Now this is lit🔥 $tALCX $TOKE bonds are now live on Olympus Pro. Weed like to invite everyone in this joint protocol opportunity. 😏 pro.olympusdao.finance @TokenReactor @OlympusDAO

January 29th 2022

68 Retweets279 Likes

ALCX Options Have Arrived On Premia

Premia 💎 @PremiaFinance

Options markets for @AlchemixFi are now live! Deposit $ALCX, $alETH, or $alUSD to underwrite calls and puts while earning $PREMIA at app.premia.finance 💎

January 25th 2022

30 Retweets119 Likes

alUSD on AAVE?

The Alchemix core team has proposed that AAVE offer alUSD as a borrowable asset. See the snapshot vote here. The snapshot vote has passed - the next step is an official on-chain proposal.

alUSD a Winner in the Idle Finance Tranches Battle

alUSD has placed in the top 5 of IDLE Finance’s Tranches Battle and will be included in one of their new Perpetual Yield Tranches (PYTs).

Idle DAO @idlefinance

Tranches Battle is over! These 5 assets will be integrated into PYTs 🦾 Congrats to the winners: @pNetworkDeFi @LidoFinance @AlchemixFi @mstable_ @AngleProtocol 🏆 Starting next week, they will have access to PYTs risk-adjusted products: Junior & Senior Tranches. 🧩 1/5 🧵 ⬇️

February 7th 2022

15 Retweets39 Likes

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Flipping Your Perspective on Alchemix Loans, Part 2

Alchemix contributor Ov3rkoalafied returns with a follow-up piece to his previous article, featured in Issue #6. The second installment expands on some of the concepts from the first, before proceeding to demonstrate that Alchemix remains competitive with other major DeFi lending protocols despite its risk-averse lending model.

See Part 2 here.

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Community & Media

Podcasts, Podcasts everywhere…

Something must be cooking in Alchemix land, because co-founder Scoopy Trooples is popping up on podcasts again. Scoopy gives the latest on Alchemix v2 status, its multi-chain future, the coming Algorithmic Market Operations Controller (AMO), Alchemix DAO, liquidity wars, and the broader DeFi landscape.

• Olympus Agora Podcast - Interview of the Week with Scoopy Trooples

• Talking Crypto with Gabriel Haines

• Koji Capital - Alchemix V2, Curve Wars, and competitive APYs with DeFi maxi Scoopy Trooples

• AMA with The Index Cooperative

Can Alchemaximalism be a thing?

Nick Hotz has referenced Alchemix’s use of Tokemak in his article The Case for Tokemak-ximalism. This article explains the utility of Tokemak and examines the Alchemix tALCX Staking Pool and the utility that it will deliver to Alchemix.

Building out the Alchemix Ecosystem

Alchemix community member varsav has proposed the development of a more consumer-friendly and retail-focused mobile-centric application for interacting with Alchemix. Take a look here.

RandCorp Pulls on the Alchemix Levers

Back in Issue #5, we featured RandCorp and his recording on Bear Insurance with Alchemix. Rand has recently tweeted an update, explaining that he has doubled down on stables in Alchemix whilst still maintaining exposure to the GameFi scene.

RandCorp @RandCorp_

Took our @PegaxyOfficial cash out last night & deposited that into @AlchemixFi doubling our stable vault. Then max borrowed from Alchemix in stable tokens, and came back home to the @Ronin_Network & @AxieInfinity. We purchased back the $AXS we sold in December and then some.

February 6th 2022

4 Retweets28 Likes

Alchemix Featured in PILLS Universe

It all sounds a bit dystopian, but we’ll allow it. (Editor’s note: Don’t worry, Alchemix will never do this to you!)

PILLS @pillsuniverse

In the @pillsuniverse, the @AlchemixFi faction are a lending-and-mercenary group that runs a "clones-for-loans" service Anyone can get a loan in exchange for being cloned...Their clone must then pay off their debt: forced to complete jobs both sinister and benign until set free

December 29th 2021

28 Retweets130 Likes

Finding the Dwarven Alchemist

The Degen Dwarfs NFT project is an adventure that sprang out of a group within the Alchemix Discord. This is an unaffiliated NFT project features armor and weapons inspired by various DeFi protocols. We hear there might even be an Alchemix-themed piece in their collection! See below to learn more:

Degen Dwarfs @DegenDwarfs

On our nightly training march the Degen Dwarfs Guild noticed something in the sky that @AlchemixFi enthusiasts may want to take notice of👀 #NFTs #NFT #DEFI #nftart #NFTCollection

February 17th 2022

6 Retweets12 Likes

In Case You Missed It…

• GT Radar on Alchemix [English translation here].

• Alchemix v2 UI: so hot right now.

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Governance

See below for a summary of all governance proposals since the previous issue of the newsletter.

• [AIP-34] Adjustments to AIP-32 Emissions Weights

  • Scoopy Trooples proposed reversing a portion of the AIP-32 adjustments by sending some emissions from tALCX stakers back to alUSD Votium incentives, and authorize the DAO to rollover ALCX rewards earned from DAO-owned CVX into the ALCX rewards pool for the next epoch.

    • Proposal passed. See the snapshot vote here.
      

• [AIP-35] Idle Finance Integration Incentive

  • Alchemix contributor Ov3rkoalafied proposed incentivizing IDLE voters to vote for alUSD. Four options were presented as follows:

    1. Do not incentivize IDLE voters (ie, do nothing)

    2. Alchemix DAO to purchase $5k worth of IDLE on the open market if alUSD is selected as a new perpetual yield tranche.

    3. Alchemix DAO to purchase $10k worth of IDLE on the open market if alUSD is selected as a new perpetual yield tranche.

    4. Alchemix DAO to purchase $20k worth of IDLE on the open market if alUSD is selected as a new perpetual yield tranche.

    • Proposal passed with option #4: Alchemix DAO to purchase $20k worth of IDLE on the open market if alUSD is selected as a new perpetual yield tranche passed. See the snapshot vote here.
      

• [AIP-36] v2 Initial Guarded Launch and RFC for launch params

  • Scoopy Trooples explains that Alchemix v2 is nearing readiness for deployment to Ethereum mainnnet, and that the launch configuration and parameters need to be determined. A proposal is outlined for consideration by the community.

    • Proposal still underway.

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Resources

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

• Website: https://alchemix.fi

• DApp: https://app.alchemix.fi

• Twitter: @AlchemixFi

• Discord: https://discord.gg/alchemix

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

Disclaimer

This newsletter is provided for informational purposes only and does not constitute any kind of advice. Use cryptocurrencies and Decentralized Finance (DeFi) at your own risk.