Intro
Being delayed with a Newsletter edition also has upsides, like being packed with major developments from these last 3 months, making it the most exciting article you will read today, Dear Reader (assuming you have a lending protocol fetish, but that is a requirement for long term survival in the crypto space).
So without further ado, presenting the 18th edition of the Alchemix Newsletter, which also marks the 3rd anniversary of Alchemix!
Protocol Statistics
We also have an additional fun fact - since the inception of gALCX, over 49,000 ALCX have been automatically compounded for gALCX holders!
News & Announcements
ALCX And Its Tail
As we are all well aware, chasing one’s own tail can go on indefinitely. And cat gifs are always popular so please see the demonstration below.
This, however, is not the case when it comes to ALCX emissions! As Alchemix turns 3, we have officially reached tail emissions of 2200 ALCX emitted per week, equating to 4.5% annualized inflation. The fixed ALCX emission is shown by the blue flat line in the chart below.
Refund for alETH LPs
Following the Curve exploit, months passed while data was collected and processed to make sure that all affected parties are correctly reimbursed. The reimbursement contracts have been deployed and LPs are now able to claim their funds.
AMO reboot
The alETH AMO essentially went out of existence when the alETH-ETH Curve pool was hacked. With the reimbursement taking place, it has now been restarted and is providing an additional revenue line for the protocol again.
Arbitrum Launch
The Arbitrum deployment was definitely NOT planned to be completed in the first half of 2023.
Okay, yeah, it was, but development timelines are not affected by silly concepts, such as the laws of physics, proper project management, etc. It is more of an art than science.
Jokes aside, the Multichain “force majeure” and the Curve hack set development timelines back by a considerable amount, as for months almost all resources were dedicated to handling the fallout from these events. But finally, the Arbitrum deployment is live! You can read about it in more details in the corresponding article.
Incentives Go Brrrrrr
With the alETH reimbursements becoming available and the AMO being restarted, ALCX incentives have been restarted to alETH pools on all three chains and are awaiting eager LPs.
Crack the Whip
The Alchemistresses MolochDAO has launched! Alchemistresses is an Alchemix grant project where art NFTs can be purchased that make the holder a partial owner in a DAO and a shared treasury. NFT holders can decide where the treasury assets should be deployed, or what the DAO should do.
It is a project that combines concepts from different parts of crypto, encompassing art NFTs, DeFi and governance. Alchemistress NFTs can still be minted by new entrants.
Bridging is Live!
Following the Curve hack, some alAsset bridges were closed, but now they are open again for all Alchemix assets, including ALCX, alUSD and alETH (at the time of the release of this newsletter a bridging update to xERC20 tokens is taking place and bridges are temporarily halted).
Guess Who’s Backed?
alETH has been rebacked using treasury assets and the partial reimbursement from the Curve hack. Make sure you check out the announcement video in the X thread below, it is a sight to behold!
A Valueless Governance Token
ALCX liquidity has become partially self-sufficient with volumes and fees providing a considerable portion of LP incentives through Balancer’s 80/20 system and Aura.
Revel In The Spotlight
Revelo Intel is a platform that provides extremely in-depth fundamental research on various crypto projects. They have released a very detailed breakdown of Alchemix that is a perfect way for anyone to understand how the project works and what makes it tick. Make sure to not only check out the Alchemix breakdown, but their other articles as well, it provides fundamental information about projects that is hard to come by!
Builders Assemble!
Have you always wanted to build the project on top of Alchemix that will change crypto forever (and possibly the whole world)?
Now is your chance to secure an Alchemix grant and make your dreams come true!
You can find information on how to apply in the thread below. Ov3rkoalafied has also joined a Twitter Space with Questbook to talk about the specifics of the grant program.
A New Quarter, A New Report
As is now customary, we have released our Q4 2023 Financial Report.
Dig in to learn more about what makes Alchemix tick and how well the protocol performed. The full report is available for download in the Alchemix GitBook and the summary on Medium.
ETH Denver
Alchemix hosted an event in ETH Denver this year with a few of our partners. It is safe to say that the event was a success with the venue quickly filling up.
Most of the Alchemix contributors met each other for the first time ever in Denver this year. Seeing the face of everyone that you have been working with for years for the first time is definitely something to experience!
ICYMI
Catch up on all the governance updates and new articles since the last edition.
AIP-101 - [Updated] alETH Rebacking (Mainnet AND OP) Plan
Results of AIP-100 - AMO Harvest Framework Update
AIP-103 - Deposit to Fyde Protocol
Results of AIP-101 - [Updated] alETH Rebacking (Mainnet AND OP) Plan
Results of AIP-102 - Reduce Deposit Caps
AIP-104 - Change OP vault boost allocation
Results of AIP-103 - Deposit to Fyde Protocol
AIP-105 - Deposit to Spark
Results of AIP-104 - Change OP vault boost allocation
AIP-106 - Invest in Blueprint
Results of AIP-105 - Deposit to Spark
AIP-107 - Invest in Blueberry
Results of AIP-106 - Invest in Blueprint
AIP-109 - Alchemix Market Making Agreement
Results of AIP-107 - Invest in Blueberry
Results of AIP-108 - Alchemix Grants Program Via Questbook
Community & Media
Do You Like Blueberries?
Blueberry Protocol has launched early this year with Alchemix being an investor and liquidity provider since launch.
Check out the conversation below to learn more about the project!
Have You ConFydence In Treasury Management?
One horrible wordplay per Newsletter is a requirement.
Fyde is a treasury management protocol that maintains baskets of crypto assets to provide out of the box diversification throughout most of crypto. It has been designed to serve the needs of not just individual participants, but DAO treasuries as well by allowing voting power to be retained for certain protocol tokens.
They have joined us in one of the Alchemix Firesides and added ALCX as part of the basket of assets that the protocol manages.
Perfect use-case
The next version of Alchemix is being designed to be able to serve this very need much better than the current system, among other goals.
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.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.
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