Intro
We are closing 2023 dealing with the aftermath of the Curve hack and the most important news is still related to hacks and exploits. Though thankfully now it is about how the Curve, Multichain and other situations are getting resolved. In the meanwhile, the protocol continues to slowly move forward.
So dive in to this edition to see what else is going on in the world of Alchemix!
Protocol Statistics
We also have an additional fun fact - since the inception of gALCX, over 43,335 ALCX have been automatically compounded for gALCX holders!
News & Announcements
Refund for alETH LPs
Curve has been working on the redemption contract that will allow affected alETH-ETH Curve Liquidity Providers to claim their share of the recovered funds based on pre-hack LP shares. All LPs are strongly encouraged to check the csv file linked in the tweet below and verify that their address and pre-hack balance are accounted for correctly.
Immunefi
Alchemix has had a bug bounty program running on Immunefi for quite a while with relatively few reports being submitted.
Recently, however, there was a report that correctly identified a vulnerability that, if exploited, could have caused serious damage to the protocol. As a result, a significant bounty was paid. Our thanks go out to the reporter of the vulnerability.
alETH rebacking plan
As a result of the Curve incident, alETH became partially unbacked. While everyone is waiting for the LP reimbursement contract to go live, Alchemix is working to specify the plan to re-back the remaining portion of alETH.
You can find the initial proposal below, however a new proposal will need to be voted on, as the plan specified there seems to have hit a roadblock at Curve governance, so a new solution is being considered.
Just prior to releasing this edition of the newsletter, the new proposal has been posted for discussion on the forums: AIP-101 alETH Rebacking Plan
Refantomyassets
The redeem contracts to exchange all your gALCX and alUSD stuck on Fantom as a result of the Multichain collapse is now available!
A chapter has thus been closed and Alchemix is financially no longer connected to the Fantom chain.
Recurvery
Ogle had a huge part to play in Alchemix being able to recover the funds from the Curve hacker. As a result, a more long-term partnership is being established.
Arbitrum Deployment
Now that we are done with the hacks/exploits/collapses/refunds portion of the Newsletter, let’s look at the positive developments to look forward to!
The first one is the deployment of Alchemix on Arbitrum! This has been planned for probably over half a year at this point, but the Multichain collapse and then the Curve hack significantly derailed the deployment. While we are waiting for alETH to restart, alUSD strategies can be launched, with alETH following suit hopefully not long afterwards.
Fraxtastic Yield
Frax vault APRs have been on the higher end of the spectrum ever since they launched, especially on Vesper Finance. In the current low-yield environment they provide a good bang for one’s buck, assuming the risks of Frax and Vesper are acceptable to depositors.
A New Quarter, A New Report
As is now customary, we have released our Q3 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.
Egyptian Gold
As part of the Arbitrum expansion, RAMSES Exchange was selected as the main hub of liquidity for Alchemix assets. There are already 3 alUSD liquidity pools available, currently offering very attractive APRs compared to other chains. Incentives are being increased leading up to the deployment of the core contracts on the chain, so keep your eyes on these liquidity pools!
Is Your Position Liquis Enough?
The FRAX-alUSD pool on Bunni has been operational for a while at this point and it has provided steady income to liquidity providers. But wait till you see the APR of this pool if you stake on Liquis!
Think of Liquis as the Convex of Bunni. The protocol is however newer, so LPs can still find attractive yields on the platform.
Into the Final Phase We Go!
veALCX contracts are being shipped off for their (hopefully) final round of audit. Launching veALCX will be a significant update for the protocol, as it will take a huge step towards decentralization, turning ALCX from being a purely governance token to having real power over ALCX emissions.
Fyde Treasury Management
Fyde was created to provide an easy way for individuals and specifically for DAO treasuries to diversify their holdings. Fyde maintains a basket of blue chip assets that can be bought as a single token, while also allowing depositors to maintain protocol governance rights.
ALCX will be among the first of these blue chip assets to be included in their basket.
ICYMI
Catch up on all the governance updates and new articles since the last edition.
The Alcheverse - Protocol Owned Liquidity and Alchemix
The different ways of maintaining liquidity for assets by community contributor juwonloblaze.
AIP-90 Updated - Deploy Alchemix on Arbitrum
Results of AIP-98 - Multi-Tenant veDAO Launchpad
AIP-99 Updated - Mainnet alETH Rebacking Plan and Initial alETH/ETH LPer Refund Plan
Results of AIP-90 - Updated - Deploy Alchemix on Arbitrum
AIP-100 - AMO Harvest Framework Update
Results of AIP-99 - Mainnet alETH Rebacking Plan and Initial alETH/ETH LPer Refund Plan
Community & Media
Some Greek Math For Y’All
The alUSD-FRAXBP Curve pool was one of the first yield strategies that Archimedes has introduced with their Protected Single Pools product. To learn more about how they complement the integrated liquidity pools, you can read the X post (bird song?) below.
Boo!
We will let the picture speak for itself.
Balancer 80/20
Balancer has published a thread about their 80/20 pools being used by an increasing number of protocols. Given that Alchemix is one of the largest protocols choosing to incorporate this into our governance system, it is definitely worth a read.
(Spoiler alert: it seems like their 80/20 system is indeed a good match for protocols all around the space)
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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