Alchemix v2: The Awakening
Issue #7 | February 2022
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!
APY delta values are measured in basis points.
Calculation for Total % POL excludes Issue #7 CVX and TOKE values.
News & Announcements
Alchemix v2 Audit Completed
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 v2 UI Teaser
With the v2 Runtime Verification audit completed, Alchemix has teased the v2 UI.
Alchemix is coming to Fantom
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!
ALCX Options Have Arrived On Premia
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
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.
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.
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.
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!)
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:
In Case You Missed It…
See below for a summary of all governance proposals since the previous issue of the newsletter.
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.
Alchemix contributor Ov3rkoalafied proposed incentivizing IDLE voters to vote for alUSD. Four options were presented as follows:
Do not incentivize IDLE voters (ie, do nothing)
Alchemix DAO to purchase $5k worth of IDLE on the open market if alUSD is selected as a new perpetual yield tranche.
Alchemix DAO to purchase $10k worth of IDLE on the open market if alUSD is selected as a new perpetual yield tranche.
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.
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.
Stay safe online! When using Alchemix, always be sure that you are interacting with the official resources:
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.