AIP-122 v3 Launch Proposal and Initial Parameters
Status: AIP-122 is up for a snapshot vote until January 17, 2026 at 03:00 UTC
This proposal authorizes the launch parameters of Alchemix v3 across Ethereum Mainnet, Optimism, and Arbitrum. It’s finally here!!! The long anticipated v3 has major updates that will improve the stability, liquidity, and LTVs of alAssets. The main focus of v3 is to restore price stability, improve capital efficiency, and introduce predictable self-repaying behavior. These improvements include a redesigned Transmuter that will improve the predictability of repayment events. New mechanisms will also be implemented that enable self-repaying loans with up to 90% LTV. To support this higher leverage, liquidations are introduced as a solvency backstop, triggering only if strategy losses push effective LTV above 95%. The proposal also defines initial MYT allocations, risk limits, fees, deposit caps, and an interim governance model, with a roadmap toward fully on-chain governance. There is a lot discussed in AIP-122, so be sure to read the full proposal for additional details!
AIP-123 The Great v2 to v3 Migration
Status: AIP-123 is up for a snapshot vote until January 17, 2026 at 03:00 UTC
This proposal authorizes a full migration of all users from Alchemix v2 to v3, formally deprecating v2 to protect the integrity of the v3 system. Because v2 and v3 use fundamentally different redemption and repayment mechanics, running both in parallel would expose v3 users to redemptions from v2-originated debt. As a result, the proposal mandates a complete protocol migration. The migration will be executed by the DAO and requires no user action for participants. v2 will be shut down, all positions snapshotted, collateral consolidated into USDC and wETH, and recreated in v3 with equivalent deposits and debt. Minor slippage will be covered by the DAO treasury and positions will be reissued as NFT-bound v3 positions. The process is expected to take approximately one week. To reward users who remain through the transition, the Migration Mana Program retroactively awards Mana to depositors and LPs, with participants sharing a 10,000 ALCX bonus. A 3-week countdown will be announced before shutdown, with withdrawals remaining open until migration begins. The time is nigh and we are all very excited for v3!!!!
Since the last update…
AIP-121 passed a unanimous snapshot vote, approving the DAO budget framework for v3. The and onchain governance.